Overdraft fees...after some advice

[icantrember]

I have a large overdraft account on my account which I never go into. Now I need £2000 urgently and I am thinking about using my loan. Does anyone know how much I will get charged for using this if, say I pay £100 a month off it. Really need it but don't want to struggle if the interest going to be sky high. I can't seem to find any agreement as I have had the overdraft for years just never gone into it.

The t &cs should be online. What sort of account is it/ what bank is it with? You might be cheaper with a personal loan rather than using an overdraft

An overdraft of £2k that you are going to pay off over 20 months at £100 per month is almost certainly going to cost a lot more than getting a bank loan. With a bank loan, you'll also have the certainty of paying it off, i.e. a standing order each month, whereas once you're in an overdraft, you need a hell of a lot of self discipline to ensure it falls by £100 per month - a lot of people end up with the overdraft being the new "norm" and never pay it off as planned.

You’d be better off with a 0% credit card. Some of them, eg Barclaycard, transfer into your bank account.

Totally depends on your bank, they’re all different.

I agree you’d be better with a 0% credit card that transfers money into your account. Virgin and Barclaycard often do 0% money transfer offers.

Thank you - that's the thing with an overdraft it would v too tempting to not pay the fixed amount each month, where as with a loan I would have to. I'll have a look at loans and credit cards, just thought with the overdraft it is there already. Thanks for all the advice

My bank charges 50p per day for arranged overdrawn balances over £250. That would add up to quite a lot over 20 months. Look online for your own charges