Microcredits Switzerland

Microcredits made easy A small loan is a small loan. The structure of a small loan may vary depending on the state, type of loan and service provider. In Switzerland, microloans in practice usually mean several thousand francs. Micro-loans below CHF 500 are not subject to the Consumer Credit Act (KKG) and are therefore not subject to the provisions of a maximum interest rate.

So-called “Kokofi loans”, which are not subject to the Consumer Credit Law due to a small amount or a very short-term deadline, are regularly due to their higher interest rates? An independent reconciliation is also useful for micro-loans, as the interest rate differentials from provider to provider can be significant.

Small Credit Switzerland comparative experience

The largest, free and independent credit comparison in Switzerland includes all well-known and relevant lenders (but not the pure credit intermediaries). In the comparison, you can see which microloans are eligible for your requirements and how much they cost. You can also enter the desired loan amount in the reconciliation – only lenders are issued who grant a loan for this value.

Microcredits with an amount between CHF 500 and CHF 80,000, which fall under the Consumer Credit Act, may currently not exceed 10% of the effective interest rate. Creditworthiness is better, the cheaper the loan. However, the minimum amount of a loan can vary depending on the lender and loan.

For some providers, such as Cembra Money Bank, the smallest possible loan amount is CHF 500, for others, such as Migros Bank and Bob Money, CHF 1000, for others, such as. Loan and CreditGate24 are valued at CHF 5,000 and for certain mortgage loans from the bank at CHF 10,000. Unfortunately, there are also many dubious websites with a Swiss domain (.ch) that are operated from abroad and thus do not comply with the Consumer Credit Act.

It is therefore imperative that you contact the official Swiss lenders, which are also listed in the credit rating comparison.

Small credit at the Kokofi: “Not recommended”.

The two cases mentioned make it clear that such loans do not pay off because the interest rates are far too high. The earlier the repayment amount is repaid, the lower the interest rate. But usually a loan is taken because they do not have it. It is aimed at people who have little capital, pay over several months and thus obtain a higher interest rate.

Three other aspects are to be considered, which are often only seen in the small print in the General Conditions (GTC) or only in the right: 7 days right of withdrawal: Do you regret that you have a cash loan agreement? This cancellation policy also exists if the organizer asserts that it is not included in the terms and conditions. Interest ceiling: The interest rate for cash loans may not exceed 15%.

However, the three provisions of the Consumer Credit Act do not apply if a loan is repaid within three months. Otherwise: If one of the three aforementioned regulations is disregarded, the purchase contract is ineffective and the credit note must be withdrawn by the offeror without interest. Conclusion: When you go for microloans, you usually have a financial problem that you should fix in other ways.

It is much more pleasant if you fulfill a dream, if you have saved the necessary change yourself.

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