Bank of America to offer payday-style loans for just $5

 

Source: Austin Weinstein, Charlotte Observer

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.

Bank of America’s loans — which cost $5 regardless of their size — will be paid back over 90 days in monthly installments.

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