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Lenders in Switzerland advertise their interest rates or interest rate ranges. The basic criteria they use to assess loan applicants are also in the public domain. Nevertheless, it is very difficult for consumers to find the best deal for their needs.
This is because before a loan is approved, each applicant is subject to a detailed personal check for which each lender uses different risk criteria. To guard against fraud, not all of these criteria are made known to the public. They are derived from a comprehensive range of economic and sociodemographic characteristics and experience acquired from the lender's own customer base. What's more, the criteria are continuously adjusted.
Only after this scoring process is complete will a lender decide whether to approve a loan and under what conditions. For this reason, you can only get a personalized loan offer after a full credit check with a specific lender.
In practice, submitting multiple applications at the same time in order to compare deals has a negative effect on your chances of approval. Each application is registered with the Central Office for Credit Information (ZEK) and can be viewed by all other lenders. You can find out more about the ZEK here.
What are the implications of this when comparing loans?
Under these circumstances, neither Comparis nor its users is in a position to compare products in the usual way – as they would for health insurance premiums or Internet deals, for instance.
And yet, given the high rejection rate (50% of all loan applications), finding the right provider is all the more crucial for loan products. Important: rejections remain visible at the ZEK to members for two years and can have a negative impact on your credit score.
When it comes to loans, the lower the interest rate, the higher the required credit score. Some lenders will not approve loans for people who have rejected loan applications on their ZEK record. It is therefore not enough for a comparison service to simply state what interest rate ranges lenders offer. What is more important is the question of whether consumers are likely to obtain the loan from their preferred lender.
So how does Comparis benefit users?
Comparis works with Credaris to improve the provision of independent advice on the Swiss credit market. Credaris was founded in 2014 as a partner service of Comparis and has since evolved into the largest credit broker in Switzerland, employing around 50 people.
Are you looking for a loan?Submit no-obligation enquiry
How does Credaris work?
Why you can trust Credaris
The partner service Credaris has many years of experience working with lenders and compared to other Swiss brokers has access to the largest pool of lenders. A team of specialist staff offers professional advice, with individual advisors being personally available for their clients.
What distinguishes Credaris from shady brokers:
Lending volume of CHF 4.8 billion
Credaris has processed over 4.8 billion francs worth of loan requests.
50% better chance of approval
Direct enquiries with banks are often rejected. Increase your chances by over 50% with the help of Credaris.
4.8/5.0 customer satisfaction rating
Customers give Credaris top marks.
Approval of a loan is forbidden by law if it would lead to over-indebtedness (Art. 3 UWG).
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