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If you’re considering a small business loan, it’s important to familiarize yourself with the different types of small business loan fees. In addition to interest rates, fees can impact how much a small business loan ultimately costs.

Lenders charge fees on small business loans to cover a variety of costs, like loan application and origination, check processing, and underwriting, and you could also face fees for late payment or prepayment. Which types of fees apply will vary depending on which lender you use and the type of loan you get. But knowing what to look out for can help as you compare loans in an attempt to minimize how much your small business loan costs overall.

Why Choose a Small Business Loan?

No matter how fantastic an idea may be, in most cases, it can’t become an actual business without the working capital to get it off the ground. If you’re not yet ready to pitch investors and don’t have the personal funds to bootstrap your business, you may want to learn about how a small business loan can help you turn your business idea into a reality.

Of course, small business loans are for more than just startups. Whether you’re looking to hire more employees, purchase more equipment or inventory, or just scale your idea from your bedroom to a co-working space, small business loans can provide the capital to make it happen.

Some reasons a small business loan may be right for you include if:

•   You want to build business credit, potentially allowing you to qualify for larger loans in the future.

•   You want to scale your business.

•   You want to make your business more efficient with new equipment.

•   You want to purchase more inventory.

•   You want to hire and train more employees.

Before taking out a small business loan though, it’s important to ensure you have the financial foundation to manage your loan debt.

Small Business Loan Rates and Fees

Here are some common fees associated with small business loans.

Application Fee

Lenders incur certain fees when processing your application (e.g., credit checks and property appraisals). This fee covers those costs, and it will apply regardless of whether your application is approved.

Origination Fee

Lenders charge origination fees to cover their administrative costs, such as phone calls, emails, and interviews necessary to finalize a small business loan. The amount of this fee varies from lender to lender.

Check Processing Fee

If you make your loan payments via check, you may be charged a fee to cover the time and labor it takes to process a check. You may want to keep this in mind when deciding how you’ll make your loan payments.

Guaranty Fee

If you’re taking out a loan through the Small Business Administration (SBA), you’ll likely have to pay a guaranty fee. While the SBA guarantees loans, it doesn’t make loans, and thus generally assesses this SBA loan fee for its involvement.

Late Payment Fee

Like many loans, small business loans typically charge a fee when you make a late payment. You’ll want to ensure you set up a plan to make your loan payments on time to avoid this fee.

Underwriting Fee

The process of underwriting can be tedious — your lender needs to comb through your business’ finances and review market research and historical trends. The underwriting fee covers the cost of performing this task. It could either be charged as a percentage of the loan amount or a flat fee.

Prepayment Fee

Some lenders charge you for paying your loan off too early. They may do this for a variety of reasons, but one might be because they lose money in interest charges when you pay your loan principal before it’s due. This is an important fee to be aware of when mapping out your payment plan.

Additional Funding Options

If these fees don’t sit well with you, there are other options to consider that may make funding your business more accessible to you.

Family and Friends

Many people start their business with family loans, which is essentially money borrowed from family and friends. Using these individuals as initial investors can help you stay out of commercial debt, meaning that you can wait to apply for a small business loan when you might need to borrow a larger sum.

However, going into business with loved ones could be a risk. It might sour the relationship if things go south.

Crowdfunding

A number of small businesses have successfully been funded through sites like Kickstarter, GoFundMe, and Indiegogo. A great idea with a strong marketing plan could generate enough excitement and financial support to get things going.

Keep in mind that crowdfunding sites generally require a percentage of the funding received. Additionally, there could be a risk of idea theft or plagiarism by putting your idea out there early.

Credit Card

You could turn to credit cards as a quick route to getting capital for your business without a lengthy application process. However, interest rates may be high. Further, carrying significant credit card debt could potentially impact your credit score, affecting your future chances of qualifying for loans.

Recommended: Comparing Personal Loans vs. Business Loans

The Takeaway

Small business loans can charge a variety of fees, including application fees, origination fees, underwriting fees, guaranty fees, and others. Some are avoidable, such as bypassing check processing fees by opting for another payment method, or steering clear of late fees through consistent on-time payments. Which fees will apply will ultimately depend on the lender and loan type, but fees can play a role in how much a small business loan ultimately costs.

As you explore your options for funds, you might also look into a personal loan. While you cannot use a personal loan for business expenses, it could help you to consolidate high-interest credit card debt you might have incurred, for instance. SoFi personal loans offer low, fixed rates, and allow you to borrow up to $100,000.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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There are a lot of financial terms that are important to understand when managing one’s money. Knowing banking vocabulary can boost our financial savviness, smooth the learning curve, and ease transactions.

For example, what are depositories? A depository institution, to put it most simply, is a financial institution into which consumers can deposit funds and where they will be safely held.

