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Overdraft facilities have two main advantages over traditional unsecured/secured loans
1) you are charged daily for the interest which...
2) makes it a quicker and cheaper way of managing your finances and cashflow.
However there are drawbacks to some overdraft facilities, set-up charges may apply as well as interest and the bank may want to check your credit worthiness and if you renew your overdraft facility you may well be charged again, and repayment can be demanded at any time by your bank.
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Overdraft rates
Overdrafts are not very flexible as fixed rates usually apply and are usually slightly above the base rate so if base rates fluctuate so will interest that is charged. Remember peope if an overdraft is not repaid this could affect your credit rating you could end up with a adverse or "Poor" credit mark against you which would be bad!