0% loan. You will find her here!
October 2, 2019
A 0% loan can only spend with a clever advertising trick. Meanwhile, in non-bank companies it is a real offer that allows you to gain additional financial resources without having to bear the costs. We check how such solutions work and where to look for opportunities to borrow money for free.
Non-bank companies have been practicing the 0% loan policy for several years. Free offers have become the flagship product of this sector, through which loan brands try to win more customers.
What is borrowing for free?
And what exactly is the idea of 0% loans? Well, it is a proposal addressed to people who have never used the services of a given lender before. When choosing such a solution, the customer does not bear the costs of borrowing money – in other words, he returns only as much as he borrowed, without any additional fees or commissions.
Of course, as with any promotion, certain rules also apply here. To avoid fees for borrowing money, you must not only be a new customer of the company, but also give it back to the money within the deadline specified in the contract. If the borrower is late with the payment, the company may charge him interest for each day of delay – which means that the loan will cease to be free.
Characteristics of loans at 0%
Free offers apply to short-term loans with a repayment period of 30 or 60 days. You can usually borrow up to USD 3,000 without fees, although loan companies are constantly increasing the limit of free cash for new customers.
The easiest way to apply for a 0% loan is online. Just select the appropriate commitment parameters (amount and repayment period), and then complete the registration form providing your basic personal, financial and address details. Lenders also require confirmation of the applicant’s identity.
This treatment is aimed at eliminating the situation when someone takes a loan on someone’s data. Identity is usually confirmed by means of a symbolic penny transfer or by using a special verification application.
After a positive verification of the client, the loan company proceeds to examine the application. If the application is approved, the money will be transferred to the client’s account indicated in the registration process. The customer can use the received money for any purpose.
Where to take a 0% loan?
A loan of 0% can be held in several minutes. The simplified application procedure and minimum formalities mean that the customer does not have to wait too long for cash withdrawals. Currently, loans for 0% are offered by companies.
How to choose a 0% loan?
Although every loan at 0% is cost-free, when choosing the right offer, it is worth paying attention to other parameters, such as:
- borrower’s age
- debtor databases checked,
- required documents,
- forms of cash withdrawal.
Each lender determines the age range of its clients. Therefore, young people and seniors should pay particular attention to this issue. They will not always be within the age limits set by the loan company, which means that their application will be automatically rejected.
Debtor databases, however, can be a problem for people who are struggling with financial problems. Negative entries in such registers often contribute to the rejection of the loan application.
Although an ID card is usually enough to get a 0% loan, some companies also require additional documents, such as a regular pay certificate. When choosing a loan offer, the customer should consider whether he is able to meet such conditions.
The form of cash withdrawal is also significant. As we have already mentioned, lenders usually transfer money to the customer’s account. However, if for some reason the borrower would prefer to avoid it, he should choose a loan offer with the option of receiving cash at the post office.
Comparison as the basis for a good choice
Before submitting a loan application, it is worth considering whether I will be able to meet all the conditions of a given lender. If not, applying to such a company will be a waste of time. The choice of a particular brand should, however, be preceded by a thorough analysis of the details of each of the proposed offers.
Although the prospect of borrowing money for 0% seems very tempting, you have to answer the question whether in a month or two I will be able to return such a commitment. Only then will borrowing money for free bring the expected benefits.