The cost of getting a loan in Switzerland varies widely between lenders and individual loan offers. The specific terms, interest rates, repayment schedules, and eligibility criteria for loans in Switzerland vary depending on the lender and the type of loan being sought. This is why comparing loans is crucial to getting the best deal. But comparing interest rates is just the first step. Applying and getting approved for a loan is more difficult. Lenders each use their own criteria to determine whether or not you are eligible for a loan.
The poorer your creditworthiness, the more you can expect to pay for loans. The rule of thumb is: The higher the maximum advertised interest rate of a loan offer, the higher the chance of your being approved for the loan. When looking for a loan, your priority should be finding the lowest interest rate for loans that match your creditworthiness.
Best Loans in Switzerland 2024
The most popular online loans in Switzerland are Multicredit Loans, Best Finance Loans, UBS Loans, Post Finance, LEND Loan, Credit Conseil, Milenia Loans and BOB Loans. These lending apps and loans in Switzerland offer the best reasonable comparison and competitive interest rates and once approved, you can get your loan deposited into your account same business day.
1. MultiCredit
Multicredit is one of the best personal and business loans in Switzerland, and they are regarded as the leading personal credit specialist since 1999. With Multicredit, you can enjoy a fast and efficient lending service, along with access to a loan at the most favorable interest rate.
The platform negotiates the best loan offer for you, with loan amounts ranging from CHF 3,000 to 400,000. The repayment term is flexible, ranging from 6 to 84 months, and prepayment is possible at any time with interest reduction. They also offer services such as loan buyback, consolidation of loans, leasing, and credit card balance transfers.
2. Best Finance
If you require one of the best online credit expert Switzerland where you can access loan from 5000 to CHF 300’000 with fair loan conditions from a Certified Swiss financial service provider, then Best Finance is your good option. The platform loan offer comprehensive information and transparency throughout the process. They also have the expertise and credibility to meet your lending needs.
You can obtain a loan ranging from CHF 5,000 to 300,000, with flexible repayment terms of 12 to 120 months. They also provide insurance coverage tailored to your requirements.
3. UBS Loans
USB loans is one of the best fastest platforms offering fast online loans in Switzerland typically for business financing opportunities so you can have access to money to expand your productive capacity. The business loans let you safeguard liquidity in the value creation phase between purchase and sale. You can also use them to pre-finance goods and offset seasonal fluctuations.
USB offers individuals and businesses access to online loan of up to CHF 20,000 and working capital finance of CHF 5,000 to CHF 20,000. You can simply apply online in 5 minutes, all you need is your two most recent annual financial statements
4. PostFinance
PostFinance is another top spot on our list of the best loans in Switzerland, that can help you access quick cash funding if you are planning further education, want to pay for your home rentals or you need a new car. Whatever your plans, this reputable lending institution support you unfailingly and at fair conditions.
PostFinance offers online applications loan amounts ranging from CHF 1,000 to CHF 80,000 with flexible repayment terms spanning from 6 to 84 months and interest rates ranging from 4.90% to 8.90%. The platform also allows early repayment and special repayment options. Moreover, they offer the choice of coverage in case of involuntary unemployment, ensuring comprehensive support for borrowers.
5. LEND Loan
LEND loan stands out as a remarkable loan app in Switzerland. The platform’s user-friendly loan calculator allows you to easily determine the desired loan amount and provides an estimate of the monthly repayment range. The actual monthly rate is subject to factors such as your credit score, loan period, and other considerations.
LEND Loan offers a loan amount of CHF 10,000 with a term of 12 months. They provide insurance options and offer competitive interest rates ranging from 4.50% to 10.95%. With Lend Loan, you can expect monthly rates in the range of 881 to 904 CHF.
6. Credit Conseil
Credit Conseil is yet another reputable provider of personal and business loans in Switzerland, offering an attractive interest rate from 4.9% to 9.95%. With Credit Conseil, you can borrow an amount between 5,000 and 250,000 CHF, and enjoy a flexible repayment period spanning from 6 to 120 months. There are no administration fees involved. The application process involves three simple steps: filling out a form, communicating via telephone or post/fax, and submitting the required documents. After a thorough credit rating evaluation, you can expect a final response within 24 hours.
7. Milenia
Milenia is a reputable provider of fast loans in Switzerland. Their streamlined online process allows you to make your loan request in under 3 minutes, and they take care of the entire process at no extra cost. There’s no need to visit their offices unless you prefer to do so. They are the leading financing platform in Switzerland. They offer competitive rates and the option to borrow up to 100,000 CHF, with interest rates ranging from 4.5% to 10.95%. You can select a repayment period spanning from 6 to 120 months, ensuring you choose the solution that best aligns with your needs.
