I got a thing in the mail saying I could get a $5000 loan (with a 3% charger per transaction) for 0% interest for a year. Can I just put that into a high interest savings account and then when the year is up pay off the loan and keep the interest earned? Seems like an easy way to make a little money. I was thinking of signing up with ING for this. Thoughts?
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- What Will Be The Balance In Your Savings Account If $1500 Is Deposited And Allowed To Compound For 20 Year?
When you pay off the loan you will see that there is an “early payment penalty”. The loan period is probably 5 years.
Banks do not let themselves be used. Read the fine print.
But, you are sharp for thinking of this.