January 6, 2020

Borrow money without interest

Borrow money without paying interest rate. Everyone wants that of course. Unfortunately, you don’t get much free in life, so for a loan you have to pay money in the form of interest rate of interest. If a provider claims that they still provide loans without asking interest rate, they will charge other costs, which means that you will also pay money for your loan.

The only way to borrow interest rate-free money is by taking out a private loan with your parents. They must also request a interest rate that is in line with the market, but may then return it free of charge up to a certain amount. That way you can say that you borrow without paying interest. interest rateloos loan tax office

Interest-free loans – is this possible in the market?

Interest-free loans - is this possible in the marke?

If you need money, but want to pay little or no interest rate, a private loan from family or friends can help. The tax authorities oblige lenders of a private loan that they use a market-conform interest rate. If they do not, the tax authorities see this as a gift and the interest rate difference falls under the gift tax rules.

However, the general gift tax exemption is 2,129 dollars and for parents it is 5,320 dollars per year. Your parents or friends can return the interest rate percentage that you pay on the private loan to the exemption limit free of charge. Because of this you actually borrow money for free. You can find more tips and an explanation about borrowing money from parents in the article on a private loan from parents.

Borrow Free Money – Compare the providers

Borrow Free Money - Compare the providers

If you cannot borrow on a private loan, it is important to find a loan from a bank or lender that requires at least the lowest possible interest rate. By comparing all providers well, you can be sure that you do not pay too much for your loan. Not only pay attention to the interest rate, but also look carefully at the different conditions that banks and lenders apply. These actually affect the price that you ultimately pay.