Money Saving Expert Martin Lewis has revealed how those financially hit by the coronavirus pandemic are able to get an interest-free overdraft.
The financial whizz was back on our screens last night for his weekly ITV show, The Martin Lewis Money Show.
He started by warning that many overdrafts are now more expensive than credit cards, with most at rates of 40%.
But there are certain banks that will offer 0% rates to people who have had Covid-related struggles. And Martin said you’ll have to act quick to snap up the overdraft.
He said: "Until January 31 – not long – if you've got Covid-related financial struggles then Lloyds, Bank of Scotland and Halifax will give you up to £500, three-month long 0% overdraft.
"Santander will do it too but its deadline's not as quick."
According to MoneySavingExpert, Santander customers can apply online until May 4 for an up-to-£500 interest-free overdraft for three months.
Other banks don’t explicitly provide the same overdraft, but Martin suggested speaking to them as they may be able to offer a similar deal.
If you are struggling financially, the Money Advice Service provides a helpful budget planner to plan your spending.
Before you get started, try to gather together as much information of your situation (including bank statements and bills) as possible.
You can also contact a range of organizations for free, confidential and impartial money guidance and debt advice.
To read the full list, visit the Financial Conduct Authority’s website here, were you can also find other tips to get back on track.
The Martin Lewis Money Show is on ITV every Thursday at 8.30pm.
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