WHAT IS A SWISS LOAN?

Swiss credit - also known as a "Swiss loan" - is a special type of loan. Swiss banks grant a loan to foreign borrowers. With a Swiss loan, there is usually no credit check in the borrower's home country. This means that the credit rating in the borrower's own country does not deteriorate.

The most important features of a Swiss loan are

• You can also get a loan with a poor credit rating, as there is no KSV check

• You can take out small to medium loan amounts.

• You have to expect higher interest rates, as the risk for the lender is also higher.

• You need a fixed income at your place of residence.

WHERE CAN I GET A SWISS LOAN?

There are various ways to obtain a Swiss loan:

1. Credit institutions directly from Switzerland: Some credit institutions from Switzerland have specialized in granting loans to foreign borrowers. They have experience in granting loans without a credit check.

2. Online platforms or loan brokers: You can also obtain a Swiss loan via online platforms or from financial service providers. These providers often work together with various institutions and help you to find the right Swiss loan for you. However, in this case you will of course also pay a brokerage fee.

WHAT REQUIREMENTS DO I HAVE TO FULFILL?

To get a Swiss loan, you generally have to be of legal age, i.e. at least 18 years old.

Other common requirements:

• Fixed income: You need regular sources of income to be able to take out a Swiss loan. In this way, the banks ensure that you can repay the loan in monthly installments. Alimony can play a role in the granting of a loan, but not every financial institution takes it into account.

• Residence in your home country: As a rule, you must have a permanent residence in your home country.

• No ongoing insolvency proceedings: If you have major debt problems and are even in insolvency proceedings, this lowers your chances of getting a Swiss loan.

• Proof of identity: Swiss credit providers use an identity card or passport to verify your identity.

Important: Find out about the requirements from your preferred provider in advance. These may vary depending on the lender.

I DO NOT HAVE A REGULAR INCOME. ARE THERE ALTERNATIVES?

If you need a loan with no credit check and no income, a pawn loan could be the right solution for you. All you need is collateral in your possession, such as a watch, gold, coins, a car and much more. You put this item up as collateral and borrow money from a pawn shop in return.

WHEN IS A SWISS LOAN SUITABLE FOR ME?

Before deciding on a Swiss loan, you should always do your research and understand all the conditions. This type of loan involves some risks, but can be a solution for you if you can always repay the installments.

A Swiss loan may be suitable for you if:

• you have a bad credit history. This means that you have had problems repaying your loans or debts in the past. As Swiss banks do not carry out credit checks, this can be an advantage for you.

• you cannot get a loan in your home country. If you don't see any possibility of getting a loan in your country of residence, a Swiss loan is often a new option.

• you have a stable minimum income. This is usually above the usual minimum wage in your home country. Although Swiss banks do not carry out a credit check, they do check whether you have the necessary income to be able to repay your installment.

• you have a good plan for repaying your Swiss loan.

Tip: You can also get a Swiss loan as a self-employed person, as in most cases your income does not necessarily have to come from employment. However, you must be able to prove that you have a stable income as a self-employed person.

HOW MUCH MONEY CAN I GET WITH A SWISS LOAN?

How much money you actually get depends on various factors. On the one hand, it depends on the lender, and on the other hand on your personal financial situation. Most providers of Swiss loans have a maximum limit of between 5,000 and 10,000 euros.

How quickly do I have to repay a Swiss loan?

In some cases, you can also take advantage of longer terms. However, the typical term for most Swiss loan providers is 6, 12 or 24 months.

Is a Swiss loan earmarked for a specific purpose?

No, a Swiss loan is generally not tied to a specific purpose. This means that you can spend the borrowed money on whatever you want. You don't have to tell the lender exactly what you need the loan for beforehand.

What interest rates should I expect?

The exact interest rates depend on your lender, the amount and the term of the loan. Your financial situation may also play a role.

Compared to conventional bank loans, you can expect higher interest rates in most cases. This is because providers of Swiss loans have a higher risk because they do not carry out a credit check. It definitely pays out to compare offers.

IS A SWISS LOAN SERIOUS AND SAFE?

Swiss loans can be reputable and secure. However, you should be aware of the risks before taking out a loan and consider a few things before deciding on a provider:

1. Find out whether the lender is authorized to grant loans. You should find an imprint with a tax number on the website. You can use this to check whether the company is registered in its home country.

2. Do not make any advance payments. A reputable lender will provide you with a loan without asking you to make any payments in advance.

3. Ensure clear communication and verifiable contact details. The address must exist, as well as the telephone number or other data.

4. Online reviews can also be a sign that a loan provider is reputable or dubious. However, pay attention to the authenticity of the reviews.

5. A reputable provider will send you a loan agreement. If you are unsure, it is best to seek legal advice.

WHAT ADVANTAGES OR DISADVANTAGES DO I HAVE WITH A SWISS LOAN?

Below we inform you about the most important advantages and disadvantages of taking out a Swiss loan.

WHAT IS THE DIFFERENCE BETWEEN A SWISS LOAN AND A BULLET LOAN?

With a Swiss loan, you repay your loan to the lender in installments. It differs from a conventional bank loan only in that no credit check is usually carried out before the loan is granted. In most cases, there is also a maximum loan amount that you can take out. A Swiss loan is particularly suitable for small and medium-sized loans.

A bullet loan, also known as an amortizing loan, is a loan where you only pay the interest on your loan amount during the entire term. At the end of the term, you have to repay the entire amount borrowed. This type of loan is most frequently used for real estate financing. The income from a rental can be saved and used to repay the entire loan amount at the end.

FREQUENTLY ASKED QUESTIONS AND ANSWERS

What is a Swiss loan?

With a Swiss loan, you take out a loan from a Swiss bank or lender. As a rule, there is no credit check in your home country.

Can I apply for a Swiss loan online?

Yes, there are some providers that offer you the option of submitting an online application.

Is a Swiss loan possible without a credit check?

Yes, this type of loan is known for not requiring a classic KSV check.

What requirements do I have to meet to get a Swiss loan?

You must be of legal age and have sufficient income to be able to repay the loan. If you are looking for a loan without proof of income, a Swiss loan is not right for you.

Can I get a Swiss loan after insolvency?

This is possible, but very difficult. If you can meet other requirements such as a sufficiently high income, it may be possible to take out a loan.

I am interested in a pawn loan. Can I take out this online?

Yes, that is possible. For many items, a provider like CASHY will show you an offer including fees online. However, you can also simply submit a form and be contacted to receive your quote.