Many people use loans. Some help in the beginning of business, someone borrows for holidays, others for home furnishings and equipment. If the agreed amount is within the scope of each candidate, this may be the ideal solution. Does the loan without interest hide any charges?
Loan without interest – Bank loans
The applicant arranges this type of loans at a banking institution that requires quality collateral for the loan and also verifies the applicant in the debtors’ registers. However, they can provide better interest.
Loan without interest – Non-bank loans
You apply for this type of loan from non-banking entities. Their advantage is not so strict conditions for approval, shorter processing time (depending on the loan amount). Also, non-banking entities do not verify debtors’ registers and you can arrange the loan online.
For some companies, the first loan is interest free. They are mostly payday loans. These loans do not bind you to anything.
It offers its clients a loan from the comfort and peace of home. All you need is a mobile phone, a bank account held in the applicant’s name, age 18-65 and citizenship of the the country.
For lower amounts, the money is sent to your account after completing the application, for higher amounts it is within 24 hours of approval.
Advantages of a loan without interest
- You can choose from two options, each with different advantages.
- The company does not consult the register of debtors.
- Not only employees but also mothers on maternity leave, pensioners or students can apply.
- The company provides an individual approach with a proposal for an acceptable solution and low interest.
- Flexibility of loans from small amounts to larger ones up to 300,000 USD.
- Anyone can become a client – people in debt, with a record in the debtors register, people in social benefits, people in probation.
- Non-binding application – in case of unacceptable conditions you do not have to borrow money.
You can only get an interest free loan period with a credit card, or possibly an overdraft with your bank. However, an ‘interest free loan’ does not really exist, as personal and secured loans always have interest included in the repayments.