Overdraft is a line of credit, it is commonly used for a standby facility, in case of emergency.
Many people used the OD wrongly, thinking it is just like a loan with the flexibility of using it as and when they like. However, they need to know that OD in general is for short term, you supposed to clear it at your soonest.
The interest is reletively higher than the equity loan interest. OD interest is approximately about 4-7%, if you are not intending to repay it in a short while, the right loan to take up should be Equity Loan.
Call us or email us now and we explain to you in detail how an Overdraft works.