Bank of America Balance Assist Lender Review

Bank of America Balance Assist Lender Review

For a nominal $5 cost, Bank of America’s Balance Assist programme enables qualified bank clients to get short-term loans of up to $500. Customers can use the nationwide programme to steer clear of payday loans with hefty interest rates.

To assist Bank of America customers in efficiently managing their short-term cash needs, the bank offers Balance Assist. Customers who match the bank’s requirements can apply for up to a $500 loan with just a $5 application cost.

The programme might be utilised to meet an urgent financial need or an unforeseen expense. A payday loan substitute could be this kind of short-term loan.

How Does Balance Assist Work?

Customers of Bank of America who qualify may borrow up to $500 in $100 increments using Balance Assist. You will fill out an online loan application, and if it is accepted, you should receive your money quickly.

You are required to pay a $5 flat fee for each loan. The loan and charge are then paid back over the course of three months in three equal payments.

According to Bank of America, if you took out a $100 Balance Assist loan, your total debt would be $105 and you would have to make payments of $35 at 30, 60, and 90 days after borrowing.

What Are Balance Assist’s Loan Terms, Fees and Conditions?

There is only a $5 cost for each loan you take out through Balance Assist; there are no other fees associated with getting a loan. Depending on how much you borrow, Bank of America claims that this cost equates to an annual percentage rate of 5.99% to 29.76%. Payday loans, on the other hand, frequently have APRs of 400% or higher in addition to finance costs.

There are no late fees, and borrowers repay their loans in three equal installments over the course of three months. For returned Balance Assist payments, Bank of America does not incur overdraft or insufficient funds fees.

The account receiving Balance Assist money will have overdraft protection disabled; this setting cannot be altered until five business days after your Balance Assist loan has been repaid.

Although a credit check is part of the eligibility assessment, Bank of America does not specify a minimum credit score to be eligible for Balance Assist. Your past with Bank of America will be taken into consideration when determining your credit eligibility if your credit history is weak.

One of the biggest banks in the country, Bank of America, has an A+ rating from the Better Business Bureau. Based on more than 1,600 reviews, Trustpilot has rated Bank of America with a poor 1.4 out of 5 stars.

The Consumer Financial Protection Bureau received 93 complaints against Bank of America’s personal loans in 2022. The three main issues were having trouble completing payments, being hit with unforeseen fees or interest, and receiving a credit line. 90 of the complaints received a prompt response from the corporation, which closed 68 with an explanation, 13 with financial relief, and 11 without it.

From 8 a.m. to 9 p.m. Eastern Time Monday through Friday, 8 a.m. to 8 p.m. ET on Saturday, and 8 a.m. to 5 p.m. ET on Sunday, customers can call the bank at 800-432-1000. Additionally, customers can contact Bank of America via its Facebook page or by tweeting at @BofA_Help. They can even schedule an appointment with an expert inside the bank.

There is an online application for Balance Assist. You can start the application procedure on the website once you’ve logged into your Bank of America account. Loan cash could be advanced to your account right away if your application is accepted.