o ‧ ver ‧ draft /ˈəʊvədrɑːft $ ˈoʊvərdræft/ BrE AmE noun [countable] British English
the amount of money you owe to a bank when you have spent more money than you had in your account:
a £250 overdraft
Many students have a free overdraft facility (=agreement with their bank to have an overdraft up to a particular limit) .
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THESAURUS
▪ loan noun [countable] an amount of money that is borrowed, especially from a bank or company, which you agree to pay back by the end of a period of time:
We took out a loan to buy a new car.
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He is paying back a $50,000 loan.
▪ mortgage noun [countable] a large amount of money that someone borrows from a bank or company to buy a house:
Nick told me the mortgage on his apartment is worth about $90,000.
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Anyone taking out a mortgage should be aware that interest rates can go up at any time.
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It took my parents nearly thirty years to pay off their mortgage.
▪ interest noun [uncountable] money that you pay for borrowing money, especially that you pay every year or every month at a fixed rate:
Credit companies charge huge amounts of interest.
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What’s the interest on the loan?
▪ overdraft noun [countable] British English the amount of money that you owe to bank when you have spent more money than you had in your account:
I left university with no job and a big overdraft.
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20% of the bank’s customers regularly use their overdraft facility.
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You have to pay a fee for unauthorized overdrafts.
▪ debt noun [uncountable and countable] an amount of money that a person or organization owes:
The company now has debts of almost £2 million.
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A lot of the money went towards paying his debts.
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The family were $100,000 in debt (=they owed $100,000) .
▪ credit noun [uncountable] an arrangement with a shop or bank that allows you to buy something and pay for it later:
We bought the furniture on credit.
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He had a credit limit of £7,000.