- BenutzernameMoneyland User Questions
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- Registriert seit1/27/17
- Beiträge2142
March 27, 2017, 12:34:02 PM
I hear that in Switzerland you can repay loans early and save a lot of money. Is this accurate?
Early loan repayment
Here you will find the right answers
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- BenutzernameMoneyguru von moneyland.ch
- OrtSchweiz
- Status Expert
- Registriert seit8/4/15
- Beiträge4002
March 30, 2017, 3:37:44 PM
Greetings,
Swiss personal loans which fall under consumer credit laws (CHF 500 - CHF 80,000) can be repaid in full at any time and terminated without the lender paying a penalty. You can also make additional repayments at any time to repay your debt ahead of schedule.
Repaying loans as quickly as possible can save you a lot of money because interest is charged based on both the remaining debt and the amount of time over which you carry the debt.
Unfortunately, Swiss lenders do not use a standard formula when calculating your remaining debt because consumer credit laws leave a certain amount of room for individual interpretation.
The moneyland.ch early loan settlement calculator uses the most plausible debt calculation standard.
Best regards from Moneyguru
More on this topic:
Personal loans: Repaying loans ahead of schedule
How to get out of debt fast
Refinancing loans: A basic guide
