Illustration of a thief offering illegal credit to a woman.
05.09.2022

Scams to avoid when taking out a loan.

Cases of fraud, false invoices, unjustified expenses, etc. Illegal acts in the personal loan industry are legion but preventable.

 

'I have unbeatable loan terms!'

'Great! Yet, all serious players in the market offer similar conditions. After all, they follow Swiss legal guidelines and as you know, quality still comes at a price. How did you do it?'

'It's simple, I came across an ad from a credit company based abroad that had a breathtaking offer'

Rule number 1: Companies based abroad are not allowed to grant loans to consumers in Switzerland. Only rely on companies that are clearly headquartered in the country.

 

It's a small company that offers super low rates!

'OK, why not. You don't necessarily have to choose the biggest ones. As long as it's in the store, it's fine.

'For a moment, I check if it is registered in the central index of business names. Oh no...'

Rule number 2: Beware of false promises. Your contact person must be a registered company and have a company identification number. Don't trust an unrecognized company.

 

'No questions, super easy, I got the deal right away!'

'Not even a question about your income? No file analysis?'

'Nothing... I asked for the amount I wanted and they said ok'

Rule number 3: The Consumer Credit Act prohibits actions that may lead to over-indebtedness. Any loan application must be subject to a thorough analysis to assess your ability to repay. Be wary of unscrupulous interlocutors. Prepare a file that will be analyzed by professionals.

 

'The administrative costs are not cheap but hey, I have my credit at least!'

'How much did they ask you?'

'Oh, not much in the end. Approx. 200 CHF. They have management fees to cover and there is also a fee to submit an application to be expected'

Rule number 4: Your broker, financing platform, intermediary... does not have the right to charge you an application fee. This is contrary to the legal requirements in this regard. All the more so since the remuneration for the service provided is provided by the  lending banks. Don't pay.

 

'All I have to do is pay an advance sum as collateral and bingo, I've got my loan!'

'What guarantee?'

'Well, you know, the amount you have to advance to be able to get a loan'

Rule number 5: You don't take out a mortgage. There is no amount of money to be advanced in order to obtain a loan. If you're asked for the slightest cent, it's because there's something wrong with the company. Don't give money.

The law is very clear on this. 'No payment of any kind whatsoever may be required from an individual before obtaining one or more loans of money.'

 

"I've been turned away everywhere but now they're helping me bend the rules. It's great!'

'Circumventing the rules... You mean circumventing the law?'

'No no, they assured me that we could just forget some details and play with the numbers a little bit here and there'

Rule number 6: If you cheat, you lose. In the world of finance, verbs such as lying, omitting, embellishing, circumventing, hiding... have no place. Anyone who advises you to do so under the guise of an act of kindness is trying to scam you. This is serious misconduct at best, and at worst, fraud that can lead to serious consequences. Play the game. The rules are there to protect you too.

 

"It's crazy. I changed my mind about my signed loan yesterday but they tell me it's too late.'

'Have you looked to see if you are entitled to a cooling-off period?'

Rule number 7: You have the right to withdraw. This can be done up to 14 days after signing your credit agreement. It's the law.

 

'You know what? This credit story is too important. I will do my research, compare and choose a serious interlocutor, based in Switzerland and who is a reference in the sector.'

Well, yes! A loan commits you and your approach aims to improve your life; Don't take uncalculated risks, especially with a crooked interlocutor.  

By following these rules, you will be reassured about your partner's seriousness. Choose a financing platform such as Milenia.

Company based and registered in Switzerland.

Benchmark in the credit industry.

Responsible and ethical.

Partner of the largest financial institutions in Switzerland.

Accessible on site, by phone, WhatsApp and email.

Strictly enforcing the law on consumer credit.

We are committed to providing you with a tailor-made solution adapted to your budgetary reality.

Offering complementary services in the field of unemployment insurance and partner of a company specialized in debt reduction.

 

Speed, 0 fees, conditions.

While respecting the best practices of the sector, your file is drawn up easily and quickly. Your advisor will be able to analyze your documents diligently and provide you with a response within 24 hours.

Your rate? By benefiting from an expanded network of banking partners, you benefit from the best conditions on the market. 

Fees? Refer to the above rules. There are no fees related to the management of your file, no remuneration related to administrative expenses and no advance payment to be expected. 0 cost, 0 commitment.

Personalized service? Of course. Our team is multilingual and at your disposal. We respond to you with kindness and professionalism. You are unique, so is your request and each case deserves to be taken care of in a way that takes into account the particularities and specificities of your personal situation.

If you'd like to know more, visit our  financing platform or call your advisor directly. We will be happy to get to know you and support you in the realization of your project.



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Telecommuting: flop or not?

Since the Covid pandemic, companies have multiplied remote working methods. The most widely used is telecommuting. Two years later, has this method been successful?

