Consumer loan

A consumer loan is a loan that fulfils the following criteria as defined by the Consumer Credit Act :

• The loan is used by a private individual (consumer) for private purposes only (not professional or commercial purposes).
• The loan amount is between 500 and 80,000 francs.
• The repayment term is longer than 3 months.
• The loan is not secured by collateral (e.g. directly or indirectly by a mortgage or by ordinary bank warranties such as assets).

The umbrella term for consumer loan is personal loan.