Buddhastate | UK Mahayana Buddhism
An overdraft facility is provided alongside many current accounts. Most people will have an agreed overdraft amount with their bank and will be able to borrow this amount and be charged interest on that borrowing. If they borrow more than this or do not have an agreed overdraft, they will be charged a lot more in fees as well as interest. Although overdrafts always have charges, there are times that they can be really worthwhile.
The main reason that people use an overdraft is for when they run out of cash. This could be at the end of the month when they are waiting to be paid or if they get unexpected bills. If you have money in a savings account and do not have time to transfer it over before you need to pay out for things, the overdraft can help to keep you funded until the money arrives. As an overdraft is expensive, it is best to do this as infrequently as you can. You want to have it there as a backup, just in case you do run
There are many different ways to borrow money. They all have costs and some are much more expensive than others. It is good to use the cheapest possible option available for you. If you need money really quickly, you do not have time to organise a personal loan, which can be a cheaper way of borrowing then using your overdraft can be a solution. Obviously it depends how much money you need, but it could provide some money while you are waiting for a loan application to be processed. If you have a poor credi
Buddhastate | UK Mahayana Buddhism