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overdraft into personal loan

ganger · 2012-04-26 19:02:40

Why are banks so anxious to stop some peoples overdrafts and turn them into "personal loans".Railroaded might add

26-04-2012 08:02PM

#1

ganger

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Why are banks so anxious to stop some peoples overdrafts and turn them into "personal loans".Railroaded might add

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Comments

#2 26-04-2012 09:37PM

chris85

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Ok basically I agree with the banks on this. What is happening is people forget overdrafts are only to be a temporary emergency source of funding but people are using them too regularly and thus they are getting charged high interest rates which isnt good for the customer.

If some one is always using an overdraft it is better financial advice to clear the overdraft with a loan which has a lower interest rate and then repay the loan.

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