Here is how to pay FNB overdraft in South Africa.
Overdraft is among the products offered by First National bank, and it confuses many you get to repay it.
If you are among those who question how to pay FNB South Africa overdraft, you have come to the right place for an answer.
FNB Overdraft is a short-term loan; thus, you have to repay it within one month in most cases.
The limitation on time to repay the overdraft makes many people dislike taking overdrafts rather than opt for a loan that gives adequate repayment time.
But there are benefits of overdraft as you don’t need a paper application when you need and can access it anytime you need.
Furthermore, the overdraft is meant to help during an emergency or when facing unforeseen situations.
Thus it is convenient, but there are setbacks as you have to pay it immediately when funds are deposited into your account.
How To Pay FNB South Africa Overdraft
An overdraft is a kind of short-term loan issued by FNB to all its customers who meet the qualifications.
You have to apply for the overdraft; however, no paper is needed when applying, unlike a loan.
You’ll make the prompts you would like to have access to overdraft;
the bank will evaluate your request and will set a limit on the amount you can access.
You can only access the overdraft within your limit.
Whenever you use the overdraft, the limit is decreased.
According to FNB South Africa, you have to repay the overdraft you have used within 30 days.
The overdraft repayment is made after you deposit funds into your account.
The repayment is automatic because the bank will deduct the amount you have used.
It is imperative to know the charges you ought to incur because overdraft charges in most cases are high compared to loans.
It is among the drawbacks of the overdraft, and you ought to manage your overdraft by ensuring you pay within the stipulated time because failure will attract higher interest.
On a positive note, if you don’t have an emergency, it is good to opt for a loan compared to an overdraft.
More so, if you are not sure if you will meet the repayment timeline.
Failure to pay on time may affect your credit score and credit history with FNB.
If you are not sure how much overdraft you have used, it is prudent to contact FNB South Africa and inquire about how much you owe the bank.
More so, get to know the interest incurred and formulate a plan to repay the overdraft.
That is how to pay FNB South Africa Overdraft.