Swedish nationals coming to study at IE and looking for financing options may want to consider a new interest-free loan product from JAK Members Bank. Swedish students can borrow between 5.000 and 100.000 Crowns to be paid back over 7 years.
Sweden´s JAK Members Bank has reinvented the business of banking and lending money. Its most unique feature is that it does not charge interest on loans ande does not pay interest on savings. The point-based system is based on an ideology whereby JAK´s clients are members of the bank and “share” their savings, making interest-free loans available to other members and their families. JAK´s cooperative style of management is a marked differentiating factor. According to the JAK philosophy, economic instability is a result of charging interest.
Miguel Ganzo, director of international relations at JAK, came to IE in November in order to talk with students from the Master in Finance and MBA programs. The event aimed to raise awareness among IE students about alternative methods of banking and finance.