Where Can I Get 0% APR Personal Loans?
Personal loans are useful for borrowers in times of trouble and they can use the funds in any way that they need. However, the APR of personal loans is typically between 6% and up to 36%, which would make it difficult for borrowers to pay them off. This is why, many borrowers look for 0% APR personal loans, yet most lenders do not offer them.
However, you can find 0% personal loans dedicated to a specific purpose which would help borrowers in certain cases. The only downside is that those options use a system of deferred interest. Here is a list of where you can get 0% APR personal loans.
Retailers - Some stores provide 0% APR loans to purchase specific products. This can help a borrower if they for example need a personal loan to buy a new home appliance that was broken and can instead head to the retailer instead of a lender and get a 0% APR loan. Nevertheless, most of the stores use a deferred interest system.
Medical providers- If you need medical supplies it is always a good idea to ask if there are financing options since medical providers sometimes offer 0% APR loans for certain supplies that a borrower might need for an upcoming surgery or a specific medical case. However, the interest could be deferred in this case as well.
Car Dealerships - If you want to get a personal loan to purchase a new vehicle, you can always ask the dealer about any sales which could include 0% car loans. This will help you avoid a high APR from a personal loan that could be offered by lenders. However, you might need a high credit score to be eligible for this 0% loan, and you'd have to pay it in a shorter duration than usual, making the monthly payments high. Or sometimes, after a few months, a high rate might be charged on your loan, so technically 0% APR loans aren't much cheaper than regular personal loans.
Credit Cards - If you need the money for something entirely different, your best option would be to get a 0% loan by checking with credit card companies. Many of them offer credit cards with 0% APR for a certain period. Credit card companies also offer 0% APR personal loans for a specific duration and you will only have to pay the interest on the balance that remains after that duration is over. Nevertheless, some companies might use a deferred interest system.
Conclusion
Most lenders do not offer 0% APR personal loans and the APR rate usually ranges between 6% and 36%. However, some retail stores, medical providers, car dealerships, and credit card companies do offer 0% APR loans. But you will need to be careful about the terms of those 0% APR loans as some have a few disadvantages or have a deferred interest system.