Whereas a fixed loan works best for businesses that generate money on a monthly basis, an overdraft account suits individuals where there is more frequent circulation of cash; for example a grocery store or gasoline station. With a pre-determined line of credit, you have flexibility and freedom to use your funds in your own comfortable, desired pace.
Applying For An Overdraft
The application process for an overdraft loan account is similar to a fixed loan. The only difference requires that your business comply with regular/monthly transactions of statements. Along with filling out a two-page Application Form, we ask you to submit the following documents, where available:
Interest rates vary competitively with the market and are based on the following criteria:
An overdraft account holder must comply by performing the following actions: