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I applied for a loan and was rejected by the bank. What should I do now? Can I still get a loan at another Swiss bank?
Greetings.
There are many different factors which could have led to your loan application being rejected:
A) You have a negative entry on your ZEK credit record.
Effect: Whether or not this affects your ability to get a loan depends on what entries are recorded and how they are scored. You have the right to request a copy of your credit report from ZEK. Certain ZEK scores (such as those indicating that you have defaulted on loan repayments) make you uneligible to receive loans.
B) You do not meet issuer-specific criteria like age requirements, place of residence, residence status, income requirements, etc. You may have asked for too large a loan. You may be too young (below 18) or too old (already retired). You can find an overview of criteria here.
Effect: Whether you can get a loan from another lender will depend on the exact criteria you failed to meet. If you do not meet basic requirements like age, income or residence requirements, you will not likely be approved for a loan from any reputable lender. The unbiased personal loan comparison on moneyland.ch includes all key requirements. If loans included in the comparison do not match your situation, you will not normally be approved for those loans.
C) You have negative entries on unofficial credit records, such as those maintained by debt collectors like Intrum Justitia.
Effect: How this affects your ability to get loans depends on what information is recorded. In some cases, creditors can withdraw entries they have made if they so choose. You can ask your creditors to have entries removed after settling your debts or reaching an agreement.
The problem: Being rejected for a loan adds a negative entry to your ZEK credit record. Avoid applying for loans unless you are confident that you meet criteria.
If you have more detailed questions about your personal situation, feel free to send them by email (info"at"moneyland.ch). Anonymous emails are also accepted.
Best regards from Moneyguru
More information:
Personal loan comparison
Personal loans: Criteria for approval
