Origination fee

An origination fee is a one-time charge for making a loan, often 1% to 10% of the amount on personal loans, usually deducted from the money you receive and included in the loan's APR.

Because the fee is subtracted up front, you receive less than you borrow, and the APR is higher than the interest rate. Compare loans by APR, and borrow a little more if you need the full amount after the fee.