Bank of America has created a new way to help financially-strapped customers borrow up to $500 for unforeseen emergency needs.

Bank of America’s recently launched “Balance Assist” program, established in Virginia and seven other states, allows customers quick access to cash under a plan to pay back the money, an NBC News affiliate in Richmond reported.

“In a time of emergency when you need to dip into something to have fast access to cash, without having any collateral, it provides access to that and it helps you budget. It helps you establish credit history, and it gives you that peace of mind during a time of need,” said Hasan Oberoi, Bank of America director for consumer banking, the NBC affiliate reported.

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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