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fredia
Apprentice
Joined: 15 Apr 2008
Posts: 3
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 Posted: 11/17/08 - 08:42 Post subject: |
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| Hi to you all. Are there any people here who have experience with a Demand Loan and paying that Demand Loan? As far as I am aware the lender can call this kind of loan at any time, basically whenever they see fit. What does that mean in practice, when you do have to pay a Demand Loan? |
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tawsha
Apprentice
Joined: 30 Jan 2005
Posts: 4
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| Posted: 11/28/08 - 04:21 Post subject: |
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I have had a regular overdraft for the last five years or so. I am referring to the facility here, not to the actual overdraft  . Although now, when it has become interest free under a certain amount, using it becomes more tempting... Still I don't use it often though, for the exact reason you are mentioning. |
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mickey
Apprentice
Joined: 23 Aug 2006
Posts: 2
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| Posted: 12/08/08 - 23:59 Post subject: |
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| When the lender calls a Demand Loan, that is when they demand payment, there is always some type of notice periods. Normally this is 24 hours, but it can be a bit longer as well depending on your loan's circumstances. I have no idea what would happen if someone were to be unable to meet the demands but I guess there is some space for negotiation. |
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