An interest-free loan - is it true or a myth?

Banking masking

Despite the fact that the truth about free cheese is well known to all, some citizens still hope for such gifts of fate. But, unfortunately, interest-free bank loans are impossible, because it is the percentage charged to the borrower for the use of the loan that is the main source of income for any bank. Advertising loans without overpayment - this is just a marketing ploy. In fact, interest on such a loan is paid, they are simply called differently. This may be a fee for servicing the account, for reviewing a loan application, for withdrawing funds, etc. Quite often, interest is “hidden” behind the concept of a down payment. If you add up all the costs when you make an interest-free loan, then the total amount of the overpayment can turn out even more than with a standard consumer loan.

Interest-free loan in the store

Some merchants also resort to such shares, offering buyers to issue an interest-free loan for the goods.The buyer, having come to the store, does not know that this product was 20% cheaper before the stock. Before you place the goods on credit, carefully review the schedule of debt repayment, paying particular attention to additional payments and commissions. If any item in the loan agreement causes you to doubt, then ask questions to the loan manager until you understand. Having found out the overpayment on such an interest-free loan, compare it with the amount of interest that you would have paid the bank on a classic consumer loan.

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