It’s been reported this week that some of the major banks may challenge the recent court ruling which said the OFT can investigate and influence the fees they charge for overdrafts. The banks make an estimated £3.5 billion per year from charging customers who go overdrawn without permission. An appeal could lead to a decision being delayed for months.

Even if you go a few pounds overdrawn without authorisation you can get stung by big fees which far outweigh the cash you needed in the first place. With Wonga.com you’ll be able to access instant cash in the form of a short term loan, which you pay pack on a date that suits. We’ll calculate the full cost of the loan up front and, unlike an overdraft, you’ll repay the cash within a set time frame.

This entry was posted on Friday, May 23rd, 2008 at 11:51 am and is filed under Banks, General, Responsible borrowing.