2006-09-16 02:10:31 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
its best to stretch your overdraft as that is short termm borrowing.
You can always reduce your overdraft every month or so.
A loan will take longer to pay off and there may be hidden interest fees.
2006-09-16 03:31:21 · answer #1 · answered by Rebz 5 · 0⤊ 0⤋
Loans are a pain especially with rising interest rates.... Im not a professional accountant or banker and i do not know much about overdrafts. But i do know that if you take a 100k loan for 30 yrs you end up paying nearly 2 1/2 times the amount you borrow assuming that your repayment is 800/month. Banks are a legal form of the mafia!
2006-09-16 02:19:45 · answer #2 · answered by smilyfs 2 · 0⤊ 0⤋
If your overdraft can accommodate both your extra financial need and your normal monthly expenses then use your overdraft facility thats what it is there for. If you can't, the go with a loan. The option to pay it back early or to pay in lumpsums is not that heavy as usually you can clear your obligation by paying 2 months or less interest on the outstanding balance along with the principle, I know Lloyds TSB is up to 58 days interest.
2006-09-16 07:37:36 · answer #3 · answered by plax 2 · 0⤊ 0⤋
Check the interest rates as unless you need very little money, an unagreed overdraft will be more expensive than a loan from a reputable source.
2006-09-16 02:18:28 · answer #4 · answered by SLH 4 · 0⤊ 0⤋
Depends on how long you need the money for and how much interest you will pay. If it's only for a month or so, I'd say stretch your overdraft.
2006-09-16 02:18:16 · answer #5 · answered by Penfold 6 · 0⤊ 0⤋
Start flogging your stuff on ebay.
Stretch your overdraft. Make an appt with CAB or your bank manager. Call into your branch rather than phoning those awful call centres.
2006-09-16 07:31:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
streach ur overdraft but remember when u get paid the bank take the money straight off of u!
2006-09-16 02:12:35 · answer #7 · answered by princessnicola23 3 · 0⤊ 0⤋
I would stretch my over draft.
2006-09-16 02:20:49 · answer #8 · answered by Minnie M 3 · 0⤊ 0⤋
whichever is the lowest interest rate
2006-09-16 02:42:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