Bank of America is offering short-term small-dollar loans for select clients - Business Insider

Offered as a program BofA calls "Balance Assistance," the loans will come in increments of $100 up to a maximum of $500 and carry a flat $5 fee. Clients will pay back the loans in three equal installments over the course of 90 days. BofA plans to use data gathered from applicants' checking accounts as well as outside credit information to determine eligibility.

The new offering could be particularly well received among customers affected by the coronavirus pandemic. The ability to get a quick infusion of cash—especially one that only carries a $5 flat fee—is likely more important now than ever. the economy, approximately 40% of US adults said they would struggle to pay for an unexpected $400 expense such as a car repair or a small medical bill, per a survey by the Federal Reserve and cited by American Banker.

Balance Assistance could also help BofA garner favor with financial regulators, which have been pushing banks to provide alternatives to payday lenders.

YOU NEW to FOREX? Minimize your losses with my expert strategy with an investment capital of $300, i can guarantee $3,500 as profits after 5days of investment without sending money to anyone . Inbox me if interested. 📈

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore Airlines fine-dining restaurant inside aircraft sells out - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. why?
Source: BusinessInsider - 🏆 729. / 51 Read more »

Inside the investment portfolio of a millennial homeowner - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Stocks to buy, 4 companies for the new normal of long-term volatility - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Female tech, startup executives: Biden is right choice for America's working women - Business InsiderOpinion | We're a group of female executives at some of America's most innovative companies. It's clear to us that Joe Biden is the right choice for our economy, businesses, and working women. Yep , crazy Biden and lying HARRIS will turn your country over to the Socialist party. Beware I have been working hard making car payments every month. Joe will destroy what I have worked hard for. No thanks ladies. I say NOTOJOE Said no one ever “Sincerely”, Bullshit Insider
Source: BusinessInsider - 🏆 729. / 51 Read more »