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Credit union in Switzerland

Blog | Credit

What is a credit union?

The term “credit union” generally refers to the idea of a financial cooperative founded by a group of people for the same group of people. Thus, a credit union can it be for example an organization created by the employees of a large company, whose services are reserved for those employees. Thus, one of the first credit union was it created by and for the employees of Walt Disney.

What services are offered?

The range of services offered by these cooperatives is typically placed in the field of financial services. It must be understood that the services offered by a credit union are reserved for members of the cooperative, who are also depositors, borrowers and shareholders. There is therefore no profit, and financial services such as loans can be obtained very favorable terms. For this reason, people are aware of the existence of these cooperatives often looking if there is a credit union in Switzerland.

Credit Union in Switzerland?

Unfortunately, these credit union do not exist in Switzerland. Indeed, the credit market is highly regulated, and it does not allow the formation of such organizations. For an individual, it is not possible to obtain a loan from a credit union in Switzerland.

Are there alternatives?

The best alternative to the credit union in Switzerland is to call on a broker. The latter will usually offer, in effect, loans at more attractive than going directly to a bank. Our partner Creditloan can be considered as a good alternative to a credit union in Switzerland.