Overdraft repayment question.

Energize

Is there usually a minimum amount that you must pay back each month like a credit card? I have a 0% one with Lloyds but can't find their terms and conditions anywhere on their website, it's like they don't want you to find them.

sarahs999

No not at all. What often happens is that your overdraft will be reassessed, once a year, and they might change your limit. But you can use it as little or as much as you like once you've been given it.

whitfreak

As long as you stay within the agreed limits and keep using the account then everything should be fine. The only repayment issues are that it needs repaying eventually, and that when you graduate most banks offer you an account with a overdraft limit that decreases each year.

One word of warning, overdrafts are repayable on demand, but I've only times I've seen that condition used against students accounts is where people have maxed out the overdraft and then had no activity on the account what so ever (as they've then gone and opened another account elsewhere). If you get into that situation, try and cycle a couple of hundred quid between accounts each month and your account shouldnt get flagged and give you a world of issues.