Overdraft

What is an overdraft and why is it useful?

The question is often asked, what does an overdraft mean? Simply put, an overdraft is a pre-approved credit limit on your current account, which allows you to spend more than the amount available in your account. It is an additional financial resource that automatically activates when your balance reaches zero.

The definition of an overdraft can be formulated as follows - it is a short-term, non-purpose loan that is closely linked to your bank account and gives you the freedom to manage your finances flexibly.

SOLO's Payroll Overdraft - A limit tailored to your income

For SOLO customers, the most common and convenient form is the payroll overdraft. This means that your overdraft limit is usually determined by your monthly stable income (salary). Thus, you are always provided with a financial resource that will help you cover unforeseen expenses or purchase a desired item.

How do I get an overdraft? The process is simple and convenient

For SOLO customers, getting an overdraft is a maximally simplified process that does not require additional resources. An overdraft can be requested in several simple ways:

• Personal SOLO Banker - Contact your banker, who will provide you with detailed information on the terms, help you determine the limit, and fill out the application.
• Getting an overdraft online - Through SOLO's digital channels, mobile bank, and internet bank, you can easily initiate an overdraft request without leaving your home.

The process is transparent and fast, which is one of the main advantages of SOLO service.

Advantages of SOLO's overdraft:

• Constant Availability - The approved limit is constantly available in your account, and you can use it at any time.
• Flexibility - Use the funds for any purpose, whether it's utility bills, travel, or other personal needs.
• Interest Accrual Method - The interest rate will be charged only on the amount used and only for the period during which you used the limit.
• Automatic Repayment - The overdraft debt will be automatically covered when funds (for example, salary) are deposited into your account, which creates additional comfort for you.

SOLO, as a leading banking service in Georgia, offers you financial products that meet your lifestyle and needs. The overdraft is precisely such a product - your personal financial supporter.

Along with the overdraft, you can take advantage of other types of offers tailored to your goals:

• Consumer Loan - If your goal is to satisfy everyday desires, a consumer loan offers terms tailored for this purpose.
• Mortgage Loan - If you want to purchase, build, or renovate real estate, a mortgage loan is your reliable financial support.
• Subsidized Mortgage Loan - If you meet certain criteria, you have the opportunity to use the state subsidy program and receive additional benefits.
• Auto Loan - If your goal is to purchase a new car, an auto loan offers terms tailored for this purpose.
• Deposits - After achieving your financial goals, you can accumulate free funds and receive benefits through SOLO deposits.
• Cards - You can use SOLO cards to comfortably manage daily financial transactions.

For detailed information about all credit products, visit the main loans page