En Switzerland, the conditions to get a cash credit are quite strict and dictated directly by the federal law. Basically, in order to benefit from a cash credit, you must at least:
Work in Switzerland since at least 3 months
Own a Swiss ID card or a Swiss working permit
Earn at least 2,900 Chf
How to get an offer?
Basically, if you are looking for a cash credit, whatever your project is, you have two possibilities: asking directly to a bank, or ask a loan broker. If applying to a bank is a more direct solution, is is, actually, not the best one. Actually, using a broker for your cash credit will allow you:
To benefit from a professional advice
To simplify the procedures and administrative taks (the broker will take those one in charge)
To benefit, generally (and that’s why it is important to find the good partner), from a lower interest rate
What can you expect?
It is important to understand that, in Switzerland, loans don’t always work like in other countries. Here are the main specificity you should expect when applying to a cash credit:
Interest rate: this one depends on your situation and is fix. Generally from 8.9% to 13.9%.
Loan conditions: the amount and duration is up to you: from 2,000 to 80,000 (sometimes 250,000) Chf, and from 12 to 72 months. It is not possible to take a loan for a longer duration.
Legal delay: one your cash credit contract signed, there is a 7 days legal delay. That mean you cant receive your money before this delay runs out.
Also, if interested by a cash credit, you should know that is is possible to apply online and receive a free non-binding quote. Check our partner’s page to learn more.