Bank of America Balance Assist Review

Balance Assist Summary

The Bank of America Balance Assist™ program is good for qualifying BofA checking account holders who need quick funds to cover an unexpected expense. Applicants can borrow up to $500, in $100 increments, for a $5 flat fee. This fee is equivalent to an APR of 5.99% - 29.76%, depending on how much you borrow.

Applicants can qualify even if they have limited credit, especially if they have a good relationship with Bank of America, making Balance Assist loans easier to get than many other short-term loans. Additionally, you can apply quickly online and have access to the funds minutes after approval.

Below, you’ll see how WalletHub rates Bank of America’s Balance Assist program in our three major review categories: Terms, Requirements & Application, and Reviews & Transparency.

Bank of America Balance Assist Terms

Balance Assist Interest Rates, Fees & Other Terms

Category rating: 3.8/5

• Flat fee: Balance Assist has a $5 flat fee, which will be included in the total loan amount. This fee is equivalent to an APR of 5.99% - 29.76%, depending on how much you borrow. There are no other fees associated with the program.
• How approval is determined: Getting approved will depend on factors like your credit history, your relationship with the bank, what type of checking account you have, the account’s balance, and your past use of Balance Assist, among other factors.
• Loan amounts & timelines: You can borrow up to $500, in $100 increments, and you will need to repay the loan within 90 days.

Balance Assist Requirements & Application Info

Category rating: 2.5/5

• Credit history: You can apply if you have a limited credit history or better, according to the company.

• Minimum income: Bank of America does not disclose a minimum income requirement, although they do require regular monthly deposits to be made to your qualifying checking account.

• Age: You must be at least 18 years old.

• Citizenship: You must be a U.S. resident (includes U.S. territories).

• Identification: You must have a Social Security number, physical U.S. address and email address.

• Bank account: You must have a qualifying BofA checking account to be eligible for Balance Assist.
• Co-application: Bank of America Balance Assist loans do not offer co-applications/joint applications.

• Ways to apply: You can apply online or through BofA’s mobile banking app.
• Pre-qualification: You cannot pre-qualify for a Bank of America Balance Assist loan.

Balance Assist Reviews & Transparency:

Category rating: 4/5

• Better Business Bureau: Bank of America has been BBB-accredited since 1949 and has an A+ rating.
• Consumer Financial Protection Bureau: There are currently over 287 complaints filed with the CFPB regarding Bank of America Balance Assist loans.

• WalletHub: Bank of America has an average user rating of 3.9/5 on WalletHub.

• Transparency: Bank of America makes it easy to find the Balance Assist terms and requirements on its website.

Bank of America gets a decent score in this category because it has a positive reputation and is mostly clear about Balance Assist terms and requirements.

Summary: Balance Assist Loans Score by Review Category

Methodology

In order to provide the most accurate review of Bank of America’s Balance Assist program, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Terms for Balance Assist do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.