By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Icy Tales
  • Entertainment
    • Books
    • Games
    • Gaming
    • Movies
      • Bollywood Movies
      • Hollywood Movies
      • Music
  • Icy Tales Exclusive
  • Food For Thought
    • Humanity
    • Inspirational
    • Issues that Concern Us
    • Personality
    • Environment
  • Living Life
    • Lifestyle
    • Fashion
      • Beauty
      • Hair
      • Makeup & Skincare
    • Fitness
    • Food
    • Health
    • Life Hacks
  • Stories and Poems
  • Student’s Corner
Search
  • Contact
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: 8 Fees That You Should Know About When Applying For A Personal Loan
Share
Notification Show More
Latest News
Military friendly college.
Signs of a Military-friendly College for Military Students to Look for
January 31, 2023
what does an attorney general do
Versatility of A Law Degree: 4 Best Professions to Choose this CLAT Season
January 31, 2023
Is smoked salmon healthy
Is Smoked Salmon Healthy: 5 Best Health Benefits
January 31, 2023
How to read crochet patterns
How to Read Crochet Patterns: 4 Essential Things to Know
January 31, 2023
Are Electric Cars Good for Environment
Are Electric Cars Good for Environment:- Know the Truth!
January 31, 2023
Aa
Icy Tales
Aa
  • About Us
  • Advertise With Us
  • Icy Tales Writing Agency
  • Icy Tales Recruitment Help
  • Privacy Policy
  • Cookie Policy (CA)
  • Terms & conditions
  • Code of Ethics
Search
  • Entertainment
    • Books
    • Games
    • Gaming
    • Movies
  • Icy Tales Exclusive
  • Food For Thought
    • Humanity
    • Inspirational
    • Issues that Concern Us
    • Personality
    • Environment
  • Living Life
    • Lifestyle
    • Fashion
    • Fitness
    • Food
    • Health
    • Life Hacks
  • Stories and Poems
  • Student’s Corner
Follow US
  • Contact
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Icy Tales > Living Life > 8 Fees That You Should Know About When Applying For A Personal Loan
Living Life

8 Fees That You Should Know About When Applying For A Personal Loan

Icy Tales Editorial Board May 31, 2018
Updated 2021/02/23 at 11:32 AM
Share
6 Min Read
8 Fees That You Should Know About When Applying For A Personal Loan 1
SHARE

When you apply for a personal loan, you will have to pay for many different fee and charges. Knowing about them will give you a true idea of the cost of obtaining the loan, thereby allowing you to plan your application better. Below, we list out the eight fees that you must know about when applying for a personal loan.

8 Fees That You Should Know About When Applying For A Personal Loan 2

  1. Application Fee

When you apply for a loan, you will be charged an application fee that can go up to $100 and more. Usually, personal loans will have a lesser application fee as compared to mortgage. And such fees are usually non-refundable. So, even if the lender denies your application, you will not be paid back the fee. But on the upside, you can probably lower the fees in case you have good negotiation skills. Check out https://www.credible.com/ in case you are looking for a trustworthy loan provider.

  1. Document Preparation Fee

In order to process your loan request, the lender will have to draft the necessary documents like application form, closing forms, and such. Usually, an amount of around $100 is charged as document preparation fee. But there are lenders who will not charge you any such fee. So, make sure to ask about this beforehand so as to avoid being swindled off the fee by any middleman.

  1. Processing Fee

In order to meet the costs of underwriting and credit checks, the lenders will typically charge you with a processing fee. And this too will be around $100 just as the application fee and the document preparation fee. The fee can be avoided or at least brought down with some smart negotiating.

  1. Brokerage Fee

Sometimes, you may not be able to get in touch with a lender directly for any loan and may need the services of a brokerage for this.  And in case the broker is not receiving any commission from the lender, then you will likely be charged a fee for their services. According to online broker Vergleich österreich, the amount of fee you are charged will vary based on the broker you are dealing with.  But it is usually charged at a flat rate rather than as a percentage of the loan. So, make sure to talk with the broker and know about the brokerage fee before you hire them to get you a loan.

