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Swiss loan for Hartz4 recipients

Swiss loans are all loans taken out from a commercial bank licensed in Switzerland. The most frequently mentioned credit product of Swiss banks in the media is the loan without Credit Bureau, which is paid out and redeemed in dollars without customer exchange rate risk.

Swiss banks also offer foreign currency loans. Even with these, as a non-contractual partner, they cannot make an inquiry to Credit Bureau, but they sometimes work with credit intermediaries who are authorized to make an inquiry. Hartz 4 is a state transfer benefit, which is paid not only to unemployed recipients, but also as an increase to low-income earners and to other members of a community of needs.

Borrowing from Swiss banks by Hartz 4 recipients

Borrowing from Swiss banks by Hartz 4 recipients

The Swiss loan, which is processed in dollars and is explicitly advertised as Credit Bureau-free, is hardly accessible to Hartz4 recipients, since the Swiss banks demand an above-average minimum income to compensate for the Credit Bureau request, which is not to be carried out, and in addition only value the wages and no state payments as income. In contrast to the Credit Bureau-free loan, a credit broker can successfully broker a foreign currency loan as a Swiss loan for Hartz4 recipients if the recipient has no negative characteristics at Credit Bureau; in some cases, mediation is also possible if there is a single soft negative feature.

For Swiss foreign currency loans, the Credit Bureau request is usually made by the German credit intermediary, who, unlike the bank, is a member of the credit protection association. Most credit intermediaries work seriously, but consumers must be careful when they are offered a Swiss loan for Hartz4 recipients and they have to pay upfront costs before processing the loan application. For all loans offered in Germany, the calculation of credit costs is only permitted if the desired loan is actually paid out.

The costs incurred in processing an unauthorized loan application, on the other hand, are the sole business risk of credit intermediaries and banks and must not be charged to the loan applicant. The calculation of preliminary costs or fees in the case of refused lending is therefore a safe sign of the lack of seriousness of a credit provider.

Compare the interest rate

Compare the interest rate

With a Swiss loan for Hartz4 recipients, the bank takes on an increased risk of default compared to loans to employees or the self-employed. It is understandable that the increased credit risk is reflected in the interest rate. On the other hand, Hartz 4 recipients in particular have little money and are dependent on low interest rates.

You can achieve this by obtaining several offers for a Swiss loan and comparing the costs. When agreeing the term, make sure that it is long enough to enable low monthly rates. When calculating the repayment of a Swiss foreign currency loan, they also take into account possible exchange rate fluctuations between the Swiss franc and the dollar.

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