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Bank of America Balance Assist Lender Review

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

  • Access the funds almost instantly if you are approved.
  • Pay a single $5 fee for your loan, without any other fees.
  • Build credit history with on time payments.

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

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

The program can be used to cover unexpected debts or expenses. This type of short-term loan may be an alternative to a payday loan.

Balance Assist allows eligible Bank of America customers to borrow in $100 increments, up to $500. You will complete the loan application online, and if approved, you will receive your money within minutes.

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

Bank of America offers this repayment example: If you take out a $100 loan, you’ll owe a total of $105 and pay off $35 in 30, 60, and 90 days.

You’ll pay a $5 fee each time you borrow through Balance Help with no interest or other financing fees. Bank of America says these fees translate to an annual percentage rate of between 5.99% and 29.76%, depending on how much you borrow.

Bank of America does not charge an overdraft fee or insufficient funds fee for returned balance assistance payments, and borrowers will not owe a late fee.

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

Bank of America does a credit check but also takes into account your banking relationship if you have a poor credit history. You will also need to meet the program criteria:

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

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

Balance Aid is available in select states and is expected to be rolled out nationwide by early 2022.

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

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

Balance Assistant is an online program. Once you log into your Bank of America account, the application process begins from the website. If your application is approved, the loan funds can be paid into your account within minutes.


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