Back during the financial crisis of 2008, we were one of only 32 national financial institutions chosen to participate in the FDIC Small Dollar Loan Program. Through this program, we were able to lend money to members of our community who otherwise may not have qualified for a loan and may have fallen victim to predatory lenders.
Though the official program has ended, we continue its spirit through our very own Smart Dollar Loan Program. Qualifying borrowers in Massachusetts and Rhode Island can use it to build credit and save money* on the small loans they need.
A lending hand to our neighbors in need:
Loan amounts up to $1,000 (upon qualification)
No origination fees
No prepayment penalties
Low fixed interest rate at 8.500% APR**
Terms up to 36 months
Subject to credit approval. 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 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.
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