Yes. A processing fee can be charged when the member opens the loan.  The fee must come from a savings or checking account and cannot come from the new loan account.  Your credit union can even elect not to charge an increased interest rate on the loan and simply earn money on your loans with these fees.

If a member does not complete the process to open the loan (for example fails to complete a required promissory note), a loan application is created and is sent to the loan queue.  The processing fee is not charged for this loan application.

This fee is configured in the CD, Share Draft, or Share Secured Loans configuration.