Can I Sim Unlock a Phone By Unlocking The Bootloader??

Now a Lot of You are quick to say oh this has been addressed before and what not now ...please ....read my question before giving negative nonsensical replys.

So The Question is.

1. Will Unlocking my bootloader allow me to remove a Network/sim Lock on lets say a Blu Studio 5.0

2. If No, Then Why Not?

3. What Other Methods Can I Use to Unlock my Phone For "Free"

The Reason i'm asking is simple really, i'm From the Caribbean, and purchasing things like unlock Codes doesn't really work out well (at all)when we convert our currency into US Dollars or even worse yet english pounds.

i wanna have a solution that's free so i can help ppl out who come to me with locked phones i don't wanna purchase a box or anything cuzz it'd take like a months salary just to purchase one and then i'd have to charge ridiculous prices just to help somebody out and i dont want that.

so any methods that require no cost besides having software and a pc and an internet connection doesn't matter how much time it take (i have a lot of that )would do me just fine.

thanks in Advance to all the awesome ppl who are gonna help :good::good::good: