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Hard Core Borrowing – I'm Not Kidding

Published 21/05/2012 10:26:00

The other day I came across an offer for an overdraft from one of the major high street banks. One of the terms totally amused me. The bank referred to hard core borrowing (I normally associate the term hard core with websites I stay well clear of!). It basically means that if a client uses the overdraft for too long then high interest rates will be applied because the borrowing will be classified as hard core. So if you don’t use the overdraft then you’re fine but if you do use it you’re not fine.

Clearly this doesn’t make sense and all I can suggest is that you look out for such clauses and then negotiate with the bank that such unacceptable terms are withdrawn.

Have you had a similar experience?

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