can you apply for Overdrafts online?? (if already with the bank) ??

gemmaking

stclair wrote: »

Have a read of this just so you get the jist.

http://www.lloydstsb.com/current_accounts/personal_overdrafts.asp

I still don't follow the jargon... on that link, :mad:

RobTang

gemmaking wrote: »

what do you mean?

i though they aint like loans, you DONT have to make monthly payments...

how do they work?

if the limit is £3000, and i get -£1500 OD,
then what is the 'repayment on demand' structure??

It means the bank can demand all of its money back at any time.

So the bank can come along to you and say we want our £1500 back now please and you have to pay it back there and then.
Generally this doesn't happen, however its not unknown for it to happen.
Also id be surprised if your account didn't get flagged in someway if your weren't making regular payments.

Ideally it should not be used as a loan, it should ideally just be a small safety net should you accidentally run out of money.

Plus its a terrible loan, 19% apr + £5 monthly,

CKhalvashi

gemmaking wrote: »

which bank was this with ?

Crapwest or Lloyds, can't remember as had £4k with both

CK