Apple Card: Pros and Cons

Much more than a service provider, Atolo has become a partner of choice for Milenia. We present to you this company that is atypical in its approach and vision.

When it comes to your money and a contractual commitment, there's no need to rush. Here are some tips to help you make the right choice.

What exactly are we talking about?

When you want to finance a project, there are various solutions available to you. Credit is a relatively simple financing tool, quick to execute and with a light administrative burden.

For further clarification, a credit is also called consumer credit, personal loan, loan, private loan, etc. This is a loan of a sum of money by a creditor to you, the debtor. The amount in question must be reimbursed within a time limit agreed between the parties. An interest rate is calculated in addition to the principal to be repaid in order to remunerate the services of the creditor, a bank in most cases.

As this is a form of financing that does not require a down payment or guarantee, the rate applied varies according to the amount borrowed, the quality of your file and the repayment period.

Financing platforms such as Milenia are used to offer the best rates on the market and to support you in your efforts. You don't pay anything for this service; The remuneration of these platforms is ensured within the framework of the agreements with the partner banks.

Before you compare, ask yourself two questions.

Is credit the right solution for my project?

Am I eligible?

The first question has the merit of judging the relevance and usefulness of your approach. As a responsible service provider, we put your interests at the heart of our attention. Over-indebtedness must be avoided at all costs and your loan must bring real added value and not represent a debt that is difficult to overcome.

Can your project be scaled back? Does your cash flow simply allow you to avoid taking out a loan? Is it the right time?

These are all useful questions that allow you to judge whether or not you need to move forward.

The second question is also important.

Your advisor will be able to support you in this reflection, but you can already eliminate some doubts:

Am I domiciled in Switzerland? If not, you will not be eligible.

Am I of legal age? If not, you will not be eligible.

Am I involved in an action filed in the debt collection? If this is the case, you will not be eligible.

One egg, one basket.

If you want to continue with a credit application, don't rush!

Above all, do not file multiple applications with different providers or banks.

Each request is logged and will block your access to a favorable response.

Compare, choose your financial partner wisely and, if the conditions are met, draw up your file with them.

To make a fair choice, take advantage of the service offered by a financing platform. It's online and it's easy.

Compare what, exactly?

The quality, the network, the accessibility and, of course, the conditions.

By quality, we mean the clarity of the information provided and the transparency of the platform. 

Are there testimonials from satisfied customers? Is there an independent quality body involved, such as Proven Expert? Is the team running the company clearly displayed? Is the company based in Switzerland?

As far as  the network is concerned, the quality and scope of the network will determine the quality of the offers offered to you. Check the partners page or search for published articles or the platform's blog if it exists. 

It is preferable to do business with a major player in the market that has serious, even exclusive, partnerships with recognized banks.

Accessibility. An online solution is often less time-consuming and just as relevant as if you went to an agency. However, it will be necessary to speak with an expert, go through your file in person and have live advice. 

Be sure that you will be able to access this service.

Lately, the conditions. The rates displayed on the various platforms are often similar. There are criteria to be met, however, and these often make the difference.

First of all, the process until you sign the loan agreement must be completely free of charge! Whether you visit a credit comparison platform or a financing platform, run away if you are asked for a single franc for so-called administrative or processing costs.

Secondly, do not sign anything when you are in a comparative or information-seeking process. Your file must first be well completed and analysed and it is only when you make a credit proposal following the acceptance of your application that you will have the opportunity to sign or not.

Finally, a 0.10% lower rate does not necessarily mean a good deal. All of this must be considered. The quality of your relationship with your advisor, the seriousness shown when drawing up your request, the choice of partners... Confidence and peace of mind knowing that you are in good hands is far more important than a tiny spread in the rate offered.

Do you have any questions?

We invite you to inquire via Milenia. You will have the opportunity to simulate your credit, learn about our solutions, get to know our team, ask your questions, browse through our customer testimonials and discover our articles on our blog.

Take your time, compare and when your choice is made, we will be at your side to carry out your project. Under the right conditions, with confidence and transparency.

When you are denied a credit application, it can be frustrating. It could be that your project is blocked or that you can't get out of debt... Is applying for a loan in France for example or online on a foreign platform a solution? No. First, you need to ask yourself the right questions.

