The subject of lending has long been familiar and is understandable to most people. At the same time, such a term as "overdraft" often puts in a stupor even experienced borrowers. What does this formulation hide and what opportunities opens before the user overdraft?
Overdraft - What does this term mean?
The concept of "overdraft" implies additional funds that the card holder or the owner of the current account can spend over the available balance. That. The Bank provides an opportunity to make additional payments, while the customer's own cash has already ended. Of course, the size of such spectors is not implanious. Equally, as in the case of a loan, overdraft has a limit, which in each case is calculated individually. It may seem that overdraft is a traditional loan, but it is not.
Differences overdraft from classical consumer loan
To take advantage of the Overdraft service to the Bank, it is necessary to conclude the appropriate agreement in which not only the permissible size of the available balance will be marked, but also the interest rate for the use of bank money, the loan repayment time, as well as the penalties provided for in violation of the contract conditions. Wherein:
- The loan repayment period is often 30 days (depending on the bank can reach 60 days).
- The loan amount may exceed the size of the monthly income, in the case of overdraft, the loan size is often only a part of the amount of regular receipts on the card.
- Payment of the loan can be carried out by parts, repayment overdraft occurs in a completely one amount. At the same time, the consent of the cardholder is not required - the amount necessary for repayment (and percent) will be automatically written off by the bank, barely will be at the current account.
- Overdraft interest rates higher than on loans. However, the rapid period of repayment creates a deceptive impression of preferential lending conditions. In case of untimely repayment of overdraft, the rate for using credit funds increases several times. At the same time, the recalculation is made to the entire amount of the loan from the first day of the overdraft (and not from the moment the "delay", as in the case of a loan).
It may impress that the use of Overjraft is very unprofitable. This statement is also controversial, because:
- Requirements for the borrower when the overdraft is cleaned significantly lower than to the credit recipient (generally). If a person in this bank also has a salary project, then difficulties with the design of a micro-loan is almost never happening.
- Infrequently, but overdraft can be decorated even on a credit plastic card.
- Unlike a loan to obtain each new loan (within the limits of a contract), the client is not required again and again to contact the banking institution.
- At the right moment, the client can always count on an additional amount of money. It is not necessary to use overdraft every month.
Dangerous technical overdraft
In the event that the client went beyond not only own funds, but also additional money allocated by the Bank, there is a technical (otherwise - unresolved) overdraft. This situation may occur if the owner of the card or account fully spent the limit on overdraft, the new receipt of funds has not yet happened, and during this period:
- There was a write-off, for example, the Commission for the RKO.
- During the conversion of currency, a negative balance was formed as a result of exchange differences.
- Funds were written off on a previously conducted operation.
The account owner "expects" high interest and short time for repayment of transfimit.
From the point of view of psychology, the presence of overdraft often leads to a large, rather planned, spent - it is not always convenient to track the accurate balance on the map, so it is easy to go beyond its limits. Yes, and "stratum" in the case of overdraft, much easier than with a traditional loan (if regular receipts do not occur on a card or settlement account) - very often the card holder and does not know that he needs to pay off the loan. On the other hand, in the event of an unforeseen situation, the presence of additional funds can help well the client.
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