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What they said · Fees and add-ons

“It's only a 3% fee.”

A $15,000 consolidation loan at 13.5% over 60 months. The 3% fee is taken out of the loan before you get the money.

What does the fee really cost you over the life of the loan?

$450
$0$1,500
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The real number

$640

It comes to $640.

Your guess—
The real figure$640

The fee itself is $464, because you have to borrow $15,464 to receive $15,000. Then you pay interest on it for five years.

Why so much?

Why

A fee taken from the loan is borrowed money, and interest is charged on it.

What you borrow, $15,464
  • $464 fee
  • $15,000 pays off your debts

The fee raises the payment from $345 to $356, every month.

Same rate, different APR

13.5% either way. Estimated APR 14.87% with the fee, 13.5% without.

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One move

Ask for the no-fee price, or a lower rate instead of a fee.

13.5% + 3% fee

$356a month
$6,349cost of borrowing

13.5%, no fee

$345a month
$5,709cost of borrowing

$640 over the loan, for a fee that sounded like $450.

Fees are often negotiable. A 1% fee here would cost about a third of this.

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Now yours

Your loan with the fee.

You borrow $15,463.92 to receive $15,000. $355.82 a month. Cost of borrowing $6,349: $464 fee and $5,885 interest.

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The whole story, as text

“It's only a 3% fee.” What the fee really costs.

“It's only a 3% fee.” A $15,000 consolidation loan at 13.5% over 60 months. The 3% fee is taken out of the loan before you get the money. What does the fee really cost you over the life of the loan?

The answer

$640. The fee itself is $464, because you have to borrow $15,464 to receive $15,000. Then you pay interest on it for five years.

Why

A fee taken from the loan is borrowed money, and interest is charged on it. $464 fee, $15,000 pays off your debts. The fee raises the payment from $345 to $356, every month. Same rate, different APR: 13.5% either way. Estimated APR 14.87% with the fee, 13.5% without.

One move

Ask for the no-fee price, or a lower rate instead of a fee. 13.5% + 3% fee: $356 a month, $6,349 cost of borrowing. 13.5%, no fee: $345 a month, $5,709 cost of borrowing. $640 over the loan, for a fee that sounded like $450. Fees are often negotiable. A 1% fee here would cost about a third of this.

“Only” is the word to notice. A percentage fee is charged on the amount you borrow, which is bigger than the amount you receive.

Yours

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Written and reviewed by Riverbend Crossroads Digital LLC, Friday, October 2, 2026. Figures from the Show Real Cost engine, computed exactly and shown to the cent. Educational, not advice; your lender's disclosures are the authoritative figures. How we calculate · Corrections.