An overdraft account can be a practical solution for repeat borrowing scenarios, especially since you don't have to keep reapplying for a new loan. Although in some situations, an overdraft may not be so useful. If you need more funds than what an overdraft can give, a short-term loan may be another option. Also, not everyone qualifies for an overdraft. With short-term loans, you are able to get access to lump-sum loans that will reach your account within 24 hours.