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People also ask
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What is a mass no interest loan?
The Massachusetts No Interest Loan (NIL) program was created to provide needy Massachusetts residents attending post-secondary educational institutions in Massachusetts with a state-funded loan. The NIL program offers zero interest loans to assist students in meeting educational costs.
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What is a mass heat loan?
The Heat Loan is offered through the Mass Save program. It enables consumers to finance qualified home projects that improve the energy efficiency in their homes at zero interest for the life of the loan. Customers must first have a Mass Save home energy assessment to qualify for the loan.
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Is it legal to get a no interest loan?
You probably can't borrow money interest-free from a traditional lender, but you may be able to get a no-interest loan from: Retailers: Car dealerships and other retailers may offer 0% annual percentage rate (APR) financing for a set amount of time.
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How does a no interest loan work?
As its name suggests, a zero-interest loan is one where only the principal balance must be repaid, provided that the borrower honors the rigid deadline by which the entire balance must be satisfied.
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What is a loan without interest called?
A soft loan is a loan with no interest or a below-market rate of interest. Also known as "soft financing" or "concessional funding," soft loans have lenient terms, such as extended grace periods in which only interest or service charges are due, and interest holidays.
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Are no interest loans legal?
You probably can't borrow money interest-free from a traditional lender, but you may be able to get a no-interest loan from: Retailers: Car dealerships and other retailers may offer 0% annual percentage rate (APR) financing for a set amount of time.
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What loan does not collect interest?
Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.
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What is a no interest forgivable loan?
-A 5 year forgivable loan is a loan that you do not have to pay back, provided you do not sell or move out of your home for a period of 5 years. -There are NO payments and NO interest during the loan period, regardless of how much is spent.
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