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Application fee is a term it’s important to understand. Bankrate explains it.
What is an application fee?
An application fee is an added cost associated with submitting an application for consideration.
Application fees are often added to applications for home financing. In the case of loans or lines of credit, the fee will be disclosed in the terms and conditions.
Application fees are not restricted to the financial industry. High school seniors are charged a non-refundable fee for each college application they submit.
Many real estate companies charge application fees to rental applicants to cover the cost of background checks and credit reports. This fee is not a part of the security deposit.
Application fee example
If you are interested in applying to college, the first step is filling in all required information on an application. After completing the necessary forms and essays, you can submit the application electronically. The application fee is also sent at this time. In most cases, the college or institution uses a secure online payment system to prevent fraud.
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