Not a member of the Central Credit Information Office
The consumer credit information office (IKO) records the consumer loans granted in Switzerland, and since April 2019 so-called peer-to-peer loans have also been covered by the consumer credit law and must be managed accordingly. Reputable providers are members of the central office for credit information, where all loans are recorded. If a person makes a new loan application, a credit check is carried out, for which it is important to have a look at the ZEK lists. If a bank violates this rule, this can have legal consequences. If you want to grant loans without a credit check, you are not serious.
Get a loan despite debt enforcement
Untrustworthy providers do not keep the borrowers in mind. Therefore, you also advertise Credit despite debt enforcement and thus target people who are in financial need. A reputable provider will always want to avoid over-indebtedness of the borrowers and always checks the applicants' creditworthiness. It applies to both current and completed debt enforcement that they can represent an exclusion criterion. The creditworthiness is always negatively influenced. Anyone who claims otherwise as a credit provider is not serious!
The fee trap
The law stipulates that all fees associated with lending must be included in the APR. However, the consumer credit law stipulates that fees for reminders, prepayment fees or costs for address research may be passed on to the borrower. Not more! Only dubious providers charge additional fees.
The instant credit trap
An instant loan is supposed to provide quick help in financial emergencies. But that is not allowed! Offers for instant or urgent loans almost always come from dubious providers, especially since the term? Instant loan? must not be used. The consumer credit law requires a waiting period of 14 days before a loan can be paid out. Instant loans, on the other hand, advertise with the payment within a few minutes. Exceptions only apply to loans that are not covered by the consumer credit law (for example, for amounts higher than 80,000 Swiss francs or for a shorter term than three months).
Debt restructuring as a point of contact
Debtors are advisors and not credit institutions or financial service providers, although there are of course serious providers among them. A financial restructuring does not mean a loan, but only the processing of debts. The money for this is paid to the company in question, which works for a fee.
In summary: How to recognize our loan providers
The following list summarizes the most important tips:
- Check the warning list of the Swiss Financial Market Authority for the name of the provider.
- Check to see if it is a loan provider at all and not just a debt redeveloper.
- Check the advertising for its terms (instant credit, short-term payment, etc.) and pay attention to the language choice of the provider.
- Check the offer for hidden fees.
- Go to debt counseling instead of credit intermediary if you are in financial difficulties.
- Check whether the provider is a ZEK member.
- Check where the company is based. Don't just look for the abbreviation? Ch? in the web address, because it can still be a mailbox company.
Are you looking for a reputable personal loan? You can choose the personal loan you want in Search credit comparison and always rely on reputable providers!
Source: comparis.ch
