An overdraft is a line of credit with your bank / finance provider, which allows you to make flexible payments so that you can pay off the entire debt as and when you have funds available. An overdraft generally attracts higher interest rates especially if exceeding the overdraft limit, and may limit other borrowings. It is seen as more of a short-term option and can assist with working capital shortfalls i.e. payment of supplies/goods pending collection of monies possibly from accounts that were provided on terms.
- Allows flexibility depending on your business requirements
* We recommend professional advice be sought from your accountant, before proceeding with any finance arrangement.
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