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What fees are associated with DreamSpring loans and lines of credit?

Fees do not accrue interest, but they are due when they are assessed. 
 
These are the fees you might see: 

  • Identity Verification Fee: Some applications require identity verification. The fee is $25 for loans $25,000 and higher, or $5 for loans under $25,000. There is no fee if you verify your identity by securely linking your bank account through Plaid. This fee is due before your application is considered complete. 
  • NSF (Insufficient Funds) Fee: If a payment is returned due to insufficient funds, a $20 fee may be added to your account. This reflects the cost charged to DreamSpring by your financial institution. 
  • Late Fees: If a payment is not received by the due date, a late fee may apply. For most loans, the fee is 10% of the scheduled monthly payment up to $100, assessed on the 5th calendar day after the due date. For U.S. Small Business Administration (SBA) loans and loans subject to the New Mexico Small Loan Act, a different late fee structure may apply beginning 10 days after the due date. Late fees stop accruing once a loan is 60 days past due. 
  • Collections Fees: If a loan remains past due and is referred to a collection agency, a collection fee of up to 10% of the outstanding balance may be charged. 
  • Annual Fee for Lines of Credit: Lines of Credit may include an annual fee equal to 1% of the total credit line, charged on the anniversary of the loan agreement during the revolving period. You can avoid this fee by maintaining an average utilization of over 50% during the year. This is calculated based on your specific closing date rather than the calendar year. 

 
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