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Overdraft Paid Back

Shoes and Accessories
From Saudi Arabia
To Pakistan
255 views / 0 experts
Ehsan A.
Jan 05, 2023

How is an Overdraft paid back?

1 answer

Jan 05, 2023

As you keep borrowing money, the due amount to be paid increases. A daily interest or overdraft fee is charged on the borrowed amount until you repay the full amount. However, you don’t need to repay it all at once. You can pay the lender back in parts, as and when convenient to you, as long as the lender allows you to do so.

As you pay the amount back, the due amount decreases, and hence the interest also decreases. Once you’ve made the full repayment to your bank by depositing the amount in your account, you are eligible to borrow again within the credit limit set by your lender.

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