An interest-free loan is a dream for every borrower. They actually exist, but not from a bank. A loan is not always only necessary to buy a car or to make even larger purchases. Rather, it is now the case that even small things are financed more through loans. Especially when it comes to the household appliances sector: these are almost indispensable in the household and have to be replaced quickly. Precisely because they are needed in the household and cannot be dispensed with for a long time, such as a refrigerator, many buyers also take out a loan when making such a purchase. If it weren’t for the interest thing. You will rarely get loans without interest, but if you look closely, you may already come across an interest-free loan when buying a household appliance.
Interest-free loans in the trade
Interest-free loans are very common in the trade, especially in the electrical appliances sector. One knows the slogans of the trade: 0% financing. This form of financing means an interest-free loan that is granted when shopping. In fact, this means that no interest accrues – however, such interest-free loans are often tied to certain conditions that must be met.
One example is the term: since, for example, you do not now pay for the new refrigerator immediately but instead take out a loan from the retailer for it and then pay the purchase price in installments, the retailer also immediately specifies a certain term, which must not be exceeded. The catch is that the terms are usually very short and the rates are accordingly very high.
Interest-free loans cannot be obtained from a bank
Not having to pay interest on a loan from a bank is utopian. No bank is likely to offer such a loan – why should they? After all, banks earn the most from interest. If they simply gave out interest-free loans, all that was left was for the bank, such as commission, contract costs and other ancillary costs. Banks would have bottom line losses if they gave out interest-free loans. Especially since the bank has to pay interest for their deposit. These deposits from other customers are then the loans that are paid out to others.
However, there are loans with lower interest rates than usual. This includes, in particular, loans from Lite Lender Bank, which are also given to private individuals. The loans from Lite Lender Bank are mostly promotional loans. Nevertheless: If you want to modernize or renovate your home, Lite Lender is the right place for you.