Bank of America has recently launched a new product called balance assist that helps its clients manage their short-term cash needs at a low cost. It’s one of the easiest types of loans to apply for, and you can typically find out if you’re approved almost instantly.
You can borrow up to $500, with repayments in three equal monthly installments over a 90-day period. To be eligible, you must have a qualifying Bank of America checking account for at least a year.
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Easy to apply for
Balance Assist is a short-term loan that can help you cover emergencies and unexpected expenses. It’s a relatively low-cost option that’s available nationwide, and you can apply for it entirely online. You’ll also receive your funds within minutes if you’re approved. This is a faster process than a traditional payday loan, and it may be a good option for people who want to avoid high-interest payday loans.
The program is designed to help Bank of America customers manage their cash flow and budgets with ease, according to the bank. Those who meet the bank’s requirements can borrow up to $500 and pay just a $5 fee. It can be an alternative to payday loans, but you should consider whether it’s right for you before you apply.
You need to be a current Bank of America customer with a qualifying checking account and regular monthly deposits to qualify for the program. SafeBalance accounts aren’t eligible, and if you have more than one Bank of America account, you need to make sure that they all are in good standing before applying for Balance Assist.
While this loan is easier to apply for than a traditional payday loan, you still have to pass a credit check. You also have to repay the loan in three equal installments, which spreads out your payments more than a typical payday loan.
If you don’t make your payment on time, you could damage your credit and be ineligible for future Balance Assist loans. You can avoid this by adding the three installments to your monthly budget.
Easy to repay
Bank of america balance assist is one of the easiest types of loans to repay. It can be applied for online and you can see the funds in your account within a few minutes after being approved. The loan comes with a $5 fee and is repaid in three equal installments.
These types of small-dollar personal loans are often used to help cover unexpected expenses. They’re usually a great alternative to payday loans, which often have high interest rates and require payment in full by the end of the month.
Getting a personal loan has never been easier than it is today, with more lenders than ever offering personal loans for people with bad credit or no credit history. To help you choose the right personal loan for your needs, we’ve gathered information on how easy it is to apply for and get approved, as well as what loan terms and fees are most affordable for borrowers.
If you need a small personal loan, there are several options to consider, including Bank of America’s new Balance Assist program. It is a low-cost way to borrow up to $500 in $100 increments, and it has a simple application process that allows you to get the money you need almost instantly.
To qualify for the loan, you must be a Bank of America client and have an active checking account that’s been in existence at least a year. You also must show regular monthly deposits into your account and maintain a positive balance to be eligible.
No credit check required
Bank of America’s Balance Assist program can provide a small short-term loan to eligible customers, for a flat $5 fee. This option can help borrowers avoid high-cost payday loans. It’s available nationwide and is an option to consider if you need a quick fix for your short-term financial needs.
A credit check is not required for a balance assist loan. However, it can temporarily lower your credit scores, so it’s important to understand how this impacts your ability to get a loan.
To qualify for this program, you must have a Bank of America checking account and make regular monthly deposits into it. In addition, you must have a history of making payments on time and not be in overdraft or insufficient fund status.
The bank will also run a hard credit check when you apply for this loan, but it says you can still qualify even if you have less-than-perfect credit. In this case, the bank will take your banking relationship into account and look for ways to help you build credit.
You can apply for up to six Balance Assist loans in a 12-month period. If you’ve already taken out one loan, you must wait 30 days before you can apply for another.
Taking out more than one loan at a time can hurt your credit score, and there’s no guarantee that you’ll be approved for another balance assist loan in the future. Additionally, overdraft protection is turned off if you have multiple Balance Assist loans.
According to the Bank of America website, this program will start in “select states” by January, with a wider rollout in early 2021. It’s the latest move in a movement by federal regulators to encourage banks and other lenders to offer small-dollar loans to people who are struggling with their finances.
No overdraft fees
Bank of america balance assist offers checking account customers a way to get up to $500 in funding for a flat fee. You can apply online, and the funds will be automatically advanced to your account within minutes. However, you need to meet certain eligibility criteria.
The company says that your credit profile, the relationship you have with Bank of America and other information on your application will be used to determine your loan approval. You can also take out only one balance assist loan at a time.
It also offers a safety check feature, which transfers money from your linked savings account to cover any potential overdrafts. In addition, Bank of America offers a SafeBalance Banking(r) no-frills account that has no overdraft fees.
In recent years, some banks have eliminated overdraft fees and other charges in an effort to curb bad publicity and pressure from regulators. Ally Bank, Capital One Financial, PNC and Santander are among the bigger regional banks that have rolled out these changes.
Previously, overdraft fees were charged when a customer’s checking account didn’t have enough money to cover a transaction. These fees can be a significant drain on a budget, especially when the cost is spread out over several days.