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When you need a loan for any purpose, up to $5,000, let our rates work for you.
At BankFive, we pride ourselves on lifting up our Massachusetts and Rhode Island neighbors with personal loans at competitive rates.
Rates effective 4/19/2024. Rates subject to change.
Personal Loans1 up to and including $5,000.002
(Does not include consolidation loans)
| APR3 | Term | Monthly payment per $1,000 borrowed |
| 10.490% | 12 Months | $88.14 |
10.490% | 24 Months | $46.37 |
10.490% | 36 Months | $32.50 |
| 11.240% | 48 Months | $25.96 |
| 12.240% | 60 Months | $22.37 |
Smart Dollar Loan Program
A loan program for customers to establish credit with a small personal loan with built-in savings4!
| APR5 | Term | Loan Maximum |
| 8.500% | Up to 36 Months | $1,000 |
1 Rates posted for personal loans reflect a reduction of .25% by having the loan payment automatically deducted from a BankFive checking account. Relationship Checking account customers qualify for an additional .25% rate reduction for a total of .50% rate reduction. Subject to credit approval. Fees may apply. Personal Loans are only available to residents of Massachusetts and Rhode Island.
2 Minimum FICO Score requirement of 680. Maximum debt to income ratio of 40%, based on net income.
3 Annual Percentage Rate. Subject to credit approval. 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. Smart Dollar Loans are only available to residents of Massachusetts and Rhode Island.
4 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. Smart Dollar Loans are only available to residents of Massachusetts and Rhode Island.
5 Annual Percentage Rate. Subject to credit approval. Interest rate set to Wall Street Journal Prime rate at time of closing with a floor of 5.000% APR. As of 4/19/2024, effective APR would be 8.500% based on Wall Street Journal Prime Rate of 8.500% and our current floor of 5.000% APR. The annual percentage rate will never be less than 5.000% or higher than 18.000% per annum. Monthly payment per $1,000 borrowed at 8.500% for 36 months is $31.57.