Everyone who has ever found himself in a goalkeeper situation in his life knows perfectly well how to get money on affordable terms can be difficult. Loans, short-term payday loans are not the cheapest (especially since their Real Annual Interest Rate is sometimes even several hundred percent), typical bank loans are not very flexible and involve a number of burdensome formalities. On the other hand, credit cards of not one borrower got into financial trouble due to the amount of their interest. What is left for us as consumers? The credit line on our personal bank account turns out to be a great solution.
Certainly, many of our readers are not strangers to the situation in which the remuneration transfer still has a few days and our wallet is still empty, contrary to the enchantment of reality. In this situation, a loan on our account can help us.
For example, we have five days to pay. We choose $ 300 for overdraft to pay urgent bills. How do you think the interest on such a loan will be? Much? In no case. Analyzing the offers of the leading banking operators in our country, their amount will be up to 10%. This means that with such a “loan” we will pay interest of the whole.
Even assuming that we will use this form of financial assistance every month for a year, the amount of interest we give to the bank should not exceed a few dollarss. In such conditions, it can be said that this is the most advantageous offer for people looking for a quick cash flow for a short period.
Does such borrowing have any disadvantages?
Of course, it would be too beautiful and poorly profitable for banks if the cost of the loan granted was “only” 10% per annum. If we open a credit line on our bank account, we still have to take into account the commission for starting such a possibility of financial support. Usually it is an amount from 1 to 2% of the sum borrowed, however, the banking regulations additionally stipulate that it cannot be less than $ 50-70.
However, given the fact that with a typical cash loan, the commission is initially calculated at a dozen or so percent of the amount borrowed, the option with an overdraft is still profitable for a typical Kowalski. It is worth mentioning, however, that such a credit line is usually opened for a period of 12 months. After their expiry, if we continue to be interested in using this service, we will be required to pay the commission again.
In general compared to cash loans, the account limit looks much better. It is worth adding that a significant number of banks have introduced to their offer promotions consisting in the fact that, for example, during the first year of using the account limit, the customer will not pay a dollars or commission or offer such a possibility if our monthly salary receives our account. Therefore, it is worth looking around for a proposal tailored to our individual needs.
Where can you find the best debit?
The option of getting a credit line is one of the many services banks offer us when opening a personal account. They operate in parallel and choosing the best option for us is not an easy task. However, assuming that we are a relatively active customer, our account periodically is influenced by the amount of our remuneration and we willingly make purchases with a card, then the leading offer of bank offers may be presented in this way.