Most of us want to be able to take advantage of extra money when we find ourselves in some “sub-franchise” situation. One of the possibilities for such extra funds, give us the banks in which we have accounts. For virtually every bank offers its clients a debit on the account. How does it work? Simply put, we can choose more from our account than we actually have money on. If the bank grants us a debit in the amount of PLN 1,000, that is our maximum limit for which we can get into debt. For we must remember that the debit is one of the forms of loans, so the money borrowed will have to be given back. Usually, the repayment takes place automatically when the payment or retirement appears on the invoice. First, the bank allocates new funds to repay the debit, and the rest we can use. Of course, we can use the debit again, so when the need arises, we will be able to choose the funds that the bank will provide us with. Like any banking product, it has its advantages and disadvantages. Let’s see why it is worth using it, and why we can feel a certain reluctance to this product.

Certainly the big advantage of a bank debit is its availability. Anyone with a bank account can get a debit. Of course, its amount will depend on many factors, such as income, how long you have an account in a given bank, or what is our situation in the Credit Information Bureau. However, small amounts are available to everyone. Another advantage of the debit are the simplified formalities with which we have to “measure” when we want to get it. Usually, banks do not require us to get certificates from the workplace, they only review the receipts we have on the account and they calculate our creditworthiness. Another advantage of the debit is its relatively low costs. In most cases, we pay only interest, charged for the period when we used the debit, and not on the amount we were granted, but on the amount we actually used. What’s more, the interest rate is lower than, for example, on the credit card, so we have another splash here.

However, if we look at the debits of the debit, at first glance, we see that these are not large amounts that we have at our disposal. Usually debit up to our two or three-month income on account, so it’s great as a form of security, but it does not necessarily get money for a major renovation or car. As for the other debit defect, we must certainly take into account the fact that it is usually granted for a maximum of 12 months. Of course, after this time, we can renew it, but this involves formalities such as when we apply for debit for the first time.

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