Resolved Question
A question about my overdraft?
i have a student account with lloyds, once ive gone over my allowed intrest free limit the charges are 0.66% per month and 8.2 EAR
i dont really understand this, if i needed to have an extra £20 at this rate for a few days then pay it back how much would it end up costing?
i dont really understand this, if i needed to have an extra £20 at this rate for a few days then pay it back how much would it end up costing?
Best Answer - Chosen by Asker
It means if you use £100 (to use an easier figure) every single day of the month you will have an interest charge of 66p, and if you use the £100 every single day for a year the interest you would pay is £8.20. The interest is calculated daily on the use of the overdraft so if you are going to use £20 for just a few days you would pay virtually nothing.
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