To take out loan in Switzerland

Switzerland is known as a financial magnet around the world. For almost 20 years Swiss banks have been lending to German applicants. Mostly it is credit seekers who have credit problems in Germany. But even self-employed or freelancers can get loans, which are secured by their income. In this country, lending to the self-employed, since Basel 2, is always associated with obstacles. It should be noted, however, that with this form of loan will not give a tailor-made loan, but, so to speak, a loan “off the peg”.

Take out a loan in Switzerland

Take out a loan in Switzerland

Loan seekers who have a negative private credit entry, for which often only the Swiss credit. Taking out a loan in Switzerland and thus bridging its money problems, that sounds easy, but there are some points to note. So the attention should be on the seriousness of the credit intermediaries. There are a few rogue brokers in this business, who ultimately only pull the money out of their pockets. It is important to first look at the interest rate. If it is a dubious offer, the interest rate is often not given per year, but monthly. If you are not careful, you may be able to accept a favorable interest rate. Interest is calculated on the year, in many cases as usurious interest. You should also pay attention to the amount and the time when the placement commission is billed. An agency fee is due, as almost all Swiss loans are brokered by a credit intermediary. The commission may not be too high and may only be calculated if the loan amount is actually paid out. In addition, attention should be paid to the maturity of the Swiss loan. The maturities of these loans are freely selectable, but should be long enough for the monthly installment to be affordable. Anyone who signs a loan agreement where a loan of € 5,000 is to be repaid in one year is likely to go beyond its financial resources. However, one should keep open the flexibility of a loan. Expects the loan seeker in the near future, a higher amount of money and then can replace the loan, so there are no additional costs, such as a transfer fee.

Take out credit in Switzerland – the conditions

Take out credit in Switzerland - the conditions

It is not possible to take into account an amount requested for a loan in Switzerland. Only two credit lines are offered for election. Once 3,500 euros and once depending on the credit rating a maximum of 5,000 euros. The terms are strictly regulated, they are 40 monthly installments. At 3,500 euros this results in a rate of about 110 euros, in a loan over 5,000 euros 155 euros are due. Also, the interest rate level is higher than a normal loan, it is about 12%, which is about the interest rate of credit lines. When taking a loan in Switzerland, no credit check will be carried out as with a normal loan. Nevertheless, the ability to pay is carefully checked by Swiss banks. private credit-free loans are only granted if sufficient and regular income can be proven. For this, payroll statements and account statements must be sent to the lender. On the basis of these documents, a household bill is carried out. This determines whether the loan from Switzerland can even be paid. Since the Swiss loan is usually secured by income, a pecuniary assignment must be signed.

Swiss credit in Switzerland with a co-applicant

Swiss credit in Switzerland with a co-applicant

Anyone who can not prove sufficient income as an applicant can include a co-applicant in the credit agreement. A co-applicant has the same obligations as a guarantor. If it comes from the borrower to a payment default, the co-applicant must pay these installments. For this reason, it is not wrong to name the loan application in the name of the co-applicant. For example, this could be a spouse. In order to be in control of payments made, the credit should pass through the co-applicant’s account. The borrower then pays his installments to the co-applicant. So an expensive payment default can be stopped in time. The co-applicant sees immediately if there have already been defaults and can intercept these. In any case, a cheaper option than if the borrower conceals the default and then lags behind the loan payments month after month.

If more money is needed than the prescribed loan amounts, which may possibly increase with a guarantor his credit chances.
Even high-value assets such as a property could be taken as a loan guarantee. The same applies to a capital-forming life insurance. In this case, the surrender value can be loaned so that it needs virtually no credit from the bank, you get your own fortune.

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