Can I Get a Loan in Switzerland With a New Job Contract and a B Permit?

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  • BenutzernameMoneyland User Questions
  • Status Member
  • Registriert seit1/27/17
  • Beiträge2142

Good evening,

I recently moved to Switzerland (I am German) and I am staying here on a tourist visa while I look for a job. When I find a job I can get a B residence permit.

I would like to know what my options are for getting a loan shortly after I begin working. Which lenders (including peer to peer lenders) would give me a loan if i have a guaranteed income of 2500-3000 Swiss francs per month?

What would happen if I were to quit my job after getting the loan (if the job sucks, for example) and become unemployed for a time. Would the lender be able to adjust the loan or even terminate it if I keep makingthe monthly repayments?

  • BenutzernameMoneyguru von
  • OrtSchweiz
  • Status Expert
  • Registriert seit8/4/15
  • Beiträge4016

Hi there,

Swiss lenders generally require that you have steady employment and residence in Switzerland (ideally a B or C permit) in order to get a loan. It is also customary for lenders to require that you live in Switzerland for 1 year or more in order to build a credit history before they provide you with a loan. However, the exact terms and conditions vary between lenders and also depend on your individual situation.

Whether you keep your job or not after obtaining the loan, you will be required to make your loan repayments on time or risk having a debt collection case being opened against you. In Switzerland you have the right to repay personal loans in full at any point throughout the loan term without any penalties.

Many Swiss lenders offer loan repayment insurance when you apply for loans. This insurance covers your loan repayments if you become unemployed, but the premiums add a significant cost so you should carefully consider whether you need this insurance before you take it out.

Best regards from Moneyguru

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