Saturday, August 29, 2015, AM | 1 Comment
You can surely borrow money from friends and family for three weeks and an overwhelming majority would not charge you interest. That’s almost a given among us human folks who at times are generous enough to lend you the money with no interest and no late-fee charges.
By the end of the loan period agreed upon between the two of you, pay the amount back to its original owner and you are home free.
You have accrued no debt. You used other people’s money to your own advantage and for your own benefit.
What if you have been carrying that lending buddy and family member in your wallet and anytime you need money to buy something, you just take it out of your wallet, give it to the cashier, sign the receipt and viola! you borrowed money for three whole weeks with no interest, no late fee charges.
However, just like with your friends, you must give the whole amount back to the original owner at the end of the three-week period. You do that to gain trust of the lending buddy who trusted you already with their money.
An overwhelming majority of the lenders don’t require you to provide them collateral. That’s the sign of trust. Their money is on the line, not yours.
Your lender’s trust thereby increases with your handling of the money. It reports your good standing with the lender to one of the three, if not all, credit bureaus.
If you keep following the three-week period free loan and pay it back in full when you receive the bill, your credit score will hit the roof to the best possible score of 850 in no time. I mean before you know it.
How to follow the 3-week free loan process
You obviously need a credit or two in your wallet. That’s your trusted lending buddy who gives you free loan for three weeks. In order to gain and reciprocate their trust, how about following the below steps using Credit Cards:
Using credit card efficiently to your advantage
The lending buddy has given you credit card as a token of its trust which in turn gives you great benefits. You buy now and pay in full three weeks later.
Choose credit card with trust in mind
You must choose credit card to develop trust you need in your financial life. Don’t choose a credit card just to get freebies. Look for a card that’s best for your borrowing habits of retuning the money in three weeks.
Pay the whole amount to avoid interest and late-fee charges
To get three-week loan for free, pay it back by the due date in full. Interest and late-fee charges could far exceed the amount of your original purchase.
Protect your credit card
Protecting your credit card number is as important as how best to use it efficiently. Never provide your credit card numbers in response to an unsolicited phone call, e-mail or other communication you did not originate. These numbers include both the account numbers and expiration date on the front and the security code on the back.
In a Nutshell
Get three-week loan for free, use it to your advantage and pay it back in full by the due date. What financial life could be simpler than that? Where else could you get free loan for three weeks?