Educate me plz. What would happen is there were 0 percent interests on all loans?

As an individual? I'd have no incentive whatsoever, to lend a dime to anyone. I'm assuming all the risk and, at best, there's no reward.

I've loaned money to friends and family at various times. I "loan" it but in my head it's a gift as I never expect to see a dime of it coming back my way. Nine times out of ten I'm right...

A bank, to use a larger example, wouldn't exist, there's no way for them to cover their costs let alone make a profit.

Credit cards would disappear immediately.

I guess if you think that every financial institution is owned and operated by one specific group you'd be correct.

But since that's not the case...

Here's hoping you get to find out what "cash only" looks like. No banks = no savings accounts, no checking accounts, no safety deposit boxes, no mortgages, no car loans, etc.

Charging interest is called usury and it's prohibited in the Bible

Then we shouldn't try to get a loan from our Bibles...ok, I can do that.

The banks would charge loan fees, and you could pay for your house in 10 years!

And how is a "loan fee" any different than interest? If it were a "fee" then you'd expect to pay it up front and not have it spread over the life of the loan.

Catalaxy. Look it up!

That is how mudslime banks operate. I don't know what they charge. But usury has been the cause of the debt explosion in this country! An amortized loan is a ripoff, because, say you have a 30 year mortgage, you pay mostly interest the first 10 years and very little principal. If you sell the house in 10 years, your original debt is still very high. The average home loan only lasts 7 years, so the banks are getting front loaded interest on the loan, and the owners are getting ripped off!

No one ever does ANYTHING unless there is PROFIT!!!

Never!

Catalaxy

The REAL economy

Because building in your community is repulsive without profit!!!

Why would i give you money, with out any interest...

So my money is tied up 15 to years, where it earns nothing? That would be stupid.

And then you call them 'mudslimes' for doing just that.

No, I always call them that.

And what do you call the kosher people?

These would be the folks who charge interest on your mortgage and make you pay for your house three times over before they let you "own" it.

They do that in middle eastern countries, maybe that's why we are trying to kill them all.

Look it up, interest is verboten under Islam.

Loan origination fees would skyrocket.

They pay other fees. Its not free money.

Lenders would charge greater fees.

I've tried to explain to people to always pay more than the minimum on loans, with the excess going onto the principal, but they always think they are saving money to just pay the minimum. By paying down the loan you pay less and less on interest and the term of the loan gets shorter, too. We paid off our house way early, and that was on a 10% loan, which was a good deal at that time. We also got out from under mortgage insurance and other fees earlier.

The lenders would charge loan maintenance fees, complisnce fees, all kinds of stuff. Believe me, they would find a way.

The "people" that default would still buy new phones, sneakers, booze and cigs before even thinking about sending a penny your way.

Right? Because you would never give a loan to your children or friends.

No one ever gives away extra things. Not without a return. Never!!!!

The synagogue of satan, led by the Rothschild's!

People loan money to their kids all the time, without charging them interest.

Maybe not your bunch, but normal people do it.

if you accept a loan, then you accept the terms. no one is getting ripped off.

stop complaining and blaming others for making poor decisions. pay your damn bills!

sharia law would happen?