Monthly Archives: December 2019

Loans for cross-border workers: some explanations

Since the SNB abandoned the floor rate, making a loan in Switzerland as a cross-border worker has never been so advantageous! What rate to expect, and where to find the best offer?

Why a loan in Switzerland?

As a cross-border worker, borrowing from Swiss banks already has an advantage in terms of security. As the repayment of the cross-border loan is made in USD, ie the same currency as your salary, you have no risk linked to a disadvantageous future USD / Euro exchange rate. Then, the loan in USD being contracted with Swiss banks, you benefit from immediate advantages linked to Swiss banking security:

  • Greater security.
  • A greater guarantee of confidentiality of your data.

Interest rate

Interest rate

In the case of a loan in Switzerland, the interest rate for private loans varies according to each one’s own situation and the risk incurred by the bank. In other words, if your situation is deemed healthy, the proposed interest rate will be low. However, cross-border workers generally benefit from a stable situation in Switzerland, and a reduced cost of living in France, the rates offered are often more advantageous than in France ! And this is all the more true since the abandonment of the floor rate!

What steps to obtain a loan as a cross-border worker?

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Above all, you have to go to the right company. Indeed, with the same situation (income, budget, family situation,…), different banks may offer you a different interest rate. For this reason, it is best to contact a credit broker who will analyze your budget and find the best opportunity for you. You will save time and benefit from the best possible offer.

Real cost: an example of a cross-border loan.

Real cost: an example of a cross-border loan.

Mr Dubois lives in France and has worked in Switzerland with the same employer for 5 years, on the benefit of a G permit. He is single and has no children. With an income of 6,000 net USD / month, he wishes to borrow 20,000 USD in Switzerland. To do this, he turned to a credit agency. After having provided the documents necessary for the study of his budget (salary sheets, permit, certificate of non-bank prohibition), he is offered a rate of 9.95% with a reimbursement over 2 years. Mr Dubois will then pay monthly payments of 918 USD / month over 24 months.

Avoid making too many requests

A final point to which cross-border commuters looking for a loan in USD do not always pay attention to is that in Switzerland, all credit requests are registered with a central. It is therefore advisable to avoid making too many requests at once, and to wait for an offer before each new loan request.

Credit for modernization

If you want to modernize your own house or apartment, the costs incurred can often only be met with the financial support of a bank or a credit institution. And the financial institutions are particularly looking forward to this clientele, since the problem of collateral is not there. The offers and product variants relating to modernization loans are particularly extensive and varied.

Modernization is an investment in the future

Modernization is an investment in the future

The prices for gas, electricity and oil rise almost every year. No wonder that more and more people are concerned that they can save something at precisely these points. Because if you don’t, the steadily rising prices will eventually exceed the household budget. For homeowners, the desire to save means that they need to modernize. As a rule, a loan for the modernization is taken out for this, since several thousand USD come together very quickly and are only rarely available without a loan.

Various sources can be used for the modernization loan. On the one hand, you can work with a conventional installment loan, which promises attractive interest and which can be repaid to the bank in small installments through individual payment agreements. On the other hand, one can also take advantage of the government support measures, which are also associated with very low-interest rates and are available from KfW Bank.

Use of loan

Use of loan

Both types of credit can be used individually or in combination. And if you negotiate well and are looking for a worthwhile offer, you will also come across those that can be secured without an entry in the land register. So the home is not burdened with a mortgage and is safer than with another variant.

It is therefore worthwhile to carefully evaluate the different offers and to hold intensive discussions with the individual providers. A good financing measure for the modernization will certainly then be found, which will not only make your home shine in new splendor, but will also not overstretch the monthly budget. Because there is no use to anyone if you are allowed to live in a new and modernized home, but you have no money left to use and enjoy the other benefits of life.

How to read the payday ranking?

The biggest advantage of short-term loans, which are popular for payday loans, is the speed and ease of obtaining them. You can easily get the expected amount from a loan, landline or online company without requiring any additional certification.

By using payday loans over the internet, the waiting time for money can be as short as 15 minutes. And it is this feature that attracts those who are most effective. Research conducted among the clients of loan companies has shown that there is no outweighing the people who have been refused credit at standard banks, it was thought. The parabanks and companies that offer payday loans are primarily attracted by formalities and convenience. The potential customer only needs to complete the online form, undergo verification and most often just within 15 minutes expect a transfer.

How to choose the best short-term loans?

How to choose the best short-term loans?

Best payday loans, or what? The criteria for choosing the best payday loan for each client can mean something a little different. That is why it is best to go to the internet and check the current ranking of payday loans. The financial market is so diverse and prone to any kind of turbulence that the list of payday loans built from the point of view of their most attractive features has its justification here. On the web, you can find a daily updated ranking of payday loans. It is worth analyzing it carefully, choosing the optimal values ​​for yourself.

What to look for when choosing a loan company?

What to look for when choosing a loan company?

The ranking of payday loans, regardless of the author of the statement, usually includes the same indicators, ie those that will be most important for the client in assessing the profitability of the loan. Usually it is:

  • information about the loan amount range presented from the smallest to the largest accepted by the given loan company
  • information on the repayment period of the payday loan, ie the maximum period of time during which it should be repaid, usually 30 days
  • the cost of the loan is presented in the form of APRC, which can be zero or several thousand percent
  • information about the waiting period for the transfer, it can be 15 minutes, but also 24 hours

Being a regular customer of loan companies, it’s worth following the payday rankings on a regular basis. The constant pursuit of competitiveness in this market and the search for new customers are forcing companies to create more and more favorable loan conditions. First of all, the upper loan amount changes and the repayment time increases, not to mention installments accepted by some of the largest companies for some time.