Unauthorised overdrafts and what to do about them

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Written by Tim Barnes-Clay

Learn the consequences of dipping into an unauthorised loan (and a few money-savvy tips along the way). 

Most of us have used an overdraft before to provide us with a little extra support at the end of the month or as a financial safety net when it comes to unexpected outgoings. But did you know that dipping into an unarranged overdraft could leave you facing costly consequences?

Along with debit interest and a daily fee, banks can charge you in a variety of ways for going overdrawn, including a paid and unpaid transaction fee which could leave you owing more than you initially borrowed.

According to loan company Sunny, the consistent use of an unauthorised overdraft can adversely impact your credit score, which in turn could affect your chances of getting a mortgage, loan or credit card.

Find out more about unauthorised overdrafts and what charges you could face for spilling over into an unarranged overdraft, including top tips and tricks that will help you be more money savvy here…

Provided by Sunny Loans.