How do I apply for a Swiss loan? – The loan application from Germany is almost exclusively possible via credit intermediaries or online via the Internet.
Reputable intermediaries such as receipt credit do not require any upfront costs and only receive a commission if the loan is actually paid out – so you do not take any risks.
A brokerage agreement and an application form must be completed for the loan application.
Loan application only through credit intermediaries
In addition to complete address and personal data, the application form also asks for the address of the employer and details of the employment relationship (temporary / permanent, start of employment). Information on net income, existing maintenance obligations, existing liabilities and possible garnishment of wages must also be provided.
The application must be accompanied by the last two original wage slips and the corresponding bank statements, a two-sided copy of the ID card and a copy of the electronic wage tax card or the December wage slip.
You can choose whether the payment is in favor of your checking account or postable. Processing usually takes 10-14 working days. In addition to the application form, an agreement between the borrower and the credit intermediary must be completed – this ensures that the intermediary secures a commission if the loan is successfully brokered.
The credit intermediary receives this from the lending bank – the commission is therefore already included in the later credit installments. If there is no successful mediation, there is no commission – the application itself is always free of charge for consumers.
Recognize Reputable Credit Brokers: Tips for Searching the Internet
It is highly recommended that you submit your Swiss loan application directly to an established and reputable credit broker. Save yourself the search with relevant keywords at Google & Co.: Firstly, you will not receive the loan if you apply directly to one of the banks abroad at any more favorable terms. Secondly, a direct application does not lead to a reduction in the processing time, since the processes between the banks and their main intermediaries are standardized, while individual direct inquiries have to be processed much more laboriously. For example, German brokers check incoming applications for loans without Credit Bureau e.g. B. before forwarding to the banks for plausibility.
Discrete loan application: house bank and Credit Bureau learn nothing
Thirdly – and this is the most important point – when you search for Swiss loans via relevant search engines, you run the risk of getting into dubious providers. These are usually not real brokers, but only interested in preliminary costs or your address data. The dubious providers try to sell you insurance, “financial restructuring” etc., but do not help you in your search for a Credit Bureau-free loan.
Reputable brokers, such as Bon-Kredit, Maxda or Creditolo, either tell you directly on the website or at the latest when you make your first request what requirements are required for the loan application and specify the minimum income and the requirements regarding employment status, etc. You will be informed very quickly of acceptance criteria. No insurance is sold and no fees are charged for inclusion in a database, brokering, postage, etc.
Swiss loans promise discretion – and keep that promise. As part of the application, the bank and intermediaries do not request any information from Credit Bureau or other credit agencies. Borrowing also does not result in a report to “Wiesbaden”. As a result, the house bank will not find out about the new loan – at least if the payment is made in cash by the postman.
In this case, the current monthly installments – the first is usually due in the month after next after payment – should be paid by payment slip. At any bank, you pay cash directly into the foreign bank’s account. The credit installments will then not appear on your bank statements – neither your house bank nor other third parties will find out afterwards that you have applied for a Swiss loan.
Loans over $ 3,500 or $ 5,000
Swiss loans are a market niche: the acceptance criteria differ significantly from those in conventional (German) lending business. The special nature of this niche market limits the options a little: You can choose between loan amounts of $ 3,500 or $ 5,000, the term is in any case 40 months.
Interest and principal as well as all other costs are already included in the installments. The monthly installment is either around $ 105 or $ 150 depending on the loan amount chosen, the effective interest rate is around 11.15% (as of December 2015), roughly at the level of an average overdraft facility.
Swiss loans, like any installment loan, can be canceled early and repaid if necessary. In this case, you have to expect a prepayment penalty for the loan. As a rule, you do not have to take a notice period into account, even if all of the loans do not fall under the requirements of the EU consumer credit directive. B. Liechtenstein and Switzerland are not members of the EU.
Apply for Swiss credit when canceling your account
Swiss loans are sometimes drawn out of a tight financial situation – the bank often threatens to terminate an overdrafting current account. If the account is not settled within the set period or until the account is actually deleted, a notification to Credit Bureau is imminent. Foreign loans can help avert such damage.
However, it is important to note that the application for a loan requires a current account – if the account has already been terminated, a new one must first be opened and used as a salary account. You can only apply for a loan once 2-3 new monthly salary payments have been received in the new account. It is therefore advisable to act quickly in the event of a “critical” overdraft.
In principle, Swiss loans can still be applied for if the bank threatens to terminate the account – it usually takes 3-6 weeks from the first reminder to the actual termination. The application process, including payment, is usually completed within 10-14 working days. The threatening account termination does not necessarily have to be specified in the loan application, but the existing overdraft does.
Apply for Swiss credit and delete negative Credit Bureau entries
If – for whatever reason – there is a negative Credit Bureau entry, you will generally no longer receive any credit from German banks with which you can settle the outstanding claim of the Credit Bureau contract partner. In principle, you should get undisputed negative entries to be dealt with as quickly as possible, since the three-year storage period begins only after the claim has been fully settled: For most facts, Credit Bureau is guided by the general limitation periods of German law.
For some years now, however, shorter storage periods have been in place for some of the newly reported negative characteristics, which can be used in combination with a Swiss loan to be processed quickly. Credit Bureau will immediately delete any entries that have been notified after July 1st, 2012 if the claim amount does not exceed $ 2,000, the claim is not titled and the entire amount reported is paid in full within six weeks.
A Swiss loan can open the door to quick deletion : if the other requirements for an application are met, newly reported negative features do not prevent the granting of credit, as long as these have only been reported to Credit Bureau and not to public directories.
Apply for Swiss credit for the second time
If you have already applied for a Swiss loan in the past and repaid the loan on time, you can expect (limited) preferential treatment when you reapply. Borrowers who are already known can often apply for higher loan amounts than new customers – provided income relationships allow it.