Credit Bureau keeps data on every resident of Germany and transmits it to its contractual partners as part of the credit application check. In contrast to German financial institutions, Swiss financial institutions do not make a Credit Bureau request before the loan approval. Instant loans are characterized by quick processing of the submitted loan application. The Swiss instant credit without Credit Bureau is mostly limited to an amount of 3500 USD and is processed entirely in the common European currency. As a result, the borrower does not bear the additional risks of a foreign currency loan.
The processing time for Swiss instant loans
A processing time of one week is considered appropriate for the Swiss instant loan without Credit Bureau. The period is noticeably longer compared to German financial institutions, which usually pay out instant loans within two bank working days. The reason lies in the necessary examination of the documents. While German financial institutions carry out a Credit Bureau check on instant loans and often do not provide proof of earnings to ensure quick processing, it is generally necessary to submit a Swiss instant loan without Credit Bureau.
In addition, the federal banks also check the duration and security of the employment relationship for instant loans. Without accelerated processing, federal credit institutions usually need two to three weeks to process a submitted credit application.
When is the instant loan from Switzerland useful?
The interest rate for a Swiss instant loan without Credit Bureau is higher than for an also Credit Bureau-free loan with processing time that is customary for banks, as the financial institution is rewarded for the additional performance of accelerated loan processing. At the same time, only a few federal banks grant their Credit Bureau-free loan as an instant loan, so that customers can only choose between a few contracting parties when comparing credit costs. An instant loan from Switzerland is therefore worthwhile if the consumer needs the money raised quickly.
In addition to borrowers with Credit Bureau negative entries, consumers ask for a Swiss instant loan without Credit Bureau if they are planning further financing within the following half-year. As Credit Bureau does not report the acquisition of the Swiss instant loan, the effect of the deterioration in creditworthiness due to multiple borrowing does not occur within six months.