Bank of America debuted a new product called Balance Assist, which provides clients up to $500 in short-term, low-cost loans.

“Balance Assist is the latest in a powerful set of transparent, easy-to-use solutions to help our clients budget, save, spend and borrow carefully and confidently,” D. Steve Boland, president of retail at Bank of America, said in the release.

Balance Assist allows clients to borrow up to $500 in increments of $100 for a flat fee of $5 regardless of the amount advanced to their account. The repayments are scheduled in three equal monthly installments over 90 days.

“We continue to develop a variety of innovative solutions to help our clients achieve solid financial footing,” April Schneider, the head of consumer and small business products for Bank of America, said in the release.

The loans are available for Bank of America checking account customers who’ve been with the bank for at least one year.

Bank of America, which serves more than 66 million customers and small business clients in the U.S., will roll out Balance Assist in select states by January, before launching more broadly in the early part of 2021.

Shares of Bank of America were trading up 1 percent, or 25 cents, near $25.12 on Thursday.