Some lenders charge origination fees to cover the costs of processing your loan.
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An origination fee is an administrative charge that covers the lender’s expenses for underwriting your loan, which is why it’s sometimes also called an underwriting fee or a processing fee. It’s the lender’s way of recouping some of the cost of processing a personal loan. If an origination fee is a hardship for you, you may be able to have it rolled into your total loan amount and pay it off over time. The downside to this option is that you’ll pay interest on the fee as well as the loan. But if you’re struggling with cash flow, this option might be worth it.
To avoid these fees, look for online lenders, banks, or credit unions that clearly spell out what fees they charge. You can find this information in the “Rates and Terms” section of the lender’s website or in the loan disclosures document the lender provides. Lenders typically reserve the best interest rates for customers with good or excellent credit. If your credit score is less than stellar, there are personal loan lenders willing to work with you.
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