Loan Application Fees Information
Short Answer: We do not charge any loan application fees on any of our loan products
Detailed Answer: This is a very good question as many competing small business loan companies do charge an application fee or some other sort of upfront fee, they do this because they know that the majority of their applicants will not qualify for their loans and for some reason they feel they should earn an income for reviewing an application. Our policy is to NEVER charge an application fee as we have decided that it would allow our clients to apply for a loan without risk or obligation. Once we get you funded we are compensated by the lender.
Additional Information: Typical loan application fees are charged by the loan officer or loan broker in an effort to cover the expense of credit checks as well as some administration costs. This fee is almost always optional and many lenders will waive this fee in an effort to earn your business.
Our recommendation: We feel you should avoid lenders that charge application fees unless they are fully refundable if you don’t qualify for the loan.