Searching for Business Overdrafts in Australia?
Businesses often have overdrafts, which are accounts that are over their designated limit. This can occur if they don’t manage their cash flow properly or fail to monitor their bank statements closely. Businesses that use these services may end up paying interest rates, fees, and charges for using the service. These businesses can avoid this by finding better ways to handle their cash flow, such as setting up automatic payments to cover any potential overdrafts. Fincue is helping businesses manage their cash flow, repay early and save with flexible Business Overdrafts in Australia. Visit us to connect you with the best lender for your requirements.
What is an overdraft?
An overdraft is any amount of money that exceeds what you have set aside for your account. You might get an overdraft if you spend more than you earn or if your bank allows it. When you get an overdraft, you pay extra fees to cover the difference between what you owe and how much you have in your account. If you overdraw your checking account, you lose access to your funds until they are paid back.
Benefits of a Business Overdraft?
Easy access to cash-flow
It’s a pretty simple question – if you have an overdraft facility at your bank, then it means that the money is already set aside for you, ready to go whenever you need it. You don’t even have to ask for it! If you’re running out of money, just ask your bank to give you some extra funds and they’ll do it immediately.
Increased customer loyalty
If you have an overdraft, your customers know that they have a secure place where they can get their hands on their money. This makes them feel more confident about your business and encourages them to spend more time with you.
Instant gratification
When you have an overdraft at your bank, the money is there waiting for you to use it. You don’t have to wait for days or weeks before you get paid again. In fact, you often get paid faster than usual because the money is already sitting in your account waiting for you to take it out.
Money management skills
You’ve probably heard people say that you should always keep a little bit of money set aside in case something unexpected happens. Having an overdraft at your local bank enables you to do exactly this. By setting aside a small amount each month, you can save yourself from having to borrow money from somewhere else.
Searching for Business Overdraft Companies in Australia?
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Frequently Asked Questions
What is an Overdraft?
An overdraft occurs when your bank allows you to exceed your credit limit without charging any fees. You are charged interest if you do not pay back the money before the end of the term. If you get into trouble with your account, the bank may charge you late fees or even worse, close your account. This can devastate your business finances.
How does an Overdraft work?
Overdrafts are similar to payday loans. A lender gives you cash based on how much you have deposited into your checking account. When it comes time to make a withdrawal, you simply write a check to cover the amount that was used. However, instead of having a check returned due to insufficient funds, the check goes through. In this case, your bank will allow you to use what’s left in your account to cover the check. So long as you don’t go over your limit again, you won’t incur any additional charges.
Can I avoid an Overdraft?
Yes! An overdraft is nothing more than a short-term loan. Most banks offer overdraft protection services where they will cover checks up to $250. They will require you to sign up for the service at no cost, but after that, you’ll be responsible for paying the fee. Once you’ve signed up, just keep track of your balance. If you need to make a payment, try to pay the full amount immediately. Otherwise, you could find yourself facing fees from your bank.
Visit Fincue to get quick Business Overdrafts in Australia
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Call us: +61 490 348 767
Email us: info@fincue.com.au
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