Personal overdraft how does it work

An Interest Free Overdraft gives you an extra balance on your current account that you can use temporarily. This gives you additional funds that you can use if and when you need them for those unexpected costs during your student years. There are terms and conditions to our loans. We will tell you more about these when you apply. We will only offer a loan to you if you are over 18 years and when we think you have the ability to pay it back.

Call into your local AIB branch. Monthly Income and Expenditure Planner. Managing Your Personal Borrowings Guide. About our loans General Information about our personal loans. Personal Lending Interest Rates These are the rates we charge. Important information on your Distance Contract We recommend you read this before you borrow.

Help Centre For service please visit our Help Centre. You can do this by transferring money from another personal account you have with us via Mobile Banking, Internet Banking, Telephone Banking or pay in cash over the counter in a branch. You can use our calculator to work out how much your anticipated arranged overdraft borrowing would cost over different periods of time. Cost Calculator. Eligibility Tool.

All overdrafts are subject to our assessment of your circumstances and are repayable in full on demand. You must be aged 18 or over to apply. Your borrowing options. If you already have a current account with us, you can apply for an arranged overdraft through Internet Banking or Mobile Banking.

You can also apply to increase your existing arranged overdraft limit too. Please note that some of our accounts do not include arranged overdrafts. If you don't have a current account with us, you can compare our range of current accounts and choose which one suits you best. If you don't have enough money in your account to make a payment, we may either let you borrow through an unarranged overdraft or refuse to make the payment.

Missing payments and using an unarranged overdraft can damage your credit score, please get in touch with us as we may be able to help you. An arranged overdraft is a limit based on your personal circumstances and agreed with us in advance. Your arranged overdraft will continue indefinitely unless we specify an end date or you ask to end it.

We will carry out a review of your arranged overdraft at least once every 12 months. You need to be 18 or over to apply. How much we lend depends on our assessment of your personal circumstances. All overdrafts are always repayable on demand. We can also reduce your arranged overdraft limit at any time. You can keep track of your balance through internet or Mobile Banking, in branch or through PhoneBank. This could mean your mortgage or rent as well as other commitments may not be paid and some suppliers may charge you fees for missing those payments.

You can keep track of your balance with mobile alerts, through Internet or Mobile Banking, in branch or through PhoneBank. You can either reduce or apply to increase your arranged overdraft limit at any time via your internet banking or mobile banking app in just a few simple steps. If you are applying to increase your arranged overdraft limit you can benefit from an instant online decision and if approved your new limit will be ready to use immediately.

If you do need to cancel your arranged overdraft, you can do this straightaway if your account is in credit. A personal overdraft is linked to your transaction account. It allows you to access additional funds should you run out of your own. With a CommBank Personal Overdraft , there are no set minimum monthly repayments, so you can control when you pay the money back.

Just remember that you should try to pay back what you use from your overdraft as soon as you can to minimise any fees and interest. Most overdrafts come with fees attached, as well as an interest rate.

An overdraft will usually come with an establishment fee, a monthly administration fee and also a fee if you go over your agreed overdraft limit.

Interest is calculated daily on your owing amount and charged monthly, along with your administration fee. Depending on your circumstances, a credit card or personal loan may be more suitable than a personal overdraft. They each offer you a way to borrow money, but the way you want to use that money and also repay the debt will help guide you in the right direction towards the right product.

Explore personal overdrafts.