If you’re worried about your credit score and need a quick loan, you can use Rocket Loans. They don’t have a high credit score requirement and will let you apply for prequalification. This helps you compare your loan options, but it doesn’t mean you’ll get approved. You’ll also have to pay an origination fee that can range from 1% to 6% of the total loan amount.
Bank of America payday loans are more flexible
A bank’s payday loans are more flexible than your traditional payday loan. The bank’s new $5 loan is intended to help customers make ends meet and encourage them to do all their banking at the same place. You pay back the loan over ninety days with small monthly payments. This loan can only be taken out once, but it will be recorded on your credit history. This can help you raise your score in the long run.
While you can’t avoid paying late fees on payday loans, Bank of America’s new Balance Assist loan is much more flexible and easy to repay. The repayment schedule is more manageable, and you don’t have to worry about overdraft fees. The loan also helps you establish good credit, because Bank of America will report each payment to your credit report.
Bank of America offers a lower minimum credit score
If you have bad credit, there are still options out there. While most banks will require a credit score of at least 660, some credit unions may offer better options for those with lower scores. You may want to look at your credit report before applying for a loan.
Bank of America offers a shorter repayment period
Bank of America’s new loan product is a boon to consumers with spotty credit. While not the lowest in the market, Rocket Mortgage has several advantages over its competitors, including a lower APR and shorter repayment periods. Its service is also lauded by consumer advocates, and it is available in nearly 4,000 locations nationwide.
Bank of America provides a more convenient application process than Chase and Bank of America, and it accepts third-party down payment assistance programs and offers several different payment methods. Rocket Mortgage also supports some government grants and loans from other institutions. The only downside to Rocket Mortgage is that it does not offer in-person services.
Bank of America also has a new loan product called Balance Assist. It allows customers to borrow a maximum of $500. To apply, simply log in to your Bank of America account and fill out an online application. If approved, you should receive the funding within minutes. Applicants should be able to repay the loan in two months, which would be a reasonable repayment period for most consumers.