This App Will Loan You $75 Interest Free to Avoid Overdraft Fees
Overdraft fees are the worst. No one wants to get them, and chances are good when you do it's not because you were intentionally spending
The easy solution to this is to just turn off overdraft protection on your account (if you don't have a savings account to tie to it). However, that means that your card could potentially get declined. While that's likely just an inconvenience and a little embarrassing when it comes to that pack of gum, if that denied charge is something more important then it can be a much bigger deal.
Another solid solution:
. Not your buddy from college, the app.
Once it's tied to your bank account (using the same military-grade 128-bit SSL encryption technology used by big
It won't really help for that pack of gum, but it can let you know that your cable bill is auto drafting tomorrow and you don't have enough money on hand to cover it before your paycheck is typically direct deposited.
It will also help you correct the issue.
Within the app you can ask to borrow $25, $50, or $75 to get you through until your next paycheck comes.
That said, it's not entirely a free deal: Using the app costs $1 per month. Still, if you manage to avoid one overdraft fee over the course of three years it ends up paying for itself.
For someone living paycheck to paycheck (which has absolutely been me several times in my life) it can also offer some much-needed peace of mind. There's nothing quite like realizing you're going to be short $50 for a critical bill and knowing you don't really have a way to fix it.
Yes, budging is important and a great budget will help you avoid problems like this. But, especially when you're on a tight budget, even the smallest unexpected expenses can lead to big issues and $1/month is a heck of a lot cheaper than a Payday loan (or dealing with a bunch of overdraft charges).