8. Bob Credit
Bob Credit is yet another very reputable loan in Switzerland offering fully online private and personal loan with low interest. To obtain a loan, simply fill out the application form with your desired amount and repayment term. Based on this information, they will calculate your monthly installments.
The platform offers loan amount from CHF 1,000 to CHF 80,000, featuring attractive low interest rates. Your repayment period will span from six to 120 months. After submitting your application, you will receive a provisional decision promptly.
What are the criteria for obtaining fast loans in Switzerland?
Swiss lenders have a fairly long list of criteria that you will have to meet in order to show that you are good for the money. If you don’t meet these criteria, you will not be approved for loans in Switzerland. Some of these include:
- Age: You have to be at least 18-years-old to be approved for a loan. Many lenders also have a maximum age limit for borrowers.
- Country of residence: As a rule, Swiss lenders only provide loans to applicants who live in Switzerland. Some lenders also accept applicants who are residents of Liechtenstein.
- Canton of residence: Some cantonal Banks require that you live (or work) in the canton which they service.
- Residence permit: If you are not a Swiss citizen, your eligibility for a loan will depend on the type of residence permit you hold. Permanent residents (class C permit) are generally eligible. Loan applications from residents with a class B permit may not always be accepted, or additional criteria may be required. Only a handful of lenders provide loans to cross-border workers (class G permit).
- Bank account: Some banks only give loans to their account holders.
- Loan amount: Each lender has its own minimum loan size and maximum loan size criteria.
- Loan terms: Each lender has its own limits on minimum and maximum loan terms. Depending on what loan term you need, you will have more or less loan offers to choose from.
- Reason for getting a loan: Some lenders limit the purposes for which loans can be used. For example, certain lenders may only accept applications for loans which will be used to finance a car or a home, or use lower interest rates for these loans.
- Employment status: You will have to prove that you are employed on an unlimited and ongoing basis. As a rule, you should not apply for a loan during a probationary employment period. You will have to include at least 3 salary slips in your application. Some loan offers are also available to self-employed individuals, and some are accessible for employees with temporary employment contracts.
- Type of loan: Some offers only apply to new loans and not to loan refinancing.
- Minimum income: Many loan offers have minimum income requirements. The moneyland.ch personal loan comparison only shows loans for which you are eligible.
What does the Swiss Consumer Credit Act says about Obtaining Loans in Switzerland?
When it comes to taking out loans in Switzerland, there are strict rules that are subject to the provisions of the Consumer Credit Act. The primary objective is to protect the consumer from excessive debt.
If the loan repayments are not within their monthly budget – which is drawn up and calculated in accordance with the statutory requirements – and there is a risk of excessive debt, loans cannot be granted to private individuals. This is defined in the Swiss Consumer Credit Act. In addition, the law states that the budget must show clearly that the individual is in a position to repay the loan amount as well as the interest due within 36 months. This also applies if a longer term has been agreed.
Best Loan Apps in Switzerland
Best loan apps in Switzerland are the top-rated mobile applications or digital platforms available in Switzerland that provide convenient and efficient services for individuals seeking loans. These loan apps are characterized by features such as user-friendly interfaces, streamlined application processes, competitive interest rates, flexible repayment terms, quick approvals, and secure transactions.
Loan Apps in Switzerland for Foreigners
Loan apps in Switzerland for foreigners refer to mobile applications or digital platforms specifically designed to provide loan services to individuals who are not Swiss citizens. These apps cater to foreigners residing in Switzerland and offer them the convenience of accessing loans through a digital platform. These loan apps typically consider factors such as the applicant’s residence permit status, employment stability, income level, and other eligibility criteria specific to foreigners.
What is Switzerland Loan Interest Rate?
Interest Rate in Switzerland remained unchanged at 1.5 % in May 2023. The maximum level was 3.5 % and minimum was -0.75 %. Data published Monthly by Central Bank.
Conclusion
Your ratio of expenses in relation to your income will have a decisive impact on whether your application for loan in Switzerland will be approved or rejected. If your average expenses are high in relation to your income, your loan application most likely will not be approved. The reason for this is that if your expenses are high in relation to your income, unexpected expenses can easily result in your being unable to meet your loan repayments.
These top loan apps and lending platforms in Switzerland reviewed above offer reasonable and diverse loan options, including personal loans, mortgages, car loans, and student loans. The terms, interest rates, repayment schedules, and eligibility criteria may vary among lenders and loan types. However the above review should be able to provide some guide as to which loan type or category will best serve your interest.
