What is a Swiss loan?

Swiss loans are loans granted under Swiss law. Of course, the prerequisite is that the lending institution is also located in Switzerland. Then various advantages become visible, which can be interesting for many Germans. Thus, the credit from Switzerland is given regardless of the credit bureau, or the data is not stored in this. Therefore, the loan does not end with a registration in credit bureau, but nowadays such loans are also offered online from Luxembourg or Austria. Even colloquially, one uses the term “Swiss credit” in this country, if loans are issued without credit bureau query. A loan without credit bureau would be another term for it.

Who can apply for a Swiss loan?

Who can apply for a Swiss loan?

Swiss banks do not cooperate with credit bureau, the protection association for general credit security. For consumers or borrowers, which already have negative entries in this, can offer a loan from Switzerland. Thus, some who have been refused credit by the local bank for bad credit are hoping for a loan. Nevertheless, various requirements must be fulfilled in order to obtain a loan from Switzerland. Without looking it is not here.

Requirements for a Swiss loan

Requirements for a Swiss loan

Of course, it is also important in Switzerland that the borrower is of age and that it is a private person, ie a personal loan. Furthermore, the German citizenship is a criterion, as well as a residence in Germany. Of course, Swiss banks also do not want to lend money without collateral, which is why a regular and secure income is important. Likewise, acute diseases should be excluded. Thus, the award of the loan is based mainly on the income and the assets of the borrower. Those who are self-employed or still a student and even unemployed, has little chance of a loan from Switzerland. Accordingly, it should be clear that Swiss loans are not quite as easy to get as initially assumed. Banks, despite private bankruptcy loans, can not be reputable lenders.

Swiss credit without credit bureau: costs

Swiss credit without credit bureau: costs

There is always a risk associated with lending, and the risk is even higher for loans without a credit bureau query. For this reason, the Swiss banks have to use other hedges and usually these are anchored in the fairly high interest rates. This compensates for the missing credit check and calculates the setting of high interest rates. So one can be expected with an interest rate of often over 8%. Otherwise, the interest during the term is often constant and special repayments are possible, with prepayment decisions are not uncommon. If you make such a loan, you should think carefully about it and insist on special repayments.

Disadvantages of a loan without credit bureau

Disadvantages of a loan without credit bureau

Due to the high interest rates, a Swiss loan is not suitable for rescheduling, often even the next debt trap lurks here. Without a proof of income, a loan from Switzerland will not be given anyway and the many dubious providers are bustling on the net, making it difficult for consumers to find a reputable lender. The application process takes a relatively long time and the risk of over-indebtedness is not low. It is advantageous to mention that the credit does not have a negative effect on credit bureau and that the loan can also be freely used for all purposes.

Generally, it is recommended that at least who wants to play it safe to conclude a installment loan at the bank. If the creditworthiness is insufficient, this usually has a good reason to protect the consumer as well. It is better in most cases first to improve your own scoring before new debt is absorbed.

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