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The Swiss Consumer Credit Act applies to loans granted to private individuals of between CHF 500 and CHF 80,000. The repayment period must be at least three months. Even if you agree on longer terms, the Swiss Consumer Credit Act requires you to be able to repay the credit amount within 36 months, whereby only the interest during that 36-month term is taken into account. In addition to these framework conditions, the amount of the loan always depends on your personal budget and your financial situation in general.
Solvency is the financial latitude or discretionary amount in your budget that you can use to make monthly repayments. Information about your net income, housing costs, and the amount of your health insurance premiums will be requested to determine whether you can afford to take out a loan. Of course, in addition to the amount of the loan, the agreed interest rate also plays a role. Within the scope of the Swiss Consumer Credit Act, the interest rate in Switzerland must not currently exceed 11 %. The amount of interest and costs depend on your calculated creditworthiness. In addition, it is generally not possible to take out a loan in Switzerland if your net income is less than CHF 2,500 per month.
You can calculate the amount of your personal loan without obligation using our quick finance check. In order to carry out this calculation, we need details about your civil status, monthly income, and other financial information.
Yes, a personal loan application will be rejected if, among other reasons, the amount of the loan applied for exceeds your solvency. In addition, poor creditworthiness can be a reason for a personal loan application being rejected. In this case, you must first try to improve your creditworthiness before you can take out a new loan. A loan application will be declined in Switzerland in the case of current debt enforcement proceedings, certificates of shortfall or seizures.
