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Natwest - Loan v Overdraft increase


smbird090177
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Hi All.Just a quick question. I applied for a loan of 1000 pounds over 1 year payback ia my online account. I was reused but then i applied for an overdraft extension of 1000 pounds and was accepted. How and Why did they decide i could have an overdraft extension but not a loan of what equates to exactly the same amount of money?

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Interest rates are different, usually pay higher rate of interest on a overdraft than you do on a loan unless of course you have interest free overdraft? If that is the case then feel lucky as you saved yourself a few quid :)

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- Hobbie

 

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Under no circumstances should you speak with a Debt Collections Agency via telephone, request that all future correspondence is done in writing, a letter template for this can be located here.

 

Any views expressed are solely that of my own, any advice or information offered is provided in genuine good faith, and should be checked prior to acting upon.

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