Bank of America Balance Assist Lender Review

Bank of America’s Balance Assist program can provide short-term small loans to bank customers for a flat fee. The program, developed in part to help customers avoid high-interest payday loans, is expected to be available nationwide by early 2022.

  • Access funds almost instantly when approved.
  • Pay just a $5 fee for your loan, with no other fees.
  • Build credit history with on-time payments.

  • You can only borrow up to $500 in $100 increments.
  • You must be able to repay the money and the $5 fee in three equal installments.
  • You must have had a qualifying checking account with Bank of America for at least one year.

Balance Assist was designed to help Bank of America customers cost-effectively manage their short-term cash needs. Customers who meet the bank’s criteria can apply for a loan of up to $500 and only pay a $5 fee.

The program could be used to cover a debt or an unexpected expense. This type of short-term loan can be an alternative to a payday loan.

Balance Assist allows eligible Bank of America customers to borrow in increments of $100 up to $500. You fill out a loan application online, and if it’s approved, you should have your money in minutes.

Every time you borrow money, you pay a flat fee of $5. You then pay back your loan and fee in three equal installments over three months.

Bank of America offers this repayment example: If you took out a $100 Balance Assist loan, you would owe a total of $105 and pay $35 after 30, 60, and 90 days.

You pay a $5 fee for each borrowing through Balance Assist and no other interest or financing fees. According to Bank of America, that fee equates to an APR of between 5.99% and 29.76%, depending on how much you borrow.

Bank of America does not charge overdraft or insufficient funds fees for returned Balance Assist payments, and borrowers owe no late fees.

Note: Overdraft protection will be turned off for the account receiving Balance Assist funds and this setting cannot be changed while you have an active loan. However, your account may still become overdrawn and you may owe a $35 returned item fee for each declined or unpaid transaction.

Bank of America does a credit check, but also considers your banking relationship if you have a poor credit history. You must also meet the criteria of the program:

  • You must be a resident of the United States or US territories.
  • You must have a qualifying Bank of America checking account with regular monthly deposits for at least one year. A SafeBalance account does not qualify.
  • You must have a positive balance in your Bank of America checking account.
  • You cannot have an open Balance Assist loan or one within the last 30 days.

Bank of America does not specify a minimum credit rating to qualify for Balance Assist, but a credit check is part of the eligibility test. If your credit history is limited, your relationship with Bank of America will be considered in the approval decision.

Balance Assist is available in select states and is expected to roll out nationwide by early 2022.

Headquartered in Charlotte, North Carolina, Bank of America is one of the largest banks in the United States and has an A-Plus rating from the Better Business Bureau. Trustpilot rates Bank of America 1.3 stars out of 5.

Customers who have questions or concerns about Balance Assist can call the bank at 800-432-1000.

Balance Assist is an online program. Once you’ve logged into your Bank of America account, begin the application process on the website. If your application is approved, loan funds can be deposited into your account in minutes.

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