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Fifth Third Banks Early Access loan product.

At Fifth Third Bank, we offer a short-term loan product that can be a great alternative to payday loans. The interest rates for this type of loan are much lower than a traditional payday loan, but the product is still expensive. The lender is saying that this product should only be used for an emergency situation. Fifth Third has launched the product to customers across the country. This product meets all banking regulations set by the federal and state government.

The Fifth Third Early Access loan product is a line of short term credit that allows qualified customers to quickly and easily borrow money from their next direct deposit. The rates for this loan are lower than some alternatives. The funds that are borrowed are then deposited directly into the checking account of the customer. This way, the borrower can immediately use the money as they please.

Terms of Early Access Loans

This advance is cheaper than a payday loan. The largest amount of money that the lender is willing to give is $500. This means that the product has an annual cost of credit of 120%. The APR of the loan is still high, but it is a much better option than a payday loan, which can have an APR of 300% or higher.

The bank is only offering advances to existing customers who have checking accounts in good standing in order to stop customers from abusing the product or running up large amounts of debt.

This means that if a borrower does not repay their advance on time, the repayment will happen automatically, limiting the risk to the borrower. The repayment for the advance from Fifth Third comes when your next direct deposit of at least $100 is deposited into your account. If the customer does not make a payment at 35 days, the lender will automatically withdraw the amount that is owed from the customer’s account.

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The other terms of the “checking advance” products offered by Fifth Third include the following:

The process of beginning the loan program has been made easier. There is no need to fill out an application in order to use the Early Access loan product.

The most that a customer can be given in credit is $500 or 50% of their total monthly direct deposits, whichever is less. This is based off of the customer’s average deposits from the past three months. This will be rounded up to the next $20 increment, whichever is lower.

Customers can get access to funds right away to pay for bills or expenses. Once they take an advance, the funds will be available to them right away and will be deposited in their account.

Apply or learn more on Early Access

The short term loan product is currently only offered to Fifth Third customers in a few states, including Indiana, Ohio, Florida, Kentucky, Michigan, Missouri, Illinois, and Tennessee. To learn more about the Firth Third Bank Early Access loan product, or to apply for the loan, call 1-800-972-3030.

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