Keep reading for more insight into what depository institutions are, including:

•   What is a depository institution?

•   How do depository institutions work?

•   What are the pros and cons of depository institutions?

•   What are depositories vs. repositories?

•   What are depositories vs. non-depositories?

What Is a Depository Institution?

A depository institution is a place or entity — such as a bank — that allows consumers and businesses to deposit money, securities, and/or other types of assets. There, the deposit is kept safely and may earn interest.

To share a bit more detail, depository institutions are financial institutions that:

•   Engage in banking activities

•   Are recognized as a bank by either the bank supervisory or monetary authorities of the country it is incorporated in

•   Receive substantial deposits as a part of their regular course of business

•   Can accept demand deposits

In the U.S., all federally insured offices of the following are considered to be depository institutions:

•   Commercial banks

•   Mutual and stock savings banks

•   Savings or building and loan associations

•   Cooperative banks

•   Credit unions

•   International banking facilities of domestic depository institutions

Recommended: What Is a Community Development Financial Institution?

How Do Depository Institutions Work?

A depository can receive funds from consumers and businesses via such means as:

•   Cash

•   Direct deposit

•   Teller or ATM deposits

•   Checks

•   Electronic transfers

The depository institution holds these funds, and they are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor, per type of account, per financial institution. If the institution is a credit union, funds will be similarly protected by the National Credit Union Administration, or NCUA.

Funds are accessible on demand (aka demand deposits rather than time deposits), and the depository institution is required to keep a certain amount of cash in its vault to ensure it has funds available for clients.

Customers are able to earn interest on different types of deposits. The depository institution also earns interest; it’s one of the ways financial institutions make money. It does so by lending money on deposit to their customers in the form of different types of loans. (For instance, some of the money on deposit might earn the account holder 1% interest, while the bank then uses the funds for a mortgage that charges 5% interest. There’s a good profit margin there for the depository institution.)

Types of Depository Institutions

What are depositories? To better understand the purpose depository institutions serve, let’s look at some examples.

Credit Unions

Credit unions may offer many of the same services as banks, but they are owned by account holders, who are also sometimes called members. These institutions are not non-profits. The profits that the credit union earns are paid to members in the form of dividends or are reinvested into the credit union. To put it another way, the depositors are partial owners of the credit union.

Commercial Banks

Commercial banks are what many of us visualize when we hear the term “bank,” whether we are thinking of a major bank with hundreds of bricks-and-mortar branches or an online-only entity. They are usually owned by private investors and are for-profit organizations.

Commercial banks tend to offer the most diverse services of all depository institutions, from personal banking to global banking services such as foreign exchange-related services, money management, and investment banking. The offerings may depend on how large the institution is and which customer segments it serves (say, consumers and different types of businesses).

Savings Institutions

Savings institutions are the banks that serve local communities and loan institutions. Local residents deposit their money in these institutions, and in return, they can access credit cards, consumer loans, mortgages, and small business loans.

It’s possible to set up a savings institution as a corporation or as a financial cooperative. The latter makes it possible for depositors to have an ownership share in the saving institution.

Recommended: What Is an Intermediary Bank?

Depository Institutions vs Repositories

Repositories and depositories are two different things despite the fact that their names sound almost the same. Here’s some of the key differences.

•   Depositories hold cash and other assets, but repositories hold abstract things such as intellectual knowledge, files, and data.

•   Depositories are usually credit unions, banks, and savings institutions, while repositories are typically libraries, data-storage facilities, and information-based websites.

Depository Institutions vs Non-Depositories

Unlike depository institutions, non-depository institutions don’t accept demand deposits. These are some of the differences between these two types of institutions:

•   Depository institutions accept deposits and store them for safekeeping. Non-depository institutions, on the other hand, provide financial services but can’t accept demand deposits for safekeeping.

•   Depository institutions are FDIC- or NCUA-insured, while non-depository institutions can be SEC-insured or have another type of insurance.

•   Credit unions and banks are commonly depository institutions. Non-depository institutions are often brokerage firms and insurance companies.

Pros of Depository Institutions

Depository institutions have a few benefits to note:

•   Money is safe and FDIC- or NCUA-insured

•   Accounts can earn interest on time deposits such as certificates of deposit (CDs) and possibly other deposits

•   Helps keep the economy healthy by allowing depository institution to lend out deposits and earn interest

•   Reduced risk of assets being lost or stolen

Cons of Depository Institutions

There are a few downsides to depository institutions. Consider these points:

•   Limited growth potential of deposited funds compared to investments, money market accounts, and CDs

•   Banks, credit unions, and savings institutions may charge fees for holding funds

•   Minimum account balance may be required

Tips for Choosing a Depository Institution

When it comes time to choose a depository institution, it can help to keep the following things in mind when comparing different options.

