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Short Term Loan News

Money tips and MYJAR news

MYJAR Explains: Bank Overdrafts & Charges

How many times have you made it halfway through the month and already found yourself counting down the days until payday?

With all the other things you have to think about every day, you might not realise that the money in your current account is running low. Making another transaction on your card might result in you exceeding your bank overdraft limit, which will run up fees or might even lead to bounced cheques and direct debits.

Avoid an Overdrawn Bank Account

As a responsible lender of short term loans, MYJAR offers an alternative to an unauthorised overdraft. Going into an unplanned overdraft can be incredibly expensive - you could be looking at paying a fee of between £5 and £30 per day, maybe even more.

Some banks are willing to agree a set amount that a customer can overdraw without paying extra, but if you exceed this amount, you could find yourself in considerable financial difficulty.

Unauthorised overdraft fees are charged regardless of the amount you’ve overdrawn, so it’s essential to be vigilant about how much you’re spending.

Access Money Quickly and Cheaply

Going into an unplanned overdraft can be avoided by seeking an alternative way to ensure that your bank account is topped up before payday, when you know you’ll need to spend more than you currently have.

Assistance for resolving short-term money needs is easier to access than you might think.

Make Your Finances More Manageable

If you are earning a regular income and are positive that you can pay the money back when you need to, borrowing does not need to be a difficult process.

You can pay off your bills and the repayment process couldn’t be easier as we will collect the money automatically from your account on the pre-agreed date.

We always do credit checks when we lend so we try to make sure that customers do not end up borrowing more than they can really afford to pay back.

If you need some assistance to avoid unplanned overdraft fees or to meet an urgent financial requirement on either a short or long term basis, APPLY NOW for one of our loans.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk