Free government loans…is this an oxymoron or what? I mean the definition of the word “loan” is something you are required to pay back, while “free” means you don’t have to pay. There is no wonder that many American citizens are reluctant to believe that there are free government loans available to them, there are not. However, you may still be eligible to receive hundreds of thousands of dollars in free government money, and never have to pay it back. The misinterpretation is in the terminology used to describe government free grant programs.
The free government loans that are commonly dismissed by thousands of qualified would be applicant each year due to disbelief, are actually free government grant programs. While the application process for free grant awards is quite similar to that of the loan process, and you will receive generous funding and supplemental income support if found eligible to qualify, there is one major and extreme difference between government loans and government grants. A loan must be paid back with interest, and a free grant is just that…free money, granted to you.
For obvious reasons a government grant may be much more appealing to those interested in acquiring supplemental monetary support when embarking upon any number of financial endeavors, or trying to overcome monetary obstacles and relieve themselves of debt. I mean if you didn’t need money, you wouldn’t be looking for it right? So who wouldn’t prefer not having to pay your loans back? With the ready availability of free cash awards through magnificent programs like single mothers grants, minority grants, first time home buyers grants, small business grants, and hundreds more, the most sensible first step to take when exploring finance options is achieving free government grants.
Even though free government money is a very appealing option, not all will qualify. But all hope is not lost for the rejected applicant, because there is definitely something to be said for government loans too. The first thing to be said is, they are not free. Let us just dispel that notion once and for all. As we’ve already talked about, the only “free government loan” is not a loan at all, it’s a grant. Government loans do indeed require repayment. However, the interest rates are considerably lower than that of banks, credit unions, or private lenders, and you eliminate your need to provide any form of collateral.
Sometimes, depending on your acceptable needs and desires, you may be able to obtain both government loans and free grants to support whatever cause you may be working on. Do a free grant search online and see what is available to you in your area. And now that you know the difference, you should be able to find all the opportunities you need, and believe in them.