•   Type. Carefully consider if a credit union, saving institution, or commercial bank is the right fit. Some commercial banks have bricks-and-mortar locations, while others offer all of their services online. Online banks usually pay higher interest rates on savings and charge fewer and/or lower fees, since they don’t have the overhead associated with operating branch locations. Credit unions also tend to offer higher interest rates and lower fees as they are not-for-profit as commercial banks are.

•   Features. Look for a depository institution that offers perks and services that suit your needs. Special features may include high interest rates, early access to direct-deposit paychecks, cash-back deals, fee-free ATMs, and free access to credit scores.

•   Fees. Shop around to see which depository institution has the lowest and/or fewest fees, such as account maintenance fees and overdraft fees. As noted above, credit unions tend to charge lower and/or fewer fees than commercial banks, as do online banks.

•   Convenience. If you like to bank locally and know your bank tellers and officers, choosing an institution that has branches in your neighborhood is a wise move. If you prefer the seamlessness of banking 24/7 by app, however, you might opt to open an online savings account.

💡 Recommended: What Is an Online Savings Account?

Banking With SoFi

Commercial banks, credit unions, and savings institutions are all examples of depository institutions. Depository institutions safely store funds that can then easily be accessed. Funds will be insured by either the FDIC or NCUA up to their usual limits of $250,000 per depositor, per account type, per institution.

Looking for a place to deposit your money that pays a great APY? Consider opening a SoFi bank account online with direct deposit. With our Checking and Savings, you’ll earn a competitive APY, and you don’t have to pay any account fees.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What is the difference between a bank and a depository?

There is no difference between a bank and a depository. A bank is a type of depository institution. Credit unions and saving institutions can also be depositories.

What are the types of depository institutions?

There are three main types of depository institutions. Commercial banks, credit unions, and savings institutions are all types of depository institutions.

Are commercial banks depositories?

Yes, commercial banks are one kind of depository institution where consumers can securely stash their money.

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Photo credit: iStock/Mikhail Bogdanov
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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People with introverted personality traits tend to prefer working independently instead of collaboratively with others. Thankfully, there are plenty of jobs that offer that environment, and many don’t require a college degree.

Introverts can find and excel in a variety of high-paying, low-stress jobs — if they know where to find them.

Why It Can Be Difficult for an Introvert to Find Work

Job postings almost never explicitly state “This job is great for introverts!” On the contrary, many job postings use buzzwords and phrases like “cross-collaboration,” “being a team player,” and “working in a fast-paced environment,” which can all be red flags for an introvert. This is because, unlike extroverts, introverts tend to seek out environments that don’t involve a lot of public speaking, group discussion, or collaboration. Instead, they prefer to work independently on tasks that play to their individual strengths and preferences in a more low-stress environment.

It’s a misconception that working remotely is a viable solution for every introvert, when in fact many remote jobs still require a good amount of virtual interaction and collaboration with others.

Recommended: Home Office Tax Deduction: How Does It Work?

What Makes the Ideal Job for an Introvert

According to conventional psychology, introverts prefer to spend time with just one or two people, rather than larger groups or crowds. They’re not necessarily loners; in fact, many introverts have highly acute social skills. However, introverts tend to gravitate toward situations and environments where they feel less pressure to react or respond quickly, or to engage with multiple people.

Therefore, an ideal job for an introvert allows them to:

•   Work independently

•   Work alone or in quiet spaces that allow them to think

•   Focus on one task at a time

•   Engage one-on-one instead of in large groups

Recommended: Small Business Loans for Women

What Kind of Work Does Not Fit an Introvert

Jobs that require a lot of collaborating with or presenting to large groups of people are generally not suited to people with introverted tendencies. Introverts tend to want to avoid group brainstorms or jobs that force them to regularly verbalize their thoughts and feelings to multiple people at once.

30 Jobs for Introverts Without a Degree

Finding a rewarding job as an introvert doesn’t necessarily require a college degree or a lot of deep exploration. You simply need to find jobs that suit your interests and cater to the personality traits of an introverted person.

Here are 30 jobs for an introvert that do not require a college degree, according to the Bureau of Labor Statistics:

1. Web Developer

•   2021 Average Salary: $77,210

•   Primary Duties: Design, code, and develop websites and oversee site performance and functionality.

2. Farmer or Rancher

•   2021 Average Salary: $73,060

•   Primary Duties: Oversee the production of crops, livestock, and dairy products.

3. Blogger

•   2021 Average Salary: $69,510

•   Primary Duties: Write original copy for personal or business websites.

Recommended: Small Business Loans

4. Plumber

•   2021 Average Salary: $59,880

•   Primary Duties: Install and repair piping fixtures.

5. Postal Service Mail Carrier

•   2021 Average Salary: $52,440

•   Primary Duties: Collect, sort, and deliver mail to businesses and private residences.

