Is it possible to get loan without interest

[ABUAISHA]

Loan is mostly caming with interest to that is additional money, Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth.Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth.

 

[Ganibade]

It is possible to get a loan without interest. There are some banks and microfinance that give loans without any interest. All these banks and microfinance institutions that give loans make it easier for them to give them and collect them back when there is a surety or guarantor that will be responsible for the loan being borrowed by someone. When they refuse to pay, they will impose ponishment and arrest the person who borrowed the money.

 

[Sotherefore]

I don't really think this may be possible but the best thing you just have to do is to try as much as possible to avoid loan at all cost because a loan is not likely to help you in any reason but will put a lot of boredom and stress on you .

There are different financial institution that gives out loan to people who are interested in these loans but most of them have a condition attach , that you have to pay a certain amount of money as a loan fee on monthly basis and some banking and financial institution may gives people an opportunity to pay lesser loan fee compared to others but I don't think there is a way you can be able to get a loan without having to pay anything.

If the loan is given by the world Bank organisation or an international financial institution I believe the rate of fee to pay on a monthly basis will just be as nothing but you still have to pay it, it won't be hundred percent free.

A grant is what can be given for free and you can use it to establish whatever business you are interested without any problem.

 

[Good-Guy]

Almost all the major banking institutes and financial organizations lend money and charge interest on loans. There are a few governmental organizations that provide interest-free loans to people. However, they only provide loans to specific kind of people only. For example, my government launches many schemes where they provide interest-free loans to farmers. They provide those loans so that farmers could boost the agricultural sector of the country. Similarly, many other countries also provide such kind of loans. Another way to obtain finance is by applying for a business grant. This way you will get money and you will not be required to pay the amount back to the government.

However, the major problem with getting business grants is that it is hard to get those grants in developing countries because the governments of such countries do not have enough funds to provide grants to businesses or other development sectors in the country. So people usually get interest-free loans from family members or friends and I think that this is a great way to obtain such kind of loans. You may need to talk to your family member or relative and discuss your issues with them so that they may provide you with interest-free loans.

 

[sincerem]

That's very highly impossible, unless you're getting it from.q family member or simply q good friend. Their is no loan company they will offer you loan without adding their own charges which is the interest during the time of repayment. They'll definitely charge you interest, which is their profit for waiting so long before repayment period is over due. If you're looking up for such kind of interest with mortgages then you aren't going to get a single loan from any of them offering such kind of services. All you should simply focus though, it's the one that charges less interest rate, so, it wouldn't be a problem for you during repayment time, to avoid paying in excess too. That's exactly all I try to avoid when it comes to taking loans from mortgages, because I don't want to answer query which wouldn't be easy for me when the loan is over due for payment. It is better thou, to borrow what you can afford to pay back on time to avoid the embarrassment that comes out from the loan company if you fail to pay them back when it elapsed.

 

[Jasz]

Absolutely. A loan without interest is a great way to save yourself money and improve your financial situation.

It's important to remember that you'll still need to pay back the same amount of money, but without interest, the loan can be much more affordable. If you are considering taking out a loan without interest, here are some things to keep in mind:

1) Are you really getting a loan without interest?

Some lenders advertise "no-interest loans" but make up for it by charging high fees instead. In addition, some lenders charge customers an annual fee for the privilege of having an account with them. Be sure to read the fine print before agreeing to any loan.

2) Can you afford it?

It's easy to take out a "no-interest" loan and then find yourself unable to pay it back. Make sure that your finances are in order before taking on any new debt! If not, consider alternative options like borrowing from family members or friends instead of going into debt with an institution that could lead to bankruptcy down the road.

3) What about credit?

A lender may offer low-interest rates, but will likely affect your credit score in other ways - especially if they require collateral like a car title as security.

 

[Kendy]

Well, although it is uncommon but it is also very possible to get leverage to loans without interest but such loans would either come from your family member or acquaintances. There is no financial institution that will give out loans without an interest rate attached and this is because it is also a source of revenue to them. Inasmuch as the loan you collect is to make progress, the banks too will attached some interest rate. It is best to avoid taking loans at all cost and if need be, get only loans without high-yielding rates and ensure that the duration for repayment is favourable. It is unwise to get loans with excessive interest because you would run at a great loss. Also, you should not have the mindset of loans without interest because this is not totally possible when third-parties outside your acquaintances are involved. There could be other alternatives where loans are free without interest and this is majorly from government empowerment, grants and loans to help enliven the burden on the citizens. In my Country, those who are into agricultural activities mainly have more opportunities of getting loans without interest because of the government subsidy and interventions programmes.

 

[Abigael]

It is very rare to get a loan without interest. Especially when you are borrowing from the bank or other loan lending organizations. These loan lending institutions usually give loans with a certain interest rate because they depend on that for profit.

The only way you will get a loan without interest is when you maybe borrow from family and friends. Those will just expect you to give them just what you borrowed. Another scenario is when the government decides to give such interest free loans.

Since these occasions are so rare, it is best that you ensure that when borrowing loans, go for institutions that give it with low interest rates. Some companies put their interest rates really high and that won't favor you financially.

 

[funmi]

Getting a loans without paying interest together with the principal can only be possible depending on who is issuing the loan, if the loan is been issued by any financial institution that is primarily setup for profit making purposes alone then that could be near impossible to get such loans. Because the funds those financial institution give out as loans are actually people's fixed deposits and the people who.own those monies will.certainly be expecting interest in the money they have saved in the banks for a fixed period and they expect that before the end of a particular period of time they should Br able to earn some certain amount as promised by the bank. So if at the end of the period the bank or the financial institution is unable to pay back the principal and interest that have promised the customer that has saved with them for a period of at least three months to a year and even some cash stays longer, then the bank will be indebted because they will have to pay the interest on their own to the customers. So the only organizatios.that can give such loans are family and friends and charitable organizations.

 

[Skysaint]

Well, I would say that it depends on who you're taking the loan from. So I am saying it's actually possible for you to take loans without interest but not in all cases.
For some, taking loans from family members don't usually come with interest although it depends on how cooperative your family members are. This is brought to light when I wanted to kick off with my cryptocurrency journey, I invested about ten dollars just to learn how the cryptocurrency market works and when I was through with that, I needed more money so I could earn more money and that what lead me to take a loan from my brother and after a couple of month he demanded I just give him the exact amount he gave me and all the profits were mine to enjoy.
But if the case be about financial institutions then I think it's quite impossible for you to take up loans without having interest rate attached to it. It's just like taking loans from banks or any other online loan app and expect them to give you loan without interest. That's not how it works because they themselves see it as business and are not charity organization or company.

 

[Caramelle]

There are few places you can explore if you're searching for a loan without interest.

First of all, you can try obtaining a loan from a family member or relative. Your family may have the funds to support your dream of starting your own business and you won't know it unless you explain your prospects and convince them that it is worth pursuing.

Some government agencies offer loans at zero to little interest for certain business projects that they are promoting. If your proposed business falls here, you may be entitled to either a business grant or a low-interest loan to support the initial costs of your business. Consider aligning your business ideas to these projects to qualify for grants.

If you are heavily into academics and an advocate of lifelong learning, you can take advantage of scholarship grants and use the funds to start your own business. Some scholarship grants in my country provide a cash allowance of $600 to $1,000 dollars per month for qualified higher education students. Of course, you have to attend classes to maintain the scholarship but it's all worth it considering the benefits of a post-graduate degree.​