Overdraft is a good substitute for a consumer loan.
Overdraft is a short-term loan on a debit card, the overdraft limit is set based on the client's solvency and reliability.
All individuals who have a debit plastic card of the lender's bank can apply for an overdraft. Or, at the same time, you can apply for the issue of a debit card and the establishment of an overdraft limit on the card. For registration, you must comply with some points:
- completed application form;
- providing a passport;
- the presence of permanent registration in the region of registration;
- continuous work experience of at least 1 year;
- no delinquencies on previous loans.
Features:
- The overdraft is issued for no more than 1 year, then it can be reissued or closed completely.
- Interlinking with a debit card is required.
- The interest rate is less than or equal to consumer loans.
- There is no commission for cash withdrawals.
- Interest is accrued only when the client has used the overdraft limit.
- The interest for using the service is charged daily. Interest is written off and the limit is restored immediately upon receipt of own funds to the card account.
- Funds must be deposited to the card account once a month.
There are two types of overdraft: allowed - this is the limit within which you can use funds, and unauthorized - this is the excess of the established limit. This difference must be repaid within 2 days, otherwise penalties may arise.
