Does Fortify charge any fees when applying for financing?

When applying for financing with Fortify, it’s important to understand the fees you may be charged. Here’s what you need to know:

In some cases, Fortify may charge a flat application fee when you apply. This fee will allows you to explore your options without any financial commitment.

If you decide to accept a loan through Fortify's platform and sign it, there may be an origination fee as part of your loan, in addition to any interest. This origination fee could vary depending on your state of residency, your educational institution, and other details specific to the loan you're requesting. Typically, Fortify’s standard loans include a 5% origination fee.

When you apply for a loan through Fortify, the total amount you borrow will include both the requested loan amount and any origination fee. For instance, if you apply for a $10,000 loan, your total borrowing amount could be $10,500.

If your origination fee is included in the loan amount, the fee will be factored into the Annual Percentage Rate (APR), spreading its cost across the term of your loan.

There may be origination fees on your loan in order to cover the administrative costs of processing and setting up your loan. This includes costs for underwriting, verification, and ensuring compliance with regulatory requirements. This fee ensures Fortify can maintain our services and support for borrowers. Remember, you'll only incur this fee if you sign a loan document.

While many lenders increase profits by charging higher interest rates, our aim is to provide you with the lowest feasible rate that we can.

Let's say you get approved for $10,000 of tuition through Fortify, with a 5% origination fee. You may be charged a $500 origination fee (5% of $10,000). After including the $500 fee, your total loan amount would become $10,500 ($10,000 + $500).

Including the origination fee in the loan amount will be reflected in your APR. For instance, if the APR without the origination fee is roughly 9.99% due to your interest rate, then your final APR would be higher to reflect that your loan includes an origination fee.

Origination fees will affect your monthly loan payments. Spreading an origination fee over the loan term would incrementally increase each payment, so you can cover the additional amount borrowed due to the origination fee.

If you have any additional questions, please contact us and we'll be happy to help.