  1. Origination Fee

An origination fee will cover the cost of the entire application process and is typically charged at up to 8% of the loan amount. For example, if you are applying for a loan of $10,000 and the origination fee is charged at 5%, then the final amount that will be disbursed to you will be $9,500. Now, if you need to receive the exact loan amount that you are applying for, then be sure to discuss it with the lender and they should be able to add up the origination fee to the loan amount.

  1. Closing Fee

The closing fee is not something that is charged by personal lenders. Instead, it will be charged to you by the real estate agent and will include the brokerage fee, the commission of the lender, and so on. If you don’t have the funds to pay the closing fee, you can easily allow the fee to be deducted from the loan amount. Alternatively, it can also be added to the monthly loan cost.  And remember to bargain this one too.

  1. Dishonored Payment Fee

Sometimes, you might make a payment on time but it can get returned from the bank due to insufficient funds. And for many lenders, this is a big inconvenience since they will have to wait longer to receive your payment and will have to go through the entire payment process once again. As such, lenders might charge you a dishonored payment fee for these types of non-payments. Usually, around $15 is charged as dishonored payment fee, which is added to the installment that is due to be paid.  

  1. Late Payment Fee

You will also be required to pay a fee every time you are late at paying the monthly repayment amount.  However, many lenders will offer you a few days as a grace period before charging the late payment fees. You should expect about 5% of the repayment amount to be charged as a late payment. And if you wish to avoid this, the best way is to sign yourself up for an automatic payment service so that your loan repayments are always made on time every month.

 

8 Fees That You Should Know About When Applying For A Personal Loan 3

You Might Also Like

Can Depression Make You Sick? 10 Scientifically Proven Symptoms

What Foods Have Gluten in Them? 8 Most Essential Points to Know

How to Cut a Pineapple Like a Pro: 16 Expert Tips

How to Get Oil Stains Out of Clothes: 8 Easy Steps!

What to do When You Can’t Sleep- 12 Effective Short-term and Long-term Solutions

Icy Tales Editorial Board May 31, 2018
Share this Article
Facebook TwitterEmail Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Stay Connected

22.2k Followers Like
13k Followers Follow
11.6k Followers Pin
56.4k Followers Follow
334 Subscribers Subscribe

Latest News

Military friendly college.
Signs of a Military-friendly College for Military Students to Look for
Career Advice Student's Corner January 31, 2023
what does an attorney general do
Versatility of A Law Degree: 4 Best Professions to Choose this CLAT Season
Find Something New Student's Corner January 31, 2023
Is smoked salmon healthy
Is Smoked Salmon Healthy: 5 Best Health Benefits
Cooking January 31, 2023
How to read crochet patterns
How to Read Crochet Patterns: 4 Essential Things to Know
Find Something New January 31, 2023

You Might also Like

Can depression make you sick?
Health

Can Depression Make You Sick? 10 Scientifically Proven Symptoms

January 31, 2023
What Foods Have Gluten in Them
Living LifeFood

What Foods Have Gluten in Them? 8 Most Essential Points to Know

January 30, 2023
How to cut a pineapple
Life Hacks

How to Cut a Pineapple Like a Pro: 16 Expert Tips

January 30, 2023
how to get oil stains out of clothes
Life Hacks

How to Get Oil Stains Out of Clothes: 8 Easy Steps!

January 30, 2023
// @Icy Tales

A Property of Icy Media https://www.icymedia.ca

#1407, 3083 East Kent Ave N,Vancouver, V5S 4R2,

Canada

Whatsapp – +1-778-951-2734

Disclosure statement:

Every time you make a purchase from one of the products we talked about, we may earn a tiny bit of commission – at no cost to you! This doesn’t influence our decision-making; it just helps keep our small business alive!

  • About Us
  • Advertise With Us
  • Icy Tales Writing Agency
  • Icy Tales Recruitment Help
  • Privacy Policy
  • Cookie Policy (CA)
  • Terms & conditions
  • Code of Ethics
Follow US

© 2022 Icy Tales. All Rights Reserved.

  • About Us
  • Advertise With Us
  • Icy Tales Writing Agency
  • Icy Tales Recruitment Help
  • Privacy Policy
  • Cookie Policy (CA)
  • Terms & conditions
  • Code of Ethics

Removed from reading list

Undo
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Register Lost your password?