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An overdraft is a revolving credit facility, limited to between R500 and R250,000 and conveniently linked to your current account, giving you access to extra money when you need it.
An overdraft is an ongoing credit facility with no fixed repayment terms. A personal loan has a fixed term and a specific repayment amount that you must pay every month during the term. A personal loan is typically intended for a specific purpose, while an overdraft is usually for unforeseen expenses.
An overdraft is linked to your transactional (savings or current) account, so you don’t need to open another account. The extra money is available when your account balance reaches zero and the money is available whether you use it or not.
No. You only have to pay interest on the overdraft amount that you have used.
You can apply for an increase on your overdraft facility using the Money app or Online Banking, or you can visit a branch.
You can apply for an overdraft if you have a Nedbank transactional (current or savings) account, and your salary is paid into this account. You can also choose to add an overdraft when applying for a qualifying Nedbank account on the Money app or Online Banking.
An overdraft is there if you need access to money to pay for unplanned expenses.
If you miss any of your repayments, you will have to pay extra charges, collection costs and interest.