 

Let's take a step back

During the lockdown, the world of work experienced a real shift.

Companies had to adapt and various means were put in place to ensure the continuity of services, sales, and the very functioning of the organization.

Do you remember?

The famous cardboard box filled with a computer, a mouse and a screen that the employees took home...

We somehow settled down somewhere in our apartment or our house.

The less fortunate had to sit on an old table at the back of their bedroom.

Children screamed in the background and parents had to juggle their work responsibilities with those of being a mother or father.

Ah... What wonderful memories!

In addition, the schedules became confused. There was no beginning and no end. We were already connected before, but now the workplace had invited itself into our home, into the family, into our home.

However, not everything had to be thrown away.

The doctor's appointment, the receipt of the Zalando package, the visit of the plumber... What required us to take time off or organize ourselves differently simply fit into his work schedule, on site.

Above all, no more time wasted on the road or on the train. We earned two hours of our living every day. That's no small feat...

We weren't the only ones. Hundreds of millions of people around the world, by obligation or freely, switched to this new way of working.

It was necessary to put in place state-of-the-art technological and IT infrastructures to enable more secure virtual exchanges of information via videoconferencing or e-mail.

It was necessary to set up a teleworking policy to give directives on working hours, the availability of employees and managers so as not to be too intrusive in private life.

Finally, regular reviews were required to assess the effectiveness of telework policies and gather feedback from employees.

The big winners? Zoom, Teams, Skype, Webex... It was a good time and the number of users exploded

 

Video conferencing platforms

In order to establish clear and effective communication channels, it is necessary to have instant messaging and video conferencing tools to maintain smooth communication between team members. This transition is being made by different players who bring specificities specific to each sector.

You may have seen that.

Some companies will use the Zoom platform, which allows simple video conferences with a discussion thread, which is easy to use and not very connected to other services.

Others will use Microsoft Teams or Webex, which offer more integrated and secure business solutions.

Skype and Google Meet round out the market leaders, at least in Europe.

 

And what about employers?

The main fear of some employers during this pandemic?

Decreased productivity.

The prevailing thought was that employees, less supervised than before, would work less given this new organizational freedom.

The endless breaks, the last-minute shopping, the Netflix binging...

We're not going to lie, the majority of teleworkers have taken advantage of this to better combine professional and personal needs.

There have been many productivity studies, too many to mention here.

In the end, productivity dropped slightly on average, but this varied enormously depending on the functions and responsibilities.

Profiles whose tasks were recurrent completed their work more quickly and, not needing to do more, to take advantage of the time available to go about their personal business.

Others worked even harder, especially early in the morning, late at night, or on weekends.

Where some managers suffered from a lack of supervision (monitoring?) of their teams; Some employees did not take well to the distance, the lack of clarity on the establishment of rules... All of them missed interpersonal relationships and this may have impacted the corporate culture and sense of well-being.

In conclusion, there is neither one statistic valid for everyone nor a representative feeling of all employers and employees. However, there is no doubt that the world of work has changed and the effects continue today.

 

Exactly. And today?

Companies are adapting to the demands of employees, especially young people entering the workforce.

They demand flexibility, adapted schedules and, yes, telecommuting.

In Switzerland, the job market is in favour of job applicants. Companies must therefore remain attractive and take these demands into account.

Companies are implementing hybrid work modes that allow the employee more time to work from home but require them to be present for a certain number of days in the office. Again, there is no single rule.

Some organizations simply refuse the principle of remote work.

Others impose a fixed day of attendance.

Some leave the choice to their teams.

One thing is for sure, remote work is here to stay, in one form or another.

More than controlling productivity, more than managing teams and workloads, the real challenge is to keep the links between employees, to ensure proximity between managers and their teams.

Finding a balance between the attractiveness of the employer brand, individual well-being and the needs of the company; This is where the effort must be directed for the future.

 

At work and at home, Milenia is always available

Accessing credit through our financing platform has never been easier.

Everything is within your reach, with customization according to your projects, we accompany you from start to finish so that your projects can see the light of day.

For your personal loan, we offer the best market conditions with 0 application fees. Everything is designed to make your life easier.

Your loan application can be done entirely remotely, with support from your personal advisor or both at the same time.

The flexibility, adaptability, personalization of your offer... All of this is embedded in our approach and services.

As the leading credit player in Switzerland, place your trust in us so that your personal dreams and projects come true.

 

 

 

 

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Loan illustration: loan of CHF 10'000. Effective annual interests rates between 4.9% and 11.95% over a 12 month period lead to total interests of between CHF 261.80 and CHF 624.80. Duration: 6-120 months; Maximum annual interest rate (including all loan handling costs) 11.95%. Loans approval are prohibited if they lead to excess debt for the consumer. (Art. 3 LCD)

 

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