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As described above, this means the fee will be taken out from your total loan amount, so you’ll likely want to request extra to cover the origination fee.For example, if you need ,000 and opt for a service with a 5% origination fee, you’ll want to request ,250 so you have enough to pay the fee and get the full amount you need.If you’re considering opening a personal loan, you’ll want to make sure you completely understand origination fees before you apply. Similar to your APR, when you first apply for the loan, you’ll be provided with an origination fee range, which means your fee will fall somewhere in this range.

If you don’t plan for the origination fee, you may find yourself short of the expected amount when you receive the funds.Most of the top-rated personal loan lenders do charge some sort of origination fee ranging from about 1% to 6% of the total loan amount — a rather large range, so it’s best to talk to a representative about what rate you’ll be offered instead of just making your own educated guess.This means if you qualify for ,000 and there’s a 5% origination fee, you’ll receive ,500 after the loan is processed — that’s something you’ll want to account for when you apply for a loan with an origination fee so you don’t short yourself.It should be noted that the origination fee is completely separate from your APR (annual percentage rate), which is the interest you’ll pay on the total amount on a yearly basis.Some personal loan services, like Springleaf Financial Services and One Main Financial, only charge origination fees to borrowers in certain states, and services like Avant, So Fi, Light Stream and Net Credit all lend without origination fees.

It should be noted that lenders who charge an origination fee are generally quite transparent in their explanation to customers as to how much the origination fees cost and why they charge the rates they do — all you have to do is ask.

All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way.

Loans are offered with a range of APRs depending on your credit and other factors.

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She is a graduate of Sonoma State University, where she earned a bachelor's degree in English.