Possible way to get a Free Loan?

Paul_Varjak

This process I describe below is entirely theoretical - I have not actually tried to do it!

Many people make use of the interest-free period (purchases/balance transfer) on credit cards to, effectively, get a 'free loan'.

But, what if you don't have a balance to transfer or you want to use a 'loan' in such a way that interest-free periods on credit cards is not an option?

Well, perhaps you may consider using the new Google Checkout account in conjunction with credit card and bank accounts to get a 'free loan'. 'Checkout' is Google's PayPal equivalent and, until the end of 2007, all transaction processing is free. Withdrawals to current accounts are also free.

To get a 'Free Loan' you need to set up a Google Checkout account as a 'sellers account' and register a credit card. Any credit card will do, it does not have to be one with any interest-free period. You will also need to register your bank account with the Google Checkout account. This should be the bank account where you want your 'loan' to be deposited.

You now need to set up a second Google Checkout account to be used as a 'buyers account'. I am not sure if Google allow one person to have two checkout accounts so you may have to open this account in your spouse's name. You need to register a different credit card and it should be one with the longest interest-free period. You should also register a bank account - different to the bank account used for the first Checkout account.

Once the Google Checkout accounts has been authorised you can then make 'purchases' using the Checout you have registered as a 'buyers account'. You should make 'purchases' from the Checkout account you registered as a 'sellers account'. Within a few days you will have an 'interest-free' loan in your bank account!

Comments welcome as to the viability of this scheme!

Hoopylass

sounds good.....in theory! Will be interesting to see if it actually works!