BankFive's Federal Loan Programs: The Future of the Small Dollar Loan Program
In 2008, BankFive was chosen as one of only 32 national financial institutions, and one of only two in Massachusetts, to participate in the FDIC Small Dollar Loan Program. This Federal loan program was designed to help banks provide smart, community-oriented service to consumers who might otherwise turn to check cashing services and payday loans. Through the Small Dollar Loan Program, BankFive was able to offer a higher level of service to the people in the community who needed it most. When the Small Dollar Loan Program pilot program ended, BankFive chose to continue offering the same service, calling it the Affordable Smart Dollar Loan Program.
The Affordable Smart Dollar Loan Program
The Affordable Smart Dollar Loan Program, BankFive's own version of the FDIC Small Dollar Federal Loan Program, helps you build credit and save money*!
- Loan amounts up to $1,000
- No origination fees
- No prepayment penalties
- Low fixed interest rate at 5.00% APR**
- Terms up to 36 months
Subject to credit approval. Fees may apply. Smart Dollar Loans are only available to residents of Massachusetts and Rhode Island.
*A savings account will be established whereby a minimum of $10.00 will be deposited on a monthly basis. This amount will be included in your monthly loan payment. Interest will be earned in accordance with the terms of BankFive's regular savings account program.
**Interest rate set to Wall Street Journal Prime rate at time of closing. The annual percentage rate will never be less than 5% or higher than 18% per annum. Monthly payment per $1,000 borrowed at 5% for 36 months is $29.97.
BankFive is celebrating America Saves Week, February 23rd-28th!! The Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. The goal is to encourage individuals and families to save money and build personal wealth.