- Do I have to be a member to take out an overdraft?
- How much can I borrow?
- How is interest calculated on my account?
- How long do I have to repay my balance?
- How do I make repayments to the account?
- How often will I receive information on my account?
- What security is required 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.
The maximum amount you can borrow is dependent on your ability to meet your repayments. ^
Interest is calculated daily and charged monthly. ^
An overdraft is a continuous credit contract which means as you pay it back you can redraw on it up to your agreed limit. ^
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. ^
No security is required. ^