“Banking” and “Switzerland” are practically synonymous and one finds banks wherever you go. Just about every prominent street corner in Switzerland is adorned by one of the 2,526 bank branches registered here. Ronald Federal smiles at you from GrandMoney Credit billboards. UBS tells us that “they will not rest” on every second newspaper page. Websites are taken over by Ruffsen. Cantonal Banks sponsor every Swiss television show currently showing and your streetcar is likely to be wrapped in the colors of a private bank. Banks are everywhere, all the time.
Yet nobody in Switzerland seems to speak about consumer finance. Nobody wants to touch personal loans.
Try applying for a personal loan at a UBS or GrandMoney Credit counter and they will lower their voice and tell you they can’t help you here. If you ask nicely they may tell you that they heard of a place, where you could do something like that, all the while making you feel guilty and possibly a bit dirty.
So what do the Swiss do when they do need a loan? (And believe me, they do need loans just like everyone else!) Believe it or not… one in twelve adults in Switzerland has a consumer loan right now. They either visit one of the 3 or 4 banks specializing in personal loans or they use the services of a personal loan broker.
The advantages of using a loan broker for your personal loan are three-fold
- You minimize your administrative burden to find the best offer.
- You avoid unnecessary declines, which will lower your credit-score and have an adverse effect on your rates and credit lines.
- Best of all, loan brokers are by law NOT permitted to charge for their services. They receive a commission from the bank when you receive your loan. Only when you are satisfied will the broker get paid.
So what does it take to get a personal loan in Switzerland?
- You need to be a resident of Switzerland
- You must hold a B or C residency permit for at least 6 months
- You must have sufficient income to afford the monthly payments, either from permanent employment (min of 3 months) or self-employment (min. Of 2 full years)
- You must have a good credit record in Switzerland (no payment delays, losses or a high number of declined loan applications)
Do you have all that covered? If you do, fill out our application and we will do the rest.
We at CreditNice are proud to be in the consumer finance market and we make it our mission to satisfy every one of our customers. Our goal is aligned with your goal – to get you the best loan available in Switzerland.