Overdraft: Your backup for unexpected costs
What is an overdraft?
An overdraft gives you the option to spend more money than you actually have on your account. This gives you the flexibility to react flexibly to unforeseen but necessary expenses. For example, if you have to go to the doctor abroad or have forgotten an invoice but you don’t have enough money in your account, you can use the overdraft at short notice. You have to pay interest accordingly for using the overdraft.
How to use the overdraft?
You can apply for the overdraft by Solaris in your Tomorrow app and activate it after a short check. In case you actually need to overdraw your account, we charge interests of 10.99% p.a. You can always see exactly how much that is in our interest calculator. Every 3 months we debit the overdraft fees from your account.
When should I use the overdraft?
Using the overdraft makes sense for unforeseen but necessary expenses if they exceed your monthly budget, but should never be a permanent solution. It is best to balance the amount with your next salary or other incoming payments. Before you overdraw your account, you should definitely first use the savings in your pockets to avoid costs.
Answers to your questions
Note: Representative example according to § 17 PAngV: Net loan amount (credit line) 500 EUR, variable debit interest rate 10.99% p.a., interest charged quarterly, term unlimited, total amount to be paid, e.g. when using the entire credit line over a period of 1 month 4.58 EUR. The lender is Solaris SE, Cuvrystraße 53, 10997 Berlin, the credit broker is Tomorrow GmbH, Neuer Pferdemarkt 23, 20359 Hamburg.