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 team members were 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

Click here to complete an online Affordable Smart Dollar Loan application.

*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. As of December 17, 2008 Wall Street Journal Prime Rate is 3.25%. The annual percentage rate will never be less than 5% or higher than 18% per annum.