If I take out a bank loan and already have an overdraft, can I use my overdraft to pay back the monthly loan payments? For example....if i have to pay back £300 per month on my loan but I only have £100 left in my account, can I use my overdraft to cover the other £200 for that month's payment? I wasn't sure since the loan and the overdraft are both from the same bank.
Hi @deathshead357! An overdraft might be suitable for emergency expenses but it's still a form of debt, albeit a more expensive one. Seeking professional advice from StepChange www.stepchange.org/ can get you back on track with your monthly loan payments.
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If I take out a bank loan and already have an overdraft, can I use my overdraft to pay back the monthly loan payments? For example....if i have to pay back £300 per month on my loan but I only have £100 left in my account, can I use my overdraft to cover the other £200 for that month's payment? I wasn't sure since the loan and the overdraft are both from the same bank.
Hi @deathshead357! An overdraft might be suitable for emergency expenses but it's still a form of debt, albeit a more expensive one. Seeking professional advice from StepChange www.stepchange.org/ can get you back on track with your monthly loan payments.