- Bank of America offers no traditional personal loans.
- Balance Assist lends $300–$500 for a $15 flat fee, repaid over four months (terms from August 14, 2026).
- You need a Bank of America checking account with some history to qualify.
How Balance Assist works
| Before Aug 14, 2026 | From Aug 14, 2026 | |
|---|---|---|
| Amount | $100–$500 in $100 steps | $300–$500 |
| Fee | $5 flat | $15 flat |
| Repayment | 3 monthly installments | 4 monthly installments |
| APR equivalent | — | About 14% ($500) to 24% ($300) |
Apply in the Bank of America mobile app or online banking. The money goes straight into your checking account, usually right away.
Who can get Balance Assist
- A Bank of America checking account open for at least a year, as reported
- Regular deposits and an account in good standing
- No other Balance Assist loan outstanding, and limits on how often you can borrow
Need $100–$1,000 before payday?
- One free request, many lenders
- Bad credit and benefit income considered by many lenders
- See the APR and total cost before you sign
PaydayEase is not a lender. Requests go to lenders in our network; approval, rates and terms are set by the lender. Rates & fees
Other Bank of America borrowing
Bank of America offers credit cards, auto loans, mortgages and home equity lines. For a larger personal loan you would need another bank, a credit union or an online lender. See banks that offer personal loans.
Bank terms change often. Figures are as reported in 2026; confirm current rates and fees on the bank’s website before you apply.
Bank personal loans usually need good credit and steady income, and some banks only lend to existing customers. If a bank turns you down, compare credit union PALs, installment loans for bad credit or a short-term loan request.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Does Bank of America offer personal loans?
No traditional personal loans. Checking customers may qualify for Balance Assist, a small loan of $300 to $500.
How much does Balance Assist cost?
From August 14, 2026, a $15 flat fee for $300 to $500, repaid over four months. Before that, the fee was $5.
How do I apply for Balance Assist?
In the Bank of America mobile app or online banking, if your checking account is eligible.