Use Loan Money to Earn Interest?

Answers:3   |   LastUpdateAt:2012-10-12 11:07:02  

Question
bnmvbmn
Asked at 2012-08-31 15:58:03
I was wondering if I could borrow , say , $ 10,000. But instead of spending that money on something , I just keep in my bank account and let it accrue interest. And when the conditions of the loans are more , I just pay the $ 10,000, but yet still keep any interest it might have done. MedlinePlus MedlinePlus Is this a viable way to make some extra cash ?
Answer1mikeMAnswered at 2012-09-04 14:26:02
Hi all,
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Answer2yacobAnswered at 2012-10-08 15:15:21
Generally , No.
MedlinePlus The person you are borrowing from will want interest and interest on loans is generally higher than the interest on savings . This is how banks make money . MedlinePlus MedlinePlus MedlinePlus MedlinePlus
Answer3vanceAnswered at 2012-10-12 11:06:05
Normally , interest charged on the loan is at a rate greater than the interest paid on savings deposit. This will leave you with total debt , rather than money earned .
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