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Interest free loan for study!?

  • 18-06-2017 3:29pm
    #1
    frag420
    Registered Users, Registered Users 2 Posts: 6,158 ✭✭✭


    But of an odd one but here goes...

    Say someone needed proof of funds to support themselves while studying abroad.

    Now said person does not have the funds ($37k) now but they will be available to them when studying, just not as a lump sum. Now in order to get accepted to study one must prove they have that min amount in their account.

    What I would like to know is if it is possible to get a loan of said amount (said person would have a guarantor for this) that was interest free for say 6 months. What is proposed is that they would have the money in their account while applying to study and once accepted they could give the money back to the bank having covered any relevant fees incurred during the process?

    Is this possible? If so what bank would you recommend?

    Thanks

    frAg


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,357 Mod ✭✭✭✭Jim2007


    frag420 wrote: »
    But of an odd one but here goes...

    Say someone needed proof of funds to support themselves while studying abroad.

    Now said person does not have the funds ($37k) now but they will be available to them when studying, just not as a lump sum. Now in order to get accepted to study one must prove they have that min amount in their account.

    What I would like to know is if it is possible to get a loan of said amount (said person would have a guarantor for this) that was interest free for say 6 months. What is proposed is that they would have the money in their account while applying to study and once accepted they could give the money back to the bank having covered any relevant fees incurred during the process?

    Is this possible? If so what bank would you recommend?

    Thanks

    frAg

    Do you seriously think the authorities have not thought of this scam before now. I know for a fact that authorities here in Switzerland randomly required students to provide evidence that the funds are still available. They are not that stupid.

    The other thing is why would a reputable bank get involved in such a scheme. There is nothing in it for them other than the chance of being exposed and taking a hit on their reputation.


  • #3
    frag420
    Registered Users, Registered Users 2 Posts: 6,158 ✭✭✭frag420


    Jim2007 wrote: »
    Do you seriously think the authorities have not thought of this scam before now. I know for a fact that authorities here in Switzerland randomly required students to provide evidence that the funds are still available. They are not that stupid.

    The other thing is why would a reputable bank get involved in such a scheme. There is nothing in it for them other than the chance of being exposed and taking a hit on their reputation.

    The funds will be available just not as a lump sum, financial support will be forthcoming for the duration of the study.

    Anyways I'm not really looking for a lecture in ethics but thanks all the same!?


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