In order to give you the lowest possible interest rate, we charge a one-time “origination fee” that covers the costs of finding customers, evaluating loan applications, building and operating our processing platform, and providing amazing customer service. We feel this is a clear and transparent way to be upfront about how we get paid for the service we provide. The interest on your loan is used to repay the investors who give Borrowell financing for our loan business.’
The one-time origination fee is between 1-5% of your loan amount. The percentage depends on the term of the loan (3-year loans have a lower fee) and your loan grade – the better your credit profile, the lower your origination fee.
We will add the origination fee to the approved loan amount. For example, if you’re approved for a $5,000 loan at a 2% origination fee, your total loan amount would be $5,100. You would receive $5,000 in your bank account and pay the origination fee off with the rest of your loan.
There is never any cost to get a quote. It’s free to apply and you’ll find out right away if you qualify, along with the loan amount, interest rate, and monthly payment.