Fees
Fees are charged to Borrowers for successfully funded Loan Requests, and to Lenders for the administration of Loans. There are no fees or charges for:
- Registering as a Borrower or Lender with the CommunityLend Online Lending System
- Using this site
- Posting a Borrower Loan Request
- Placing Bids on Borrower Loan Requests
Other than the fees listed on this page and the lender fees page , there are no other fees of any other kind for using CommunityLend.
Borrower Fees
Administration Fee
Once your Loan has closed you will be charged a one-time, Administration Fee equal to the relevant percentage of your Loan, as set out in the table below, dependent on your Credit Rating, OR $75, whichever is greater:
| Credit Rating | Administration Fee (% of Loan) | Administration Fee Minimum |
|---|---|---|
| AA | 1.0% | $75 |
| A | 1.5% | $75 |
| B | 2.0% | $75 |
| C | 2.5% | $75 |
For example, if you were successful in closing a Loan with an A Credit Rating for $10,000 to purchase that '93 Corvette Stingray you've always wanted, the Administration Fee would be 1.5% of $10,000 or $150. We deduct this fee from the Loan proceeds. This means that you would receive $9,850 from the Loan proceeds when they are deposited into your bank account. If the exact Loan proceeds amount is critical to you, consider making your Loan Request for a slightly greater total.
$25 Failed Payment Fee
If a Loan payment cannot be made due to insufficient funds in your account or the closure, change or inaccessibility of your account (other than as a result of an error by us), we will charge you a fee of $25 for each failed automated withdrawal.
$15 Fee for Withdrawing a Fully Funded Loan Request
If you withdraw your Loan Request after it is fully funded and/or choose not to accept the Initial Disclosure Statement containing details of your Loan, at Loan closing, we will charge you $15. You can withdraw a Loan Request prior to it being fully funded at no cost to you.