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Didn't realize how hard it is to find a no-origination-fee loan under $10k
I was shopping around for a small personal loan to cover some truck repairs after a blown tire on I-80 near Cheyenne last month. Found out from a Bankrate article that most lenders under $10,000 tack on origination fees of 2% to 8%. That's $200 to $800 right off the top before I even get the money, which felt wild. I spent three days calling around and only found two credit unions that didn't have them. Anyone know if there's a trick to finding these without digging through 50 websites?
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wadew511mo ago
That origination fee thing is part of a bigger pattern where every small transaction gets nickel-and-dimed these days. @jade517 is right, 8% on a loan that size is a lot, especially when you're already hurting from something like a blown tire. It almost pays to build a relationship with a local credit union before you need the money, so the fees vanish when you actually apply.
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patricia_gonzalez1mo ago
Hate to say it but most people don't think about credit unions until theyre in a jam. Its like trying to make friends the day before you need a ride to the airport. I joined mine years ago just to have a savings account and it saved me when my water heater died and they gave me a loan at like 3% with no fees. Takes a little planning but beats paying 8% just to borrow a few hundred bucks.
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