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RICHMOND, Virginia (WWBT) – Experts say it over and over again: Try to set aside $ 500 for an emergency fund. But sometimes that isn’t possible right away, which is one of the reasons Bank of America recently launched “Balance Assist” in Virginia and seven other states.

Balance Assist is a low cost option for Bank of America customers to get cash fast. It allows you to borrow up to $ 500, in $ 100 increments, for a $ 5 apartment.

Hasan Oberoi, Bank of America director for consumer banking, explained the value of a tool like this:

“In an emergency, when you have to tap into something to have quick access to money, without having collateral, it allows you to access it and it helps you budget. It helps you build your credit history and gives you that peace of mind when you need it, ”Oberoi said.

Consumers have 90 days to make three equal monthly payments to pay off what they have borrowed.

Oberoi says it’s a tool to help you rebuild or even restore your credit.

More and more companies are starting to offer short term, low cost loans like this. This is an option if you have an emergency. But again, it’s also good to work to build an emergency fund.

Experts say a few ways to do it:

  • Use your tax refund
  • Use a dunning payment
  • Put $ 25 of each paycheck into an account until you get $ 500.

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