Bank of America introduced the Balance Assist loan, which provides small-dollar loans to select clients. It offers clients short-term liquidity by lending them up to $500.
According to recent research, nearly 50% of Americans would experience financial hardship if they had to cover an emergency expense of $1,000 or less in the next 30 days. Balance Assist can help people who are looking for monetary liquidity in the short term.
To be eligible, an applicant must be a Bank of America client for over a year with regular monthly deposits. The loan repayment is due over three installments within the 90 days of the origination. The bank initially provides a $100 loan to a first-time customer with increments reaching up to $500.
The bank refused to state if it takes an applicant’s...