Fifth Third Banks MyAdvance loan product.
Another alternative to payday loans is a short term loan product offered by Fifth Third Bank known as MyAdvance, formerly known as Early Access. The interest rates are much lower than a traditional payday loan, there are still some fees to consider. The lender recommends that this product only be used in an emergency situation and learn more on the MyAdvance loan product below.
Fifth Third has rolled out the product nationwide to customers in their coverage area of Ohio, Florida, Georgia, North and South Carolina, Illinois, Indiana, Kentucky, Michigan, Tennessee and WV. The product being offered fully complies with all applicable federal and state government banking regulations and is meant to be a solid alternative to higher priced payday or title type loans.
The Fifth Third MyAdvance loan product is a line of short term credit that allows qualified customers to quickly and easily borrow money from their next direct deposit at rates that are lower than some alternatives. The funds borrowed are deposited directly into the customer’s, checking account, so the borrower can immediately use the money as they wish.
Terms of MyAdvance Loans
The advance offered is less expensive than a payday loan or other types of unsecured loans. The maximum amount loaned by the lender will be $1000. The product comes an “origination fee” as well as a small interest rate that goes into effect months down the road. In general, the interest rate for a MyAdvance loan from is as low as 3% and is generally around 5%, which is much lower than other loan products.
The bank knows that this product is not for everyone, so in attempt to stop customers from abusing it, or running up large amounts of debt, the advances are only being offered to existing customers with checking accounts in good standing. It will give those customers immediate access to funds ahead of their next qualified direct deposit.
Also, if a customer does not repay the advance timely, the repayment will automatically occur, which should also limit risk to a borrower. The repayment on the advance from Fifth Third comes when your next direct deposit. If that does not occur, then the lender will automatically withdraw the amount that is due at 45 days if no direct deposit has come into the customers account.
Other terms of the so called MyAdvance checking advance products offered by Fifth Third include the following.
- The process required to begin the loan program has been streamlined. No application is required in order to use the Early Access loan product.
- The maximum credit limit provided to customers will be $1000, however this will be based on the applicant’s income, credit rating and other factors.
- Customers get immediate access to the funds to pay bills or expenses, as once they take an advance, funds are available immediately to the borrower and are deposited in their account.
The MyAdvance loans do offer a current Fifth Third customer quick access to emergency money. However there is a cost for using this loan or any form of borrowing. Fifth Third Bank advises customers to explore other, potentially less costly, credit options or even non-profit grant programs before utilizing MyAdvance.
Apply or learn more on Early Access
Fifth Third Bank's MyAdvance can be a fairly competitive loan product for eligible customers that are facing a financial hardship. However always be sure to review the terms and conditions thoroughly and also to assess personal financial situations before using this or any loan to pay bills. To learn more or apply for the Firth third Bank Early Access loan product, call 1-800-972-3030.
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