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A line of credit

Blog | Credit

What is a line of credit?

A line of credit is a term designating any loan accorded by a bank (or any financial institution) to:

  • Individuals: in that case, we’ll talk more likely of a personal loan rather than a line of credit.
  • Business: a business loan can be granted either to big companies or small business, and even to independants.

Interest rate

In Switzerland, the interest rate of a line of credit is not always the same as in other countries. For a personal loan, the interest rate vary depending on the budget of the borrower. Generally, this rate vary from 7.9% to 14.5%, but most loans are obtained with an interest rate of 12.5%. The interest rate is fix during the whole line of credit, and so are the monthly reimbursments. For example:

  • A 10,000 Chf loan over 24 months, with an interest rate ot 11.9%
  • You’ll pay 470 Chf / month over 2 years
  • The total interest cost will be of 1,280 Chf

Need a line of credit?

In Switzerland, you don’t have to justify the reason why you are requesting a line of credit. That mean you can apply for a loan whathever your project is: new car, holidays, paying a bill, … If you need a personal loan, do not hesitate to apply for a line of credit towards our partner CreditLoan.

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