Are there loans at 0% and how not to overpay the bank for unnecessary services.

Check for hidden fees and unnecessary extra services.

Banks or microfinance organizations often post offers on the Internet for interest-free loans or loans without overpayments. We’ll tell you whether it’s really possible to take the required amount from a financial institution and give back the same amount without overpaying a single ruble.

What overpayments may be hidden behind “interest-free” bank loans

Yes, sometimes financial institutions promise that they will not charge any interest on the loan taken. But they may require the borrower to return more than the amount issued through additional services. Here are the options that a person wishing to receive money from a financial institution may face.

Fee for the “interest-free installments” service

The bank offers an existing client to immediately transfer a not very large amount to his debit card - usually it does not exceed 100 thousand rubles. Calls this option installment plan and promises not to charge interest. Money can be received for 3, 6, 9 or 12 months. The debt will need to be repaid in equal monthly installments.

Before signing up for the service, you should use a calculator and calculate what the regular payment will be. If you add up all the contributions, the final number may be greater than the amount borrowed. The fact is that the bank often adds an “installment service fee” to the monthly payment. As a result, if money is borrowed for a year, the client may overpay the bank by 20–25%. It turns out that the borrower will still have to fork out, and it does not matter what this overpayment is called - “interest on the loan” or “service fee”.

Sometimes such “installment plans” are really useful: it allows you to receive money immediately. And make the necessary purchase - for example, urgently order a refrigerator on the marketplace to replace a broken one. But you should understand that you will have to pay for this urgency.

Optional insurance “in case of loss of income”

This option is often encountered, for example, by those who want to pay for expensive online courses. The selling company offers to take out a loan from a bank, promising that the financial institution will simply divide the total amount into 6 or 12 parts depending on the loan term. And he won’t ask for a ruble more.

The good news is that the bank usually does this. That is, it really offers the client installments at 0%. Perhaps the interest to the lender will be paid by the company that offers to buy the service. But there is a possible catch here too.

As a rule, a financial institution offers to take out additional insurance. The borrower is reminded that it is a good idea to protect yourself in case of loss of income. For example, a person may be suddenly fired. He might also get sick or have an accident. In these situations, he is unlikely to be able to accurately make monthly payments. Therefore, the bank offers to issue an insurance policy. And in the event of a force majeure situation, which the client will need to confirm with documents, the financial institution will freeze payments.

Or it cancels the debt altogether - this possibility is also stated in the contract.

Of course, the client must pay for insurance. The total amount requested by the bank is divided into parts. Thus, monthly loan payments increase, and the total amount can increase by 20–25%. That is, the loan is not free at all.

In order not to overpay, you can refuse insurance - just click the appropriate button when filling out the documents. But then a question may appear on the screen whether the client is sure that he does not need additional protection.

Let's assume he answers in the negative again. But the bank is unlikely to lag behind. And the person will see a message that, for example, 87% of those who took out a loan added insurance to it and are very glad that they did so. The number may be different, but it certainly shows that the vast majority accepted the offer. This means that it is hardly worth joining an unreasonable minority.

The scenario for different banks may vary slightly, but the main principle is always the same. The client is persistently made to understand that peace of mind is worth the small additional payment. But you need to know that you can still refuse insurance by consistently answering “no” to all the bank’s leading questions. And then you really won’t overpay. That is, take out a loan at the promised 0%.

Additional services that look like a mandatory part of the loan agreement

By law, banks are required to share the cost of the loan and additional services. Such as membership in an online club, subscription to exclusive analytical materials, and so on. All optional options must either be formalized in another agreement or included in separate clauses of the contract. Moreover, the borrower must have the right not to agree to any related services.

But sometimes, in an agreement with a financial institution, consent checkboxes are placed in advance next to all additional points. If a person reads the agreement diagonally, he may not pay attention to these marks. And it will automatically give the go-ahead to increase your monthly contribution.

Another option: the contract is drawn up in such a way that you need to check a box if you refuse additional offers.

And if you agree, then no mark is required. This is unusual, and borrowers often ignore this trick and end up overpaying. Therefore, let us recall the main rule of concluding all agreements: each point of the document should be studied carefully and not skip a single detail that raises questions.

It happens that online bank consultants say that everyone is offered a standard agreement. And again they use an argument like: “92% of our clients agree to these additions - it’s so convenient, pleasant, prestigious.” Well, in order to refuse optional options, they offer to come to the office. And they add that changes to the standard contract can only be made in the personal presence of the client.

The calculation here is simple: the borrower will not want to waste time on a trip to the bank and will prefer to part with a small amount. If you do not agree with this approach, you should still visit the office. Or simply choose another financial institution.

Is it possible to get a loan at 0% from microfinance organizations?

Short answer: yes, you can. But probably only once. And only on the condition that you do not delay payment by an hour.

Many microfinance organizations offer new clients an attractive option: get a first loan at 0%. As a rule, we are talking about a small amount, rarely exceeding 30,000 rubles. Usually the debt must be repaid no later than a strictly established day or even hour. It may need to be paid in one installment.

It is better to pay off the debt in advance - at least the day before. And make sure that the payment went through and that there were no “technical failures” that prevented the money from being accepted from you.

If the borrower manages to pay on time, he really will not overpay a single ruble. But the MFO still benefits from such free offers. Firstly, the client can come for money again and get a loan at interest. Secondly, people often do not have time to repay their debt on time. Then they will have to overpay.

Of course, next time, if necessary, you can apply for an interest-free loan from another microfinance organization. But it’s not a fact that you will receive money again at 0%. Some organizations do not issue interest-free loans to clients who have applied to competing MFOs at least once.

And most importantly. It is worth choosing a microfinance organization only from the list of the Bank of Russia - this reduces the likelihood of running into scammers.

How to avoid overpaying banks and microfinance organizations

Summarize. If you are offered to take out an interest-free loan from a bank or microfinance organization, you should follow simple rules:

• Carefully check all clauses of the contract.
• Make sure you understand each point correctly. If you have even the slightest doubt, ask questions to financial institution consultants.
• Calculate the total amount using a calculator and make sure that it is not more than originally stated.
• Be sure to clarify all the conditions that you need to fulfill to avoid overpayment.
• Feel free to refuse additional services you don’t need.

And remember that you do not have to sign the agreement right away - you can take time to think and return to the discussion in a few hours. Or even days.