It has been accepted for inclusion in Faculty Publications, Department of Child, Youth, and Family Studies by an authorized. administrator of DigitalCommons@University of Nebraska - Lincoln. Miller, Richard B. and Hollist, Cody S., Attrition Bias (2007).Faculty Publications, Department of Child, Youth, and Family Studies.
The average loan origination fee will be 0.5 to 2% of the loan amount, if expressed in points. It is charged by mortgage brokers for processing and closing your mortgage. Sometimes title fees, escrow, appraisal and other fees will be zeroed, but the loan origination fee will be inflated and high above the average. If that is the case, your loan origination fee will not be tax deductible.
The average cost for a $300 five-month loan ranged from $172 in Colorado, where such loans are strictly regulated, to $701 in Texas, where lenders on average charged an annual percentage rate of 454%. Fees for payday loans vary widely from state to state due to differing regulations. However, a $300 personal loan from a small bank or credit union on average costs $446 less than a payday loan.