Swiss loans are mostly the loans without Credit Bureau paid out by Swiss banks to German borrowers. In a broader sense, of course, every loan paid out by a federal bank is a Swiss loan.
The classic Swiss loan and the limited payment amount
Only a few financial institutions pay out a Swiss loan of more than 3500 USD as a classic Credit Bureau-free loan. The main reason for the limitation of the loan amount is the reduced credit security, since the bank has no information about the borrower’s previous payment behavior and assumes that the borrower is applying for a loan in Switzerland because of a bad Credit Bureau.
If a Swiss loan requires more than 3500 USD, the number of possible credit banks is reduced significantly, since only a few of them have set the maximum amount to 5000 USD. With some Swiss financial institutions, loan amounts of more than 3500 USD are available if the borrower provides an additional guarantor. In this case, the guarantor, like the actual borrower, must have a sufficiently high income, and at the same time he must not be self-employed or self-employed at most Swiss banks.
Consumers often assume that if they take out more than one loan in Switzerland, they can raise more than 3,500 USD because there is no Credit Bureau request. This assumption does not apply due to the notification of all loans applied for in Switzerland to the Swiss credit protection agency ZEK. There is no currency risk with classic Swiss loans without Credit Bureau, as the settlement is carried out in USD.
In addition to the Credit Bureau-free loans advertised intensively by some Swiss banks, consumers in Switzerland can also take out car loans, construction finance and foreign currency loans. In this case too, the Swiss bank cannot make a Credit Bureau request because of the non-membership, but the freedom from Credit Bureau can be avoided by cooperating with a German credit broker.
In any case, the decisive factor for building loans in Switzerland is not the fact that they are free of Credit Bureau, but rather the combination of a favorable interest rate and the possibility of refinancing part of the loan amount due to exchange rate fluctuations. A federal real estate loan is of course a Swiss loan of more than 3,500 USD, which the bank has secured in a manner similar to a German financial institution through a real estate mortgage.
Even with a car loan, Swiss banks award amounts greater than 3,500 USD and, like any German bank, have the vehicle registration document handed out until the loan is repaid. In contrast to the predominantly advertised Credit Bureau-free loans from Switzerland, construction loans and partially car loans are not processed via a German account of the federal credit institution, so that additional bank charges are incurred.