” Hello there. I am calling from First National Bank. Can I interest you in a loan? We have products available that give you a payment holiday of three months and you can use the money for whatever you want to do ”
There is normally a catch with these loan offers; either the interest rate is very high or you have to secure the borrowing against your home. In some circumstances, where credit history is poor the lender can ask for the loan to be secured against the borrower’s home and also charge an exorbitant interest rate going into double figures (10 to 15% interest).
How can I get an interest free loan?
Bartering used to be the preserve of many communities in the days gone by more so than now. However, there is still evidence of barter systems in operation to pay for goods and services instead of cash.
Money share, partner and committee are the phrases used to describe a method of acquiring a loan without incurring any interest charges. A very simple method which uses the power of leverage to raise money for each of the participant in the system. This is how the system works:-
1)100 people come together and form a association.
2)Each person contributes a fixed amount to the pot say