Criticism of the instant loan
The promotion of instant loans promised a lot, the reality could hold little. According to the credit industry's self-regulation agreement, the advertisement associated with such a loan offer that the loan would be granted very quickly but without a detailed examination of the applicant's creditworthiness. The advertising was classified as misleading. On top of that, a normal consumer loan is loud Consumer Credit Act must be between 500 and 80,000 Swiss francs, it must also be issued by credit institutions or financial service providers and have a term of at least three months.
In Switzerland, however, instant loans always turn out to be tempting offers that banks only want to use to catch customers. The providers are often companies with dubious focus, they are not checked or licensed. In addition, it was very often advertised with an instant loan, although it could not really be granted.
Recognize dubious offers
Providers of instant loans often sound full-bodied that they could grant a loan within a few minutes. But there are a few points where you can tell whether it is a serious offer or not:
- Pay attention to terminology: instant or instant loans are always dubious
- To promise that the money will be in the account after a few minutes
- strikingly bad language, spelling and grammatical errors in the offers
- Address outside Switzerland or not given at all
- missing references to debt advice or central office for credit information
- ?Error? in your own advertising: warning of dubious providers (but these providers are managed themselves on the sites mentioned) or notice that no loans are being granted, but other sites are promoting an instant loan
Advance loan applications possible
Of course, processing loan applications can also be particularly quick. All professional service providers have the option of preferring credit checks, making the processing of applications much faster. The applicant himself can also help to speed up the processing of his application. For example, it is possible to submit the necessary documents with the application so that no additional requests are necessary. The banks themselves decide on the duration of the processing and, if the applicant has given a positive check, can pay out the requested money immediately after a waiting period.
It doesn't have to be an instant loan
An instant loan with all its (empty) promises certainly sounds tempting, but it's not legal. In Switzerland, however, you will still receive a consumer loan within 14 days. With certified providers, you can be sure that everything is going well and that the agreed conditions are actually being met. In addition, you can exercise your 14-day right of withdrawal for a regular loan and, together with the waiting period, you have enough opportunity to rethink any major purchases that you have suddenly considered.
Conclusion
Never prematurely close an apparently lucrative loan offer, because an instant loan is illegal in any case! There are many other alternatives that are much more sensible and, above all, legally secure. Now the offer for credit comparison use and save money!
Source: comparis.ch
