Swiss loans can be found primarily on the Internet: they are sold through credit agencies, but were originally offered by banks from Austria, Switzerland, Belgium and sometimes also Spain. Swiss loans are very special loans that are aimed at German customers who have not received a loan approval from banks in Germany.
For Swiss loans, Credit Bureau information is not obtained to check the creditworthiness because the lending bank is located abroad – but that does not mean that the credit institution does not check the applicant’s creditworthiness, on the contrary. Rather, the requirements that banks place on customers are higher than for loans from which the banks obtain Credit Bureau information.
First of all, the group of people that is theoretically intended for Swiss loans is very limited: only employees or white-collar workers and civil servants can avail themselves of these special loans; in principle, the self-employed or freelancers, schoolchildren, students, trainees, pensioners and unemployed are excluded. In addition, employees have to show a certain level of salary: only those who can manage the loan installments in addition to their normal expenses will ultimately receive a loan approval.
Loan amount and repayment
The amount of credit is generally very limited for Swiss loans: normally the maximum amount is $ 3,500 per borrower, whereby couples can apply for two Swiss loans, one that runs on the husband and the other that runs on the wife. More than $ 7,000 is therefore not possible per household and only then if both spouses meet the requirements, i.e.: are not older than 55 or 57, have a sufficiently high income and have no debts in Switzerland.
It is rumored that Swiss loans have a higher interest rate than loans from German banks – Credit Bureau-free loans are only made more expensive by the commissions and fees of the loan agencies, which earn well with the lending. If you do not get a loan in Germany due to negative Credit Bureau information, you can look for a Swiss loan, but you must be aware that the loan amount is usually not even enough to buy a car, let alone for building finance.