Get loan to make money

VeryMan

hello!
is there a loan I can get and deposit that money to receive the interest? Supposedly the loan interest will be less than the savings interest
thanks!

TadleyBaggie

VeryMan wrote: »

Supposedly the loan interest will be less than the savings interest

If it was that easy, we would all be doing it.

ratechaser

I'm making a very nice profit on my 1% offset mortgage facility, but that was just a case of fortunate timing. No such opportunities around now, unless you are willing to risk the capital that you're borrowing. Which I certainly wouldn't do.

redpete

VeryMan wrote: »

hello!
is there a loan I can get and deposit that money to receive the interest? Supposedly the loan interest will be less than the savings interest
thanks!

You can do what you want with the money you borrow in the majority of loans (excluding mortgages and e.g. car loans. Whether you can find one with a low enough interest rate is a different matter.

[Deleted User]

Just get a loan and stick it all on red. Job done.

Nearlyold

Deleted_User wrote: »

Just get a loan and stick it all on red. Job done.

Nope black is better

ceredigion

Stoozing 30K in pot at mo

redpete

VeryMan wrote: »

elaborate please

See the snoozing forum here. It's about borrowing money on credit cards to earn money in savings, same principles would apply to other types of loan.

foxy-stoat

VeryMan wrote: »

hello!
is there a loan I can get and deposit that money to receive the interest? Supposedly the loan interest will be less than the savings interest
thanks!

Apply for the loan you can afford and see what the interest rate they offer you. You will have to lie on the application and say its for a car or something, but thats up to you.

Once you have received your offer try and find a savings account that offers more interest that the loan - you may struggle.

Dont forget you have to make loan payments every month with cash from your own account..........if you think out side the box, you COULD just make a standing order for the loan payments straight into a savings account, and dont take out the loan...BOOM !!! winner winner chicken dinner.

Gaz83

1. Post on message board
2. Borrow money
3. ??????
4. Profit

adindas

VeryMan wrote: »

hello!
is there a loan I can get and deposit that money to receive the interest? Supposedly the loan interest will be less than the savings interest
thanks!

People here have been doing this for ages, This is called stoozing ...

Basic Routine:
Apply 0% interest on BT or purchase credit card possibly with zero fee (or minimum fee) and then put it into the high interest current account. repeat the iteration when the CC is about to incur interest.

So far it is very hard (if it could) to work on loan as the interest on loan is generally (if not always) higher than the interest you will get to where you could put this stoozing money risk free.

Contrary to many beliefs, the money is not that good. Even your stoozing pot is £50,000 which is almost already on the top of the league, it is hardly make you rich as it is just about £1,500 profit a year. This profit will still need to be offset by the effect of monthly minimum payment you make on credit card. Not to mention if you are not careful (e.g forgetful), you will be stung by the fee and / or high interest in the later dates.

But hey free money is free money. At the moment my stoozing pot is about 25k. Hopefully it will increase in the next few months when I could get another zero BT card.

Here is the forum for serious stoozers.
http://forums.moneysavingexpert.com/forumdisplay.php?f=95
http://www.stoozing.com/forum/YaBB.pl

However, thinking outside your compound you will notice that the benefit cheater could make money on housing benefit in London about £1500 a month the money the top stoozer make it in a year. Yes it is true £1,500 a month could you believe that. It is by subletting their social housing that they get it for free as part of their benefit to other people with 4-5 times higher than they pay to housing association. Not to mention you get the house on heavily discounted price on later date through "right to buy". The possibility of getting caught is extremely low due to very few people and resource of policing it. Getting caught, well most of the time they are just being asked to pay back *if they ever pay it back ) + suspended sentence. So almost nothing to loose. THIS IS A REAL STOOZING ..

Not to mention tax avoidance (or tax cheating if you want to name it)could work better. Let put aside the morality here as it does not fit to capitalism.

Some people think stoozers are smart people but I very much in doubt if they are smarter than the benefit cheaters !!! I know you stoozers will get insulted but I am a stoozer myself. The naked truth always hurts ....