FILE PHOTO: A Bank of America building is seen in Los Angeles, California, U.S., May 6, 2019. REUTERS/Lucy Nicholson - RC11E7E5F470Balance Assist, which will be available beginning in January, allows clients to borrow up to US$500 for a flat US$5 fee, and repay the amount over a three-month period. Customers need to have a checking account with the bank for at least one year to be eligible for the loan.Earlier this year U.S.
"Financial health has never been more challenging for the millions of consumers who experience short-term cash gaps due to income volatility or unexpected expenses,” said Jennifer Tescher, CEO of Financial Health Network. “We need more institutions to offer small-dollar credit, and so it is encouraging that Bank of America has developed an alternative to overdraft and payday loans that is safe, transparent, and affordable, with the real potential to advance financial health.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »