Interest-free credits to finance school expenses?

September is approaching and that implies, for many families, starting the wheel for the “back to school”. According to a recent study, the return to school costs families an average of USD 869: materials, fees, books, clothing and much more are among the expenses to be faced. We know that these expenses can come at a delicate time for our economy.

Interest-free loans to finance purchases

The September slope with the return to school is as hard as the January slope, regardless of whether it is a public or private school. For this, many families resort to financing such expenses.

One of the most used ways is to request an interest-free loan for an average amount of USD 300, to be returned in 30 days, which allows part of these expenses to be split and paid the following month, practically at zero cost (if there are no commissions or expenses associated with the loan, and as long as it is returned promptly).

The rise of these products is exponential in recent years, as they are free products for new customers. In the face of fierce competition among entities, many lenders opt for this product to attract customers and retain them, thus allowing them to ask for more money in subsequent loans or even longer terms.

For this type of loans, the reason for the expense must not be indicated, 100% can be requested online without paperwork and granted to virtually any person of legal age.

To find those interest-free mini loans you just have to access the comparator and choose the one that best suits what is expected.

What to check to find out if a loan is interest free

Sometimes appearances are deceiving, so it is important to know the conditions of the mini loan before hiring it to make sure that it is indeed an interest-free loan.

In addition to reading the reviews of the page and the comments of the users, it is necessary to look at the terms and conditions that the entity shows on its website or in the contracting process, transparently: the TIN and the APR are the values You are interested in contrasting.

The TIN is the nominal interest rate, which is represented in a percentage and indicates the interest paid on the loan. The APR is the equivalent annual rate, that is, the total cost of the loan calculated at annual average level and including not only interest but commissions and all other expenses if any.