When arranging loans in banks, borrowers have to pay also at rather big interest rates. As a result, they give away a much larger amount than they took. But this can be avoided by borrowing money without interest.
In principle, in the matter of borrowing money without interest, it all depends on the purposes for which you plan to spend it. For example, if money is needed for business development, it can be provided by a third-party private investor. Although he will not take interest, he will demand in return a certain share in the business or will claim a part of the profit. Sometimes the state can also provide gratuitous assistance to businessmen.
For individuals, the easiest way to lend money free of charge is to contact relatives or friends. However, they do not always have the opportunity to help. Often, the borrower himself does not want to contact his loved ones because of the unwillingness to publicize his difficult financial situation.
But there is a way out - sometimes banks can provide interest-free loans that do not imply overpayments. It should be noted that we are talking about relatively small loan amounts and for short periods. It will be impossible to make any major acquisitions on them. But at least contacting a bank is much better than "borrowing to paycheck" from microfinance organizations, whose interest rates can reach 2% per day (more than 700% per year).
Today there are two main options to borrow money from a bank without interest - to issue an installment plan for a specific product or get a credit card.
Get an installment plan at the bank
Today, some retail outlets and companies providing services to the public (for example, installing plastic windows or installing stretch ceilings) operate joint partnership programs with banks, which imply the issuance of an installment plan for goods. The borrower is not given money in his hands, but he can leave the store with the purchase on the same day. The term of validity of such installments, as a rule, is limited to 4-6 months.
In this case, outlets take on the interest burden on the loan. Of course, no company will operate at a loss, so these percentages are already initially included in the price of the goods, or such offers are valid for obsolete goods.
It is very important to pay attention to the absence of pitfalls in the contract. In particular, some banks go to the trick and include in the contract compulsory insurance or additional payments for the consideration of a loan application. Despite the fact that such loans will be formally interest-free, the overpayment for goods on hidden payments will be significant.
Apply for a credit card
Perhaps the best way to borrow money without interest is to get a credit card with a grace period. It can be 60 to 100 business days. During this period, you can make any purchases in shops, cafes by bank transfer and not pay interest for it. It is only important to have time to return the money to the bank before the expiration of the grace period. The advantage of this option is that the credit limit on the card is renewed after it is repaid and the money can be used again.
But it is worth considering that it is not profitable to withdraw cash on such a card. For these operations, a rather large commission is charged - from 3%, or they are not included in the grace period.
It should be noted that using credit money will not work at all for free. Today, almost all banks provide for a fee for the annual service of the card. In most cases, it is higher than for a debit card, and on average is 600-800 rubles.
