CONSIDER AN OVERDRAFT
If you have a transactional account such as a current account, you can apply for an overdraft online – although you’ll only qualify if your risk profile and credit record are healthy.
An overdraft allows you to go into a negative balance. Once your salary has been paid in, the overdraft will be paid off.
For example, each month your net salary of R20 000 is paid into your current account. You apply for a R5 000 overdraft. When the R20 000 is paid in, your overdraft will automatically be repaid – and you’ll be left with R15 000.
But be aware, the bank will charge a fee for your overdraft – there are no interest-free days.
Some banks charge an initiation fee when your overdraft is approved, in addition to regular bank charges and interest.