4 ms·
How so? A CRA will just report that a loan is paid on time or not. If you can get an interest free loan, and you pay it as agreed, that'll get reported same a
by g051051 8y ago
How so? A CRA will just report that a loan is paid on time or not. If you can get an interest free loan, and you pay it as agreed, that'll get reported same as any other loan.
- tboyd47 8y agoReally? Where can one get these "interest free loans?"
- g051051 8y agoThere are companies that provide "Islamic" or "Shariah-compliant" mortgages. I don't understand the model, but they claim there's no interest involved.
- vkou 8y agoThey buy the house for, say, $200,000 from the seller. They then sell it to you for $400,000, made payable in equal-sized payments over 25 years.
- lotsofpulp 8y agoThe key difference would be what happens if you stop paying. Otherwise it’s just a lease with a purchase option at the end. If you can walk away from the lease with no further repercussions, then I can buy that it’s not technically a loan. If the lessor can pursue you for further payments or charges you fees and etc, then it’s just a regular loan with built in interest rate, and it’s a childish way to attempt to get around “interest”.
- scarejunba 8y agoReligion is full of these things, hermano. Here's another example: https://en.m.wikipedia.org/wiki/Sabbath_mode https://en.m.wikipedia.org/wiki/Sabbath_mode
- deleted 8y ago[deleted]