Overdraft: Your backup for unexpected costs

Sometimes life doesn't go as planned. In these situations, an overdraft offers you the security and flexibility you need.

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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 15% 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.

Flexible

Activate and manage your overdraft directly in the app

Transparent

Get push notifications whenever you’re going into the red

Easy

Use the interest calculator to keep an eye on the costs

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

To apply for an overdraft, select the three dots on the right under your account balance. There you can apply for an overdraft under 'Overdraft'. The app will guide you through the application process.

Please read the information displayed in the app carefully and then tap on "Start request". Select your employment status and enter your monthly net salary. This will be used to calculate the overdraft facility. For the last step, confirm that you agree to an analysis by selecting 'Submit Request'. By agreeing to the analysis, you allow Solaris to query your current score with SCHUFA, as well as send SCHUFA notifications. In addition, your account transactions of the last 90 will be viewed. You can find more details directly in the app or here.

As soon as you have sent your request, it will be checked. The app will then show your available limit, interest rate, and other details. Read through all the legal documents in the app. After this, you can activate the overdraft.

The advantage of the overdraft is that, once it’s activated, you can use it flexibly and easily at any time. The application is free and you only need to pay interest in case that you actually go into the red.

If you need to pay or withdraw money but you don’t have enough money in your account, you automatically use the overdraft credit.

Depending on how much and for how long you need to overdraw your account, interest fees can get expensive very quickly. An overdraft has no repayment plan.

You should always check whether using the overdraft is the best solution to you.

The variable debit interest rate is 15% p.a.. As soon as your account slips into the negative, this interest rate is calculated on the overdrawn amount. The interest is collected quarterly, the term is unlimited.

Representative example according to § 17 PAngV: Net loan amount (credit line) 500 EUR, variable debit interest rate 15% 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 6.25 EUR. The lender is Solaris SE, Cuvrystraße 53, 10997 Berlin, the credit broker is Tomorrow GmbH, Neuer Pferdemarkt 23, 20359 Hamburg.

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Note: Representative example according to § 17 PAngV: Net loan amount (credit line) 500 EUR, variable debit interest rate 15% 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 6.25 EUR. The lender is Solaris SE, Cuvrystraße 53, 10997 Berlin, the credit broker is Tomorrow GmbH, Neuer Pferdemarkt 23, 20359 Hamburg.

Our partner Solaris SE is the provider of all banking services. Additionally Tomorrow GmbH offers the brokerage of the above-mentioned investment product as a tied agent within the meaning of § 3 para 2 WpIG in the name and for the account of lemon.markets brokerage GmbH and is entered in the public register maintained by the German Federal Financial Supervisory Authority (BaFin). The register can be viewed at https://portal.mvp.bafin.de/database/VGVInfo/vermittlerSucheForm.do .