Applying for a Loan in Switzerland: The Checklist

Are you planning to apply for a Swiss personal loan? This moneyland.ch guide lists the steps you should take before and during the loan application process.

1. Make sure you fulfill the basic requirements

Before you dedicate any time and effort towards getting a loan, you should make sure that you meet the basic, general requirements for Swiss personal loans.

• You are between 18 and 64 years old.
• You live in Switzerland.
• You are a Swiss citizen, or you have a Swiss B or C residence permit. Many Swiss lenders only accept a B permit if you have lived in Switzerland for at least one year. Some Swiss lenders generally do not give loans to people with B permits.
• You have a Swiss bank account.
• You are employed on a permanent basis.
• You do not have any open certificates of loss from personal bankruptcies.

2. Check your credit scores

When you apply for a loan, Swiss lenders check your credit score from at least one Swiss credit bureau. Credit bureaus are required to give you a credit report upon request.

Check whether your credit report has any negative entries, or if your credit scores are poor. Normally, you will not be approved for a loan if your ZEK statement shows one of these codes: 04, 05, 22, and 23. There are some lenders that may grant you a loan with the codes 03 or 21. You also will not get a loan if your Crif credit score is less than 350, or if your Intrum credit score begins with the letters D or E.

The guide to Swiss credit scores explains how to request your credit report and what the different credit scores mean.

3. Check your debt collection register statement

Many Swiss lenders require you to submit a recent debt collection register statement along with your loan application. You can get this statement from your regional debt collection office, for a fee. Many debt collection offices let you apply for statements using the online Easygov service.

If you have changed municipalities in the past two years, you have to get a statement from your former debt collection office as well. Lenders generally require you to submit statements that are not more than three months old.

Do not apply for a loan if your debt collection statement has a negative entry. You can find more information in the guide to debt collection in Switzerland.

4. Prepare salary statements for the last three months

Swiss lenders normally require you to submit salary slips for the last three months along with your loan application. If you do not receive salary slips, or have not kept them, you will need to get these from your employer.

Swiss lenders will only give you a loan if you have a steady income. Some lenders will contact your employer to inquire about your salary if your salary statements show any irregularities. Ideally, you should wait on applying for a loan until you have received the same steady salary for at least three months.

5. Prepare the necessary documents

These documents may be required by lenders:

• Salary statements for the past three months.
• A current statement from the debt collection register.
• A current ZEK statement.
• A certified copy of your passport or ID, or your Swiss residence permit. You can make a certified copy at the counters of SBB/CFF train station offices that offer money-changing services for 18 francs. Swiss post offices offer this service for 25 francs. Make sure to account for these costs when calculating the total cost of your loan. If you have the option of using online identification or applying for the loan in a branch office, then submitting a certified copy of your identification document is not necessary.
• The rental contract for your home (and/or mortgage agreements, if you own property).
• Leasing agreements.
• Insurance policies.
• Breakdown of alimony payments.
• Ruling on separation from a partner.
• Ruling on divorce from a partner.
• Current credit card statements.
• Loan statements for existing loans.
• Contracts with educational institutions (school fees for dependent children, for example).
• Additional documents that verify any other ongoing payment obligations.

Depending on the lender and your situation, you may not need to submit all of these documents. But preparing as many of the relevant documents in advance will help you avoid stress during the loan application process.

6. Compare personal loans

After you have made sure that you are eligible to get a personal loan, and prepared the necessary documents, the next step is to compare loan offers. The interactive personal loan comparison on moneyland.ch provides a good overview of all Swiss loan offers, and shows you the minimum and maximum possible interest rates for each.

7. Review your final loan offer

Once your loan application has been approved, you have a 14-day waiting period during which you can cancel the loan without any penalties.

You only find out which actual interest rate applies to your loan after the loan has been approved. If the interest rate you get is so unfavorable that the loan is no longer worth it, then you should make sure to cancel the loan within 14 days. That also applies if your financial situation has changed and you no longer need the loan.

At the end of the 14-day waiting period, the loan will be paid out to you. From that point on, the terms and conditions of the loan agreement will apply. If you choose to repay the loan early after that point, the lender may charge you a fee for the closing statement.

More on this topic:
How to get the cheapest loan
Compare Swiss personal loans now
Swiss debt capacity requirements explained