Credaris AG: the Comparis partner service for personal loans

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.

How does Credaris work?

• Credaris works closely with lenders and has become familiar with their eligibility criteria.
• It supports its clients throughout the entire process – from undergoing a credit check and completing the necessary paperwork to signing the agreement and more.
• A personal advisor reviews the client's individual situation in detail and discusses the options available.
• Only after a thorough pre-approval check will Credaris submit an application to a bank, so as not to damage the applicant's credit score with avoidable negative ZEK entries.
• The ZEK enquiry only takes place following a meticulous check, which is not the case when applying directly to a bank. Credaris only forwards your application to the lender of your choice when there is a degree of certainty that you will not risk an avoidable rejection.
• Credaris will not submit applications that have no chance of succeeding. Instead, it will advise you according to your personal situation and, if there are any issues with your credit score, guide you through what to do next. Credaris can also advise you on how to improve your credit profile. This will improve your chances of obtaining a loan.
• Otherwise, if you submit your application directly to a bank, it would be rejected without you learning the reason why.
• Credaris only submits an application when it has discussed it with the client.
• Using this approach, Credaris has achieved an approval rate of over 80% for the applications it has submitted. The approval rates for direct applications are around 50%.

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.

• Free, independent assessment of your credit standing including background check
• Transparent – professional advice and support from no-obligation enquiry to conclusion of contract
• Application only submitted to the lender offering the best chances of approval
• Excellent cooperation with the major lenders in Switzerland
• Fast and hassle-free processing by the Credaris team of experts

No risk:

• The service is free of charge and there is no obligation.
• In Switzerland, loans can be repaid at any time.

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