Northcash Explains: Bank Overdraft Charges and Online Loans
Avoiding bank overdraft charges
Bank Overdraft Fees or an Online Loan?One aspect of banking that nobody enjoys is being hit with bank overdraft fees and related overdraft charges. Do these terms strike a chord with you? You’re not alone. Countless people have overdraft fees tacked on because they’ve gone into a negative balance in their bank account. To try and avoid these, some people decide on taking out an installment loan. But what’s the difference?
Bank Overdraft FeesSometimes you simply don’t have enough money in the bank to tide you over until your next pay day. Life likes to throw curveballs, and people find themselves having to cover emergency costs or service unexpected expenses. It happens to the best of us. And when it does, sometimes we fall into the territory of bank overdraft.
What exactly is it? Bank overdraft happens when you spend more than you have in your bank account, or in other words, the balance of your bank account reaches a negative value. When this happens, banks tack on a number overdraft fees. If you’re already short on money, these charges can really put a strain on your wallet.
Many people aren’t aware of the policies that their bank has in place regarding overdraft fees, mainly because they are based on complicated fee structures and procedures. So, it’s often hard to tell what kind of overdraft charges you will get hit with. Furthermore, overdraft fees often carry high interest rates.
Online Installment LoansSome people choose to take an online loan if they need cash quickly. These loans are generally fast, for small amounts and are considered to be shorter-term. As such, approval is quick and the repayment period is short. The interest rates associated with these loans depend on a number of factors, including the loan amount and pay period terms set.
Looking to get a small amount of cash quickly? Northcash makes getting an online cash loan easier than ever with our 3 step online process. Avoid bank overdraft charges. Check out the Northcash How it Works page to learn more about our how our loans work.