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Home / Loans / Credit Facilities / Overdraft FAQs

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Do I have to be a member to take out an overdraft?

Horizon is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of Horizon to take out an overdraft. However, you don't need to become a member before you can apply for an overdraft - anyone can apply for a loan with Horizon.

Learn more about becoming a member. ^

How much can I borrow?

The maximum amount you can borrow is dependent on your ability to meet your repayments. ^

How is the interest calculated on my account?

Interest is calculated daily and charged monthly. ^

How long do I have to repay my balance?

An overdraft is a continuous credit contract which means as you pay it back you can redraw on it up to your agreed limit. ^

How do I make repayments to the account?

You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or phone banking transfer. ^

How often will I receive information on my account?

Statements are issued monthly. Duplicate statements can be requested at any time from our office. Account Balances and Statements are also available via our Internet and Phone banking services. ^

What security is required to take out an overdraft?

No security is required. ^

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