Many newspapers carry ads for low interest loans of 1% or 3% , few know how this could be possible, as most banks will charge 9% or more for loans. For many items, people today pay in installments and depending on the clout the seller and buyer will have, the seller can manipulate the conditions to have the buyer provide an interest free loan.
The seller may not encash the post dated cheque provided by the buyer and then falsely claim that the buyer is a defaulter,
In other cases, the seller may not inform the buyer that the payment was due and then falsely claim that the buyer is a defaulter.
The buyer will not get what he or she has paid for, and also find that his or hard earned money was kept with the seller without getting anything in return.
In case the buyer disgusted with the unfair terms, poor service decides to cancel the contract the seller may deduct some amount which was paid. In other cases if the buyer will protest, the seller will return only the principal after a further one or two years. Effectively the gullible buyer has been forced to give the seller a zero interest loan for 5 years without getting anything in return, wasting time and losing money.
Now the large companies use this trick on a large number of vulnerable buyers to get interest free loans. This money can then be lent to other borrowers at low interest earning a good profit for the large seller. Hence check the background of the lender before taking low interest loans
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