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Overdraft help please

Dark Side

Dark Side

Bluelighter
Joined
Jan 19, 2013
Messages
873
Broke till the end of the month, i'm with lloyds so i was thinking of getting a 50 quid overdraft. What is the catch though as far as im aware if i spend over 10 quid of it i have to pay 6 quid as a fee. So if i spent like 45 quid would i still just have to pay the 6 quid fee and thats it?
 
...and what ever you do no matter how fucking desperate do not get a fucking pay day loan thing or any of that shit...have watched a friend who is bright, educated, grafter and has a really good job and pay..take a couple of those out years ago and it escalated in to sheer HELL..You could ask for a temporary overdraft for the shortest period of time. Never heard of anyone I know getting such a small overdraft..they want to get you indebted and paying interest and if they agree will probably offer you a much larger amount.

I would seriously ask family or friends if that's possible..I suspect you don't have a credit card if you are asking this question? Bank may try and fob you off with that if you are employed and regular income..resist....<3 Oh yeh and what Ponch said regarding interest etc.
 
Most banks give you at least £250 overdraft free. Natwest certainly do. I don't think you even have to ask them.
 
You will obviously have to pay interest as well. So over a period of time it's probably better off just getting a wonga loan, (and yeah I am a fully qualified FA) if you know you are going to have funds soon. The amount you will pay by having an overdraft, which youll probably keep, and use again will be more than just taking out a wonga loan, as a one off. It will cost you a tenner, to borrow 50, but thats probably less than an overdraft over a period of time.
 
Dark Side said:
Broke till the end of the month, i'm with lloyds so i was thinking of getting a 50 quid overdraft. What is the catch though as far as im aware if i spend over 10 quid of it i have to pay 6 quid as a fee. So if i spent like 45 quid would i still just have to pay the 6 quid fee and thats it?
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it totally depends on your bank. if you want an answer (instead of a bunch of people who don't know your banking details) guessing, give them a call?
:)

alasdair
 
HouseFever said:
You will obviously have to pay interest as well. So over a period of time it's probably better off just getting a wonga loan, (and yeah I am a fully qualified FA) if you know you are going to have funds soon. The amount you will pay by having an overdraft, which youll probably keep, and use again will be more than just taking out a wonga loan, as a one off. It will cost you a tenner, to borrow 50, but thats probably less than an overdraft over a period of time.
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Dont support Wonga dude... that shit is more evil than the banks themselves, it doesnt seem possible but they are.. wreaks havoc on your credit rating regardless of whether you pay it back on time, early or with fuckin bells on it and a bottle of cheap scotch for Christmas to say thanks for fuckin me.. just another way to keep the poor, poor.. :(
 
HouseFever said:
You will obviously have to pay interest as well.
Click to expand...

I'm not sure if I do or not - it's an arranged overdraft of £250. But obviously the interest you pay on an arranged overdraft is nowhere near the interest Wonga will take out of your hide.
 
When it comes to borrowing money, I have a simple rule to live by, as follows:

Never, ever spend a minute longer than you have to owing as much as a penny to anybody.

If you have savings, plunder them; the amount of interest you will be missing out on for want of sufficient notice will be less than the amount of interest you would have to pay on any loan. If you have expenditures you can cut, cut them. Even if it means turning off the heating and wrapping up warm. If you've any more money than you can spend right now, pay it off your debts. A bird in the hand is worth two in the bush, and all that.

An arranged bank overdraft probably is the lowest-cost option for anyone without access to the Bank of Mum and Dad, needing a small sum for a short amount of time. But read all the small print carefully, ask the bank staff and don't rely on it. Is the increase in your outgoings which has led to this a one-off, or a regular occurrence? If the latter, you really need to rethink your budget sooner rather than later You absolutely do not want to get into the situation of going overdrawn every month.
 
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