Overdraft advice

[darlingtwinklebum]

Hi I've recently taken out two overdrafts on two separate accounts. I did this because I desperately needed some money and didn't look into it fully.
I've never had one before so I'm not really clued up on how they work.
Should probably add that one is for £500 and the other is £300 if that's important.

Just wondering whether there's a certain date you have to pay them off by? Or does it keep rolling over while the bank charges you by the day?
I know how much I'm charged daily I just am unsure on when to pay it back?

Thanks

Depends on T&Cs of your Bank but in general they roll from month to month and you are charged for each day you use the money that isn't yours. Though banks can recall them at any time. In my experience best advice would be get them paid off as soon as you can.

@Mum4Fergus thanks for the advice. I really only need it for the next month to pay a few things that have unexpectedly come up.
Once August is here I'll crack on with trying to pay it off ASAP.

The banks usually let you keep the facility as long as they receive your salary or other income every month and you stay within the limit.

However, a credit card is usually a better solution than an overdraft for temporary cash flow problems as if you pay it off in full before the due date (set up a DD for full balance pay off every month) it is completely free and seen better by banks, who seem a bit weird about people using overdrafts.

@BarbaraofSevillle thanks for the reply. I've always been a bit iffy about having credit cards. I know that it is basically the same as having an overdraft I've just never really trusted myself with one. I'll remember that for future reference anyway incase I'm ever in this situation again.