If you want to borrow money but do not pay interest, you have more options. Of course, the most obvious are:
- Loans from the family
If you borrow from your parents or closest family, you can probably borrow at no cost.
- Loans of good friends
Here it will also be possible to borrow without incurring any costs.
- Loans free of charge with a loan provider
Several loan providers offer the first loan for free. The offer is real enough. The loan is free – but this only applies for the first time you borrow from the provider in question.
- Loans via credit card
Some credit cards offer free credit for a certain number of days.
Loan money interest-free by family or friends
When you borrow money from family or friends, the loan is free or very cheap. However, for larger loan amounts, you must be aware that SKAT may consider the loan as a gift – which you are taxed on. If you borrow from your parents or very close family, a loan document should be made. In a written agreement that the loan can be terminated at short notice, this can justify a low interest rate.
Loan money interest-free in the bank or with loan providers
An “authorized overdraft” with your bank often has costs comparable to other quick loans . If you have a good relationship with the bank, you may be granted an overdraft without costs for establishment or interest.
With some online providers you can get the first loan for free . The first time you borrow from the provider in question, you will not pay any fee or interest. However, this only applies to short-term loans (typically up to 30 days) and only the first time you borrow.
Loan money interest-free with a credit card
With a free credit card from Bank you get up to 45 days of interest-free credit. The credit card is free, there is no annual fee. Bank card is also free to use as long as you use the card to pay with. See more about Bank credit card here.
Here is an overview of the current loan providers that offer interest-free loans:
|provider||Loan amount (up to)||Interest-free maturity||Mine. age|
|Cinderella||DKK 4,000 free of interest||30 days||20 years|
|Pumba||DKK 15,000 interest-free||30 days||23 years|
|Cimone||DKK 4,000 free of interest||30 days||23 years|
|Enough *||DKK 6,000 interest-free||60 days||18 years|
|Limbo||DKK 4,000 free of interest||30 days||20 years|
* Enough offers 60 days interest-free. On the other hand, there is an establishment fee of SEK 200, -.
14 days right of withdrawal
When you borrow online you have 14 days of cancellation right. You must notify the loan provider that you have regretted within the deadline of the 14 days.
Remember that the loan must be repaid!
Wherever you borrow, the lender expects to get his money back. If you do not pay or do not pay in time, it will have consequences.
If you borrow from family or friends, the consequences will most often be of a personal nature. If you have borrowed from a loan provider, the consequence is in the form of greater costs. Even a small loan can be very expensive if you do not pay.
Never borrow more than you are sure to pay back on time!