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, loans offered through Fortify include a 5% origination fee.

When you apply for a loan on 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.

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).

Since the origination fee is included the loan amount, it will be reflected in your APR. For instance, if your interest is 9.99%, then your final APR would be higher than 9.99% (for example, approximately 14%) in order to reflect that your loan includes an origination fee.

Origination fees will affect your monthly loan payments. Including an origination fee in the initial balance will increase your monthly payment, so that 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.