Applying for a personal loan, what is an establishment fee?

Question

im applying online do i need to pay the $150 establishment fee when i apply ?

Answer 1

Australian answer

If your loan is approved, there will be an establishment or application fee. You do not pay the fee if the loan is not approved. It will be deducted from the amount you are borrowing. It is a fee to cover the banks costs in setting up your loan. You will find that all banks will charge a similar fee.

Answer 2

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RE Applying for a personal loan, what is an establishment fee?



im applying online do i need to pay the $150 establishment fee when i apply ?

Answer 3

An establishment fee, is simply to have your name put onto their books, as a borrower.



Sometimes you can be required to pay. At other times it is taken into account within the actual loan. It depends on the company as to what is required of you.



When it is taken into the loan, interest should not be charged on that portion of the loan.



Whether or not you apply online, definitely check all of the conditions and fine-print, BEFORE you apply. If there's something that you don't understand, then get someone to help you with it. If you can, print out the application, once completed. At least then, there is some proof that you are asking for a certain amount of money, which YOU have nominated.

Answer 4

The establishment fee is an initial payment made upon application or during the opening of a loan, credit card account, or other financial service. Also called the opening or application fee, it is meant to cover the costs of creating your file, setting up the interview, and producing the necessary documents. Not all institutions will charge an establishment fee, as some of them can shoulder the costs on your part. If they do charge the fee, Australian law requires them to disclose the rate and amount in the loan ad.

Answer 5

An establishment fee in this context is the red flag indicating that this is a scam attempt. Never pay a fee in advance of getting a loan - you will lose the fee and never get the loan. Any legit agency that charges fees takes the fee out of the amount loaned, and never requires it in advance.

Answer 6

There used to be a time when it was very difficult and perhaps even impossible to get a personal loan if one had bad credit. Many people think that still holds true today but in today's information society and culture, bad credit does not need to hold you back from getting a personal loan, you just need to know where to look.

Answer 7

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