Bank of America will begin to offer small, short-term loans to cash-strapped customers, the Charlotte-based bank announced Thursday, a move that could upend the market for short-term loans.
The loans, called Balance Assist, will have a $500 limit, and will only be available to people who have had a checking account at the bank for at least a year. The roll-out will start in a handful of to-be-announced states by January 2021 before expanding to the rest of the country early next 2021.
We exist to be the bridge that helps responsible residents stay in their homes during a singular, unexpected financial emergency.
Whether it’s a temporary job interruption, an auto accident, a medical emergency, a victim of a natural disaster, or something else, our desire is to provide qualified residents with housing stability during a chaotic time and help them avoid eviction, a forced move, or, worse, becoming homeless.
Copyright ©2023 The Resident Relief Foundation, a 501(c)(3) nonprofit. Tax ID #82-1521845.
Privacy Policy – Terms of Use