Bank of America Balance Assist loan review: Small loan amounts for existing Bank of America customers

The Bank of America Balance Assist loanword may be a well option for people looking for agile access to small amounts of cash. But in order to qualify, you must be an existing Bank of America customer with a checking account. If you get a loanword, you must repay it within three months. column note : Credit Karma receives compensation from third-party advertisers, but that doesn ’ deoxythymidine monophosphate affect our editors ’ opinions. Our third-party advertisers don ’ triiodothyronine revue, approve or endorse our editorial message. It ’ second accurate to the best of our cognition when posted .

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compensation may factor into how and where products appear on our platform ( and in what order ). But since we by and large make money when you find an offer you like and get, we try to show you offers we think are a full catch for you. That ‘s why we provide features like your Approval Odds and savings estimates.

Of path, the offers on our platform do n’t represent all fiscal products out there, but our goal is to show you as many great options as we can .

Pros Cons
small loan amounts ( $ 100 to $ 500 ) Must be an existing Bank of America customer
flying access to funds Limited to one loanword at a time
Can help build credit history Must repay the loan within 90 days

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What you need to know about a Bank of America Balance Assist personal loan

If you ’ re in the market for a modest personal loan, you might want to consider the short-run Balance Assist loan from Bank of America. Bank of America is a countrywide bank that offers a variety of fiscal products, including bank, lending and small-business services. The bank introduced the Balance Assist loan in late 2020, allowing existing Bank of America customers to borrow between $ 100 and $ 500, in $ 100 increments .

Can help you build credit

Bank of America reports your loanword payments to all three major credit agency, so making your payments on time can help you boost your accredit. According to the bank, you may be able to qualify for the loan with limited credit. then even if you ’ re starting your credit from scrape, making timely payments on a Bank of America Loan Assist personal loan could help you build credit .

Available only to current Bank of America clients

The Balance Assist lend is available entirely to current Bank of America customers that have checking accounts in good stand. To qualify, your checking history must have been open for at least a year, and you need to have been making regular monthly deposits. note that if you alone have a Bank of America SafeBalance account, you won ’ thyroxine be to get a Balance Assist lend .

Loans must be repaid over a 90-day period

Whether you borrow a $ 100 or $ 500 with the Balance Assist Loan, Bank of America requires you to pay the loan second in three peer monthly installments. Plus, there ’ s a flat fee of $ 5 to take out the lend. So you ’ ll want to budget your expenses each month and know what to expect for monthly payments before you take out a loanword .
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A closer look at a Bank of America Balance Assist personal loan

  • No interest, minimal finance charges — Bank of America charges a $5 fee to take out the loan, but there are no additional fees to worry about.
  • Quick access to funds — Once you’re approved for a loan, you could get access to the funds within just a few minutes.
  • Credit check required — The bank runs a hard credit check when you apply, which could temporarily lower your credit scores. Bank of America says you may qualify even with a limited credit history — and in that case, it’ll consider your banking relationship.
  • One-loan limit — You can take out one Balance Assist loan at a time. You can apply for a new loan 30 days after your current loan is paid off.
  • Overdraft protection is turned off — When you take out a Balance Assist loan, Bank of America will turn off the overdraft protection feature in the checking account you have connected to the loan. So if there’s not enough money in your account to cover a payment, the transaction will be declined.

Who is a Bank of America loan good for?

A Bank of America Balance Assist loanword may be a good choice for stream Bank of America customers who are looking for an low-cost short-run loanword to borrow a belittled sum of cash. The Balance Assist loan can help customers who need cash to cover a short-run fiscal emergency. The APR is much more low-cost than what you ’ five hundred receive with a typical payday loanword .
But once you take out a Balance Assist loanword, Bank of America will turn off your overdraft settings until the lend is repaid. If you think you might overdraw your account during the requital menstruation, the Balance Assist loanword may not be the best choice for you .

How to apply for a Bank of America Balance Assist loan

You can apply for a Balance Assist loanword on Bank of America ’ s web site or mobile app. Bank of America promises an comfortable application summons, though it doesn ’ deoxythymidine monophosphate disclose the type of information or documents it requires to apply. But keep in mind that you can ’ t apply unless you meet the stick to requirements :

  • You have a qualified Bank of America checking account that’s been open at least a year
  • All of your checking and savings accounts are in good standing
  • You don’t have an existing Balance Assist loan, and haven’t had one in the last 30 days

once you ’ rhenium approved, the bank will deposit the loan funds immediately into your checking report .

Not sure if Bank of America is right for you? Consider these alternatives.

  • U.S. Bank: With the U.S. Bank Simple Loan, customers can take out a loan between $100 and $1,000. This could be a good option for customers who need a slightly higher loan amount than what Bank of America offers.
  • MoneyLion: MoneyLion doesn’t check the credit of its loan applicants, and if you get a loan it can help you build credit — but in order to qualify you have to be a MoneyLion member.

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About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, personal loans and student loans… Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and clientele. She covers a diverseness of personal finance topics, including build credit, accredit cards, personal loans and scholar loans… Read more.

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Category : Finance

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