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Can someone explain Student overdraft please?

I’m in first year of uni and I’ve been debating getting an overdraft and I’m not sure how they work or etc and have no one really to ask. I have a few questions like how do you pay it back? How much do you have to pay back each month and etc so if someone could help explain it that’d be hugely appreciated thank you.
Student overdraft generally means there is no interest or charge for it. So you can use it just as your bank account. You don’t need to pay a specific amount back a month, it just means you’re below 0 in your bank account. As long as you don’t go over your over draft limit.
If there is interest and charges involved it would just mean that every month you get charged X amount which just comes out if your account like a normal charge.
Original post by Anonymous
I’m in first year of uni and I’ve been debating getting an overdraft and I’m not sure how they work or etc and have no one really to ask. I have a few questions like how do you pay it back? How much do you have to pay back each month and etc so if someone could help explain it that’d be hugely appreciated thank you.

An overdraft is simply money you can borrow from a debit account. Now often for students they make the, zero interest but if you go over the limit or your account type transfer (after 3 years) then you pay interest. In short it is just like any other debt, it needs to be repaid.

I would recommend not using one if possible but they can be an emergency option for students with very little income.

Banks don’t give them out tone generous.

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