Overdraft- Short-term loan on current account once current account balance reaches zero

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Overdraft- Short-term loan on current account once current account balance reaches zero

Advantages

  • Usually free
  • Only pay interest on money borrowed

Disadvantages

  • High Interest fee
  • Can be charged to use it
  • Going over agreed overdraft limit will encounter penalty charges
  • Can lower credit rating if money isn't paid back frequently enough

Evaluation

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daniyalcristan99

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