There is a prevalent belief that going into overdraft on your bank account is actually cheaper than taking out a short term loan. That may have been true a long time ago, but not today. Overdrafts can be quite expensive due to the high fees you will incur. In many cases, taking out a short term loan can actually be cheaper. On average, banks charge their customers a $30 penalty fee for going into overdraft, and often, additional interest on the overdrawn amount. Alternatively, you may be paying a monthly fee for overdraft protection, which gives you protection if a check or automatic withdrawal overdraws the account. On average, banks charge $225 per year for this type of protection. Whether you overdraw your account, or opt for overdraft protection, you may be paying a hefty fee for this convenience. Overdrafts are great as instant loans for the purpose of purchases and check payments when your bank account has run out of money. But the instant nature of this loan makes it very dangerous. Most people fail to take notice until they have used up their overdraft limit and gone into the red. So what do you do if you know you have a bill payment coming up, and you know your account will be overdrawn? One way to avoid these fees is to take out a short term loan to pay your bill, instead of allowing your bank account to go into overdraft and incur expensive fees. If you use short term loans instead, until your next payday, it can end up saving you tons in fees and interest. When you are in need of money to pay your bills, taking out a short term loan can actually be cheaper and more sensible than allowing your bank account to be overdrawn. Short term loans are great for solving temporary cash flow problems. You know exactly how much money you have taken out and exactly how much you will have to pay in interest on the due date. This helps you keep your expenses in check. So, if you’re in need of extra cash to make an upcoming payment, don’t get hit by expensive bank overdraft fees and interest. You can get up to $500 today with a Northcash short term loan to make sure your bills are paid in time. Apply online using our secure loan application form to get the cash you need today!