What's it like in Switzerland?

The rules in Switzerland are clear and transparent.

A first set of conditions is the need to be of legal age and to reside in Switzerland. Your nationality doesn't matter. If you are over the age of 18 and have the appropriate licence, you are eligible for a loan.

There are rules around your financial capacity. Measures taken by financial institutions leading to over-indebtedness are prohibited in Switzerland. It is therefore essential to study your budget situation and make sure that you have the necessary resources to meet the repayment of your loan.

In addition to these conditions, databases accessible by the lending institutions contain your personal history. Bankruptcies, late payments, outstanding loans, legal troubles, lawsuits...

If your file is well put together and the databases do not prevent the completion of your credit application, you still have to choose the most appropriate solution for your needs. Term, rate, monthly payments, financial partner are all key elements to consider.

El Dorado abroad?

If you don't meet the minimum requirements in Switzerland to take out a personal loan, you may be tempted to try to get a loan abroad.

It should be noted that similar rules apply. In France, for example, you will have to present your residence permit or even prove that income is generated locally and collected on accounts established in the country.

Established organizations are generally reputable and will be able to tell you the reasons for refusal. They are also required to comply with standards in place in the field of consumer credit and must comply with national and European rules.

Also beware of exchange rate fluctuations. This can certainly work in your favour, but the opposite is also possible and any risk factor should be avoided when you go into debt.

Application fees are also often applied. The amounts vary, but be aware that any responsible and professional financing platform in Switzerland will not apply any charge related to the processing of your file.

Recently, regulatory authorities such as FINMA have only been supervising Swiss companies. One of FINMA's tasks is to ensure compliance with sector-specific and ethical rules to protect industry players and their users. Working  with a foreign platform, with no recognized affiliation and which promises you mountains and wonders is a risk not to be taken!

The real question!

Why couldn't I get a loan agreement? 

Often, it is a case of  actual or potential over-indebtedness.

You may not have enough financial room to cover your day-to-day expenses and the repayment of an additional loan.

In itself, this is not a big deal if the result is the simple time lag of your project. Maybe it's just a matter of thinking smaller and adjusting the amount involved? Be careful, however, not to carry out multiple tests with various organizations because the history of your applications and the resulting refusals are recorded and do not serve your interests.

More complicated, your financial situation is such that you are already in a situation of over-indebtedness. The key is not to take out extra credit to get by. You need to negotiate with your creditors to establish a repayment plan that avoids litigation and takes into account your personal means. There are organizations that can help you with this type of approach.

At worst, you're on a bank list, already facing prosecution... Nothing is insurmountable, but it is clearly a question of cleaning up your accounts, reviewing your charges downwards and doing your best with the authorities, your creditors, your banking partner or even your employer to put in place a plan that will allow you to get your head above water. Credit is not a solution in this case and even less so via foreign organisations which may not have the right reflexes when they 'advise' you.

How do you do it?

As you can see. If the conditions are right, the safest, most fairly regulated and most transparent way is to draw up your credit file with a partner based in Switzerland; a partner who knows the legislation and has local experience.

If you're denied, the right question is why. Moreover, a serious financing platform will quickly inform you of the viability of your file. All you have to do is provide the right information in complete transparency. How much does this service cost? Nothing. You are therefore not taking any risks and you will be informed of the reason for a possible refusal.

What to do next? As previously advised, take the bull by the horns. Don't wait. Make sure you are supported in your over-indebtedness efforts and do not increase your deficit.

Milenia

As a financing platform based in Switzerland and with an excellent reputation, we will be able to guide you, free of charge, in the preparation of your credit report. Responsibly, ethically and transparently.

All you have to do is simulate your application and meet the conditions for obtaining a favourable opinion. If your financial situation is healthy, your personal advisor will be able to offer you the best conditions on the market thanks to our extensive network of banking partners, all of whom are recognised and approved by FINMA. 

Your trust deserves serious care, free of charge, without commitment and dedicated to making your life better. 

Nothing could be simpler than completing a purchase on an online platform. It's convenient and fast. Be careful, however, to take the necessary precautions to avoid the nightmare.

As a financing platform, Milenia works every day to continuously improve your user experience. Technology is an essential part of this dynamic.