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Overdraft

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hyponamiru.cz / Glossaries / Overdraft

An overdraft, which we call an overdraft for short, is a type of non-purpose and unsecured loan. Banks provide it in addition to a current account, which can go into a negative balance thanks to an overdraft. At any time and repeatedly. The maximum amount the bank will lend you is agreed in the contract and, as with other loans, you have a set date to repay it.

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What is an overdraft for?

An overdraft is a short-term loan; you must repay the borrowed funds to the bank within the agreed term, but within a maximum of one year. Some banks put a shorter period in the contract, so always read the contract carefully. You should also ask about the interest rate, because with an overdraft you have to expect high interest rates.

  • The overdraft is mainly used as a reserve for unexpected expenses.
  • It can be recurring, so when you repay the amount borrowed, you can draw on it again. And without prior application and approval.í.
  • It strengthens your payment capabilities and allows you to send a regular payment even when your account is underfunded for any reason. For example, when a payday is delayed but a direct debit has to go out on a predetermined date.

Did you know that with an overdraft you only pay interest for the time you are in the red? If you don’t use the overdraft, you don’t pay any interest. You just have the money available “for Uncle Story”.

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Frequently asked questions

Do you deal with new mortgages as well as refinancing?

Yes, we deal with both new mortgages as well as refinancing of the existing home mortgage loans. Our specialists will find a solution for you in either case – a solution you can afford.

Can a mortgage be really arranged online?

Yes, it can. Thanks to the latest technology we’re using, you really don’t need to go to the bank to arrange a mortgage. Check it out for yourself.

How long does it take to arrange a mortgage?

A mortgage can be arranged within a month or three. The whole process usually takes around two months. The reason behind it is mostly the approval process on the side of the banks. However, there’re plenty of possibilities to speed up the mortgage application and we know them. Check it out for yourself.

With which Czech banks do you have the best experience?

The most client-oriented bank is certainly Hypoteční banka with their speed of request processing, the service quality, the range of checking accounts they offer, and the interface called “Mortgage Zone”. Other such banks include Komerční banka, Moneta and Raiffeisenbank.

We facilitate consumer credit as a tied agent registered by CNB under company ID number 05736501. We are also registered as an independent consumer credit broker of commercial company Broker Trust, a.s., company ID number: 26439719.

@ 2023 The company Hypo na míru s.r.o. is registered at the Municipal Court in Prague, file number C 269834, company ID number: 05736501.