Personal Loans Unsecured
Beat the bank charges by getting rid of your overdraft
If you suffer from chaotic cash flow, you're probably incurring massive bank charges – especially if you regularly exceed your overdraft limit. Personal loans unsecured on property are a good way to get rid of your overdraft and cut the cost of your borrowing.
If you've got a large overdraft, you're probably paying hefty bank charges for the privilege: typically a large overdraft comes with an arrangement fee and interest charges. The costs increase dramatically if you exceed your limit, too: unauthorised overdrafts mean big penalty charges and even higher interest rates – which quickly lead to a vicious circle where bank charges make it harder for you to get back into the black. Personal loans unsecured on property could be a better option.
With few exceptions personal loans unsecured on property offer much lower interest rates than bank overdrafts, and the bigger your overdraft the more money you're likely to save. If you use personal loans unsecured on your property to pay off your overdraft and then reduce the maximum overdraft level to a small amount - £100 or £250 – in case of emergency, you'll seriously reduce the cost of your banking.
When you replace your overdraft with personal loans unsecured on property you'll have to give the bank a clear picture of your finances; if you borrow from your own bank you may find they will also ask you to return your Switch card and use a standard cash card instead.
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