With unsecured loans through Avant.com, there is no origination fee – the amount of the loan is exactly the same as the amount of money that will be put into your bank account. We believe that lending should be a transparent process that empowers customers to access credit in a way that they can afford to repay.
What is an origination fee?
If you’re borrowing for the first time or haven’t taken out a mortgage, chances are you haven’t heard of origination fees.An origination fee – also known as an “activation fee” – is a percentage cut out of a loan that is kept by the lender. For example, if you’re approved for a personal loan for $10,000 and your lender charges a five percent origination fee, that percentage is immediately taken out of your loan amount by the lender as a lump sum. When all is said and done, $9,500 is what you’re left with, but you’ll still pay interest on the full amount.
One question you might ask is “what’s the fee for?” The answer could be different depending on the loan provider. The fee is usually explained as an administrative fee, opening a loan file, underwriting, or just a loan charge.
How Avant compares to other loan programs that charge origination fees:
| (5% origination fee) | ||
Why unsecured loans through Avant don’t charge origination fees
An efficient underwriting model backed by Avant’s proprietary technology eliminates the need for origination fees. That was a bit of a mouthful, so we’ll put it in plain English: we look beyond FICO® Scores so we can better analyze borrowers’ creditworthiness and we don’t need additional sources of funding to service loans.Origination free is how Avant operates – it’s as simple as that. And we’re working everyday to improve the lending process and reduce the barriers to receiving a loan that can help you and your financial situation.
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