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Bank of America Balance Assist Lender Review 2024
Bank of America Balance Assist
- People who have an eligible Bank of America checking account.
- People who need up to $500 in funding.
- People who want funding fast for a relatively low cost.
Bank of America runs a credit check but also considers your banking relationship if you have a thin credit history. You will also need to meet the program’s criteria:
- You must be a resident of the U.S. or U.S. territories and have a U.S. address listed with Bank of America.
- You must have a qualified Bank of America checking account where you have made regular monthly deposits for at least a year. SafeBalance accounts are not eligible.
- You must maintain a positive balance in all Bank of America checking accounts.
- You can’t have an open Balance Assist loan. You are also ineligible if you have opened six Balance Assist loans over the previous 12 months.
What Credit Score Do You Need?
Bank of America does not mention a minimum credit score to qualify for Balance Assist, but a credit check is part of the evaluation for eligibility. If your credit history is limited, your relationship with Bank of America will be factored into the approval decision.
Bank of America Balance Assist
Balance Assist is available to eligible Bank of America customers nationwide.
Bank of America’s Balance Assist program can provide short-term loans of up to $500 to eligible bank customers for a flat $5 fee. The program can help customers avoid high-interest payday loans and is available nationwide.
Balance Assist allows eligible Bank of America customers to borrow in increments of $100, up to $500. You will complete a loan application online, and if it’s approved, you should receive your funds in minutes.
Each time you borrow money, you pay a $5 flat fee. You then repay your loan and the 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 $105 total and pay $35 at 30, 60 and 90 days after borrowing.
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Bank of America Balance Assist
Bank of America is one of the largest banks in the U.S. and receives an A+ rating from the Better Business Bureau. Trustpilot scores Bank of America a bad 1.4 out of 5 stars based on more than 1,600 reviews.
In 2022, the Consumer Financial Protection Bureau received 93 personal-loan-related complaints about Bank of America. Main complaints concerned getting a line of credit, being charged unexpected fees or interest and problems making payments. The company provided a timely response to 90 of the complaints and closed 68 with an explanation, 13 with monetary relief and 11 with nonmonetary relief.
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