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Overdraft explained with hsbc
Porkiepvfc
Posts: 2 Newbie
hi im planning on taking an overdraft out with hsbc for £500 and it says i will pay 18.9% interest on this, I plan to only use £300 of it and pay it back within the first month. I dont quite understand how much id be paying to them for using the overdraft. Can someone explain?
Cheers
Cheers
0
Comments
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18.9% is for the whole year.
So borrowing £300 would cost £56.70 a year in interest. Using it for a month would therefore cost £4.720
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