Bank Loans and Overdrafts
Bank Loans and Loan Finance
Loan Finance and Bank Loans are generally appropriate for those borrowing for an especially expensive item like a car that costs a great deal of money and will be repaid over a long term period of time such as 10 years. Interest rates are generally lower than they would be on a credit card, but higher than they would be on a mortgage.
Overdrafts
If borrowing for a short term and only in smaller amounts of money then a bank overdraft may be more appropriate. Interest rates on an overdraft are usually higher than they would be with a loan, particularly in instances where the overdraft hasn’t been agreed to by the bank in advance.
If you end up having a permanent overdraft, you may be able to lower your interest payments by taking out a loan of some type in order to repay that overdraft. Sometimes you can take advange of a 0% credit card offer and save yourself money that you would otherwise have paid to a standard loan, in terms of interest. However, bear in mind that once that interest free period ends, the interest owed can rise very quickly and build up debt beyond what you had intended. Also, keep in mind that if you take out a loan and want to repay it earlier than the agreed time table you may owe penalties. An overdraft can be repaid on any time scale without any penalties.
Comments (16)
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