What Are The Disadvantages Of Getting A 0% Interest For A Year Loan And Putting That Into A Savings Account?

By Increase Savings | Published: June 22, 2009

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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One Comment

  1. Judy
    Posted June 22, 2009 at 4:57 am | Permalink

    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.

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