6. Craft Artist

•   2021 Average Salary: $49,960

•   Primary Duties: Create original works of art for sale and exhibition using a variety of materials.

7. HVACR Technician

•   2021 Average Salary: $48,630

•   Primary Duties: Assemble and repair heating, cooling, and ventilation systems.

8. Drywall Installer

•   2021 Average Salary: $48,350

•   Primary Duties: Cut and hang panels of wallboard inside buildings.

9. Delivery Truck Driver

•   2021 Average Salary: $48,310

•   Primary Duties: Pick up, transport, and deliver packages or goods from one location to another.

10. Carpenter

•   2021 Average Salary: $48,260

•   Primary Duties: Design, construct, and restore building structures and frameworks built from different materials.

11. Embalmer

•   2021 Average Salary: $47,780

•   Primary Duties: Prepare the bodies of the deceased for interment.

12. Paperhanger

•   2021 Average Salary: $47,610

•   Primary Duties: Cover interior walls or ceilings with decorative wallpaper or fabric.

13. Roofer

•   2021 Average Salary: $47,110

•   Primary Duties: Replace, repair, and install roofs on buildings and houses.

Recommended: Should I Sell My House Now or Wait

14. Surveying and Mapping Technician

•   2021 Average Salary: $46,910

•   Primary Duties: Collect data and take land measurements in order to create maps of the Earth’s surface.

15. Mechanic

•   2021 Average Salary: $46,880

•   Primary Duties: Inspect, repair, and maintain automobiles and other modes of transport.

16. Bookkeeper

•   2021 Average Salary: $45,560

•   Primary Duties: Produce and maintain financial records for businesses.

17. Transcriptionist

•   2021 Average Salary: $44,030

•   Primary Duties: Transfer words, text or voice recording into formal letters, reports or other documents.

18. Software Quality Assurance Tester

•   2021 Average Salary: $41,950

•   Primary Duties: Test software to identify problems and learn how the software works.

19. Animal Breeder

•   2021 Average Salary: $40,090

•   Primary Duties: Breed and raise a variety of animals that produce meat or material.

20. Photographer

•   2021 Average Salary: $38,950

•   Primary Duties: Produce, record, and potentially edit for personal or professional use.

21. Proofreader

•   2021 Average Salary: $38,716

•   Primary Duties: Read content and correct for spelling, punctuation, and grammatical errors.

22. Landscaper

•   2021 Average Salary: $35,240

•   Primary Duties: Maintain outdoor grounds through mowing, trimming, planting, watering, fertilizing, raking, and other methods.

23. Library Assistant

•   2021 Average Salary: $34,050

•   Primary Duties: Help librarians organize library materials, assist patrons, and perform other administrative tasks.

24. Animal Trainer

•   2021 Average Salary: $31,280

•   Primary Duties: Teach animals skills such as obedience, performance, riding, security, and assisting people.

25. Medical Transcription

•   2021 Average Salary: $30,100

•   Primary Duties: Transcribe voice recordings from physicians and nurses and convert them into written reports.

26. Floral Designer

•   2021 Average Salary: $29,880

•   Primary Duties: Design and arrange decorative displays using live, dried, or silk flowers.

27. Janitor

•   2021 Average Salary: $29,760

•   Primary Duties: Clean and sterilize buildings, schools, hospitals, and other commercial businesses.

28. Crematory Operator

•   2021 Average Salary: $29,610

•   Primary Duties: Perform cremations, including the preparation and transfer of the body post-service.

29. Hand Sewer

•   2021 Average Salary: $29,930

•   Primary Duties: Sew, reinforce, or finish manufactured items usually with needle and thread.

30. Notary

•   2021 Average Salary: $28,889

•   Primary Duties: Serve as an impartial witness for the purpose of signing documents or acknowledging legal signatures on documents.

Recommmended: Learn more about additional business websites here.

The Takeaway

Finding a low-stress job that doesn’t require a college degree isn’t impossible for an introvert. In fact, many high-paying and rewarding jobs are well-suited to the personality traits of an introverted person.

Introvert or not, everyone can benefit from better budget planning and tools that give you back control of your finances.

SoFi can help you track and manage your spending, monitor your credit score, and get financial insights.

FAQ

Is self-employment good for introverts with anxiety?

Jobs that are conducive to self-employment can be a good fit for introverts that get anxiety working within large teams or with multiple people. However, self-employment can also create stress if it requires you to find your own clients or manage a larger workload on your own.

What is a good job for someone with introverted qualities?

Jobs that allow you to work independently and in quiet, low-stress environments are generally better for introverts, who tend to prefer solitude or limited one-on-one interaction.

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Photo credit: iStock/Wiphop Sathawirawong
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*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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