Where to Get 0% APR Loans

For-profit lenders

There are several apps that can spot you anywhere from $50-$500 for a month, for free (or almost free). Be careful, you may see ads like these everywhere - some of these apps charge a monthly subscription. Here are a few who are free, or almost free:

• Chime - up to $200 in overdraft protection. Must have qualifying direct deposits with their checking account to qualify.
• Moneylion Instacash - Up to $500, or more if you have other products with Moneylion
• Earnin - Up to $100 per day. This is free, unless you want to get the cash quicker, or offer a donation.
• Dave - Up to $500, but requires a $1/mo monthly membership fee.

Non-profit lenders

There are also a number of non-profit lenders that offer 0% APR loans - that’s right, 0% APR! Is this a trick? Absolutely not - these non-profits are here for the purpose of helping you out. These lenders typically have more lenient lending requirements than for-profit lenders, but they do require a guarantor/co-signer. The reason is because they want to make sure you’re on the hook by your community to pay back the debt, and this may be a better option for borrowers with bad credit.

In terms of what you can use the money for, most of them don’t have super strict requirements. They just want to make sure you won’t spend it on vices, like drugs or gambling (so they will often look at your checking account before approving you).

Check out the following, non-sectarian agencies (i.e. despite their names, they lend to everyone regardless of religion, nationality, etc):

• The Hebrew Free Loan Society
• Jewish Free Loan Chicago
• Jewish Free Loan Association, Los Angeles
• Hebrew Free Loan Society, New York
• Hebrew Free Loan Association, Pittsburgh
• Hebrew Free Loan Association, Northeast Ohio
• Milwaukee Jewish Free Loan Association
• Tucson Jewish Free Loan

We know this may be a bit confusing - to find your local agency, check out the International Association of Jewish Free Loans. However, be aware that not all agencies are not-sectarian and may only serve a certain demographic, so make sure to double check. You can also look into your local religious institutions to see if they have a community fund - many churches and mosques do!

Balance Transfer Credit Cards with introductory APR offers

Many credit cards offer an introductory APR of 0% for a certain period of time, such as 12 or 18 months. This means that you can borrow money and pay no interest for the introductory period. However, don’t forget that the APR will shoot up after the introductory period ends. Balance transfer cards also charge transfer fees, usually between 3-5% of the amount you’re transferring. This can be worth it if it’s less than the interest you’re paying. Here are some low-interest credit card options we like:

• Discover It Cash Back: 0% intro APR for 15 months on purchases and balance transfers
• Chase Freedom Unlimited: 0% intro APR on purchases and Balance Transfers for 15 months
• U.S. Bank Visa Platinum Card: 0% intro APR for 18 billing cycles on purchases and balance transfers
• Chase Slate Edge: 0% intro APR for 18 months on purchases and balance transfers
• Wells Fargo Reflect Card: 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers

Be aware though, that doing a balance transfer doesn’t mean you’re forever interest-free - you still need to pay off the principal within the promo period and make sure you don’t continue to spend on your credit cards. Balance transfer cards also come with tighter limits, so you may not be able to shift all of your debt to the new card. However, if you keep your budget tight, make sure you can reasonably pay down the debt within the promo period, and stick to the plan, you’ll be good to go.

Some additional tips for getting a 0% APR loan:

• Have good credit. Lenders are more likely to offer 0% APR loans to borrowers with good credit.
• Shop around. Compare different lenders to find the best interest rate and terms.
• Read the fine print. Make sure you understand the terms of the loan before you sign up.

Before you apply for a 0% APR loan, it is important to consider your needs and your financial situation. Make sure that you can afford to repay the loan on time, even if the APR increases after the introductory period ends!

So, what are the takeaways?

• 0% APR loans can be a great way to borrow money without having to pay interest.
• There are a few different places where you can get a 0% APR loan, including for-profit lenders, non-profit lenders, and balance transfer credit cards with introductory APR offers.
• Before you apply for a 0% APR loan, it is important to consider your needs and your financial situation. Make sure that you can afford to repay the loan on time, even if the APR increases after the introductory period ends.

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