The solution to becoming solvent again – ZEKA VISTA

An accumulation of personal debt leading to over-indebtedness can quickly become a vicious circle, but there are simple steps you can take to get out of it.

2 certifications in a row for Milenia in Great Place To Work, plus we are improving our score. The icing on the cake is that we are considered the Best Workplace© in Switzerland!

Surprises, sometimes good and sometimes bad, advice, always wise and information relevant to your investments have punctuated the news flow in 2023. Here's a summary!

Are you hesitating to pay off your loan? Would you like to transfer your loan to another bank? It's possible and it can be to your advantage if you do it right and on time.

Am I a prisoner of my contracted loan?

The short answer is 'no'. The  Federal Consumer Credit Act gives you the right to redeem your loan at any time, to consolidate your loans into a single loan or to choose another financial institution that would take over your loan, possibly on better terms.

The financial sector very often locks in contractual agreements, but as long as it is a consumer loan, you are free to take whatever actions you think are in your best interest. No time limit or specific reason to provide.

So don't be afraid. You are free to carry out your procedures with complete peace of mind.

Is it risky?

If you don't try anything, you've reached your limits in this context. Although the risk is not increased, it is important to think carefully about your personal situation.

If it's a buyback and you have the funds to pay off your credit, the risk is zero. You may have to cover administrative costs related to the preparation of your statement, but the amounts are generally small.

If it is a transfer of your loan to another institution with the wish to renegotiate the interest rate, the amount or the term, the only risk is that of refusal.

In this case, your application is registered in the ZEK's register  as having been refused and this may adversely affect your future requests to the local financial institutions.

It is therefore important to calculate your ability to repay and to judge the quality of your file. Advisors can of course assist you in this process before you formalize your application.

So why do it?

There are many reasons for this. In the context of a credit transfer, you may wish to:

• Reduce your monthly financial burden. You need to free up your cash to deal with some unexpected costs. 
  
  

In this case, you will want to extend the term used to pay off your loan to spread out your repayment period and reduce the amount you have to pay each month to your financial institution.

• Increase the amount borrowed. Your project turns out to be more expensive than expected. You want to deal with capital gains in the context of a real estate project.
  
  

It is typically in this case that reason and foresight are required. This is for you to benefit from an additional amount to the one initially received. Of course, your ability to repay must go hand in hand.

• Negotiate the  interest rate. Do you think you're paying too much? Did you underestimate the impact of the rate applied on your monthly payments?
  
  

It's up to you to play the competition and see if you can have better conditions elsewhere. Be careful, the interest rate is an important factor but the quality of your relationship with your financing platform and the banking partner is also important.

• Consolidate various loans into a single loan from a single intermediary. You want to simplify your administrative burden and have a single point of contact. Maybe the consolidation will allow you to renegotiate the rate applied?

A final case concerns the debt incurred on your credit card. If you can't keep up with payments due to purchases made with your card, you can consolidate this debt into a loan. You will then be able to establish a repayment plan that is more suited to your means.

Again, don't wait until the last moment and get there in time. It is always better to study the feasibility of restructuring your debt than to risk being registered in the various data registers in Switzerland. 

This would significantly complicate your dealings with a bank, a real estate agency, a shop offering a purchase on credit or even with a future employer. 

I need help

It's the right thing to do. It is advisable to inform yourself about the feasibility of your approach. In order to avoid a refusal once your application has been submitted, take precautions.

• Compare your personal situation today with the one when you took out your initial loan. Are you in a more comfortable financial situation? Do you have additional financial resources?
• Research the market and compare. Do not use many service providers but concentrate your efforts on a partner who is reliable, recognized and who will not ask you for an administrative fee to analyze your request.
• Ask the right questions, have all your documents available, and be upfront and transparent about your intentions. You will then have access to sound advice and personalized support throughout the process.

At Milenia, we are used to dealing with these operations. On a day-to-day basis and with particular attention to establishing relevant and balanced files in order to maximize your chances of having an application that is accepted.

0 fees, 0 commitments. Just people serving people who want to improve the lives of their customers.

The leading financing platform

With more than CHF 250,000,000 of projects financed in just a few years, Milenia is now a recognised and respected player in the consumer credit sector.

As a Swiss company with advisors based in Switzerland, Milenia offers a tailor-made service and counts the country's main banks as partners.

Its team is made up of advisors who offer their expertise, in several languages, to private clients and small and medium-sized businesses. Benefiting from excellent references, favorable customer testimonials, a high score via Proven Expert and Great Place to Work© certified, it stands out for its resolutely human and respectful approach of irreproachable quality.

Modern in spirit, new technological means allow its customers to save time and facilitate administrative procedures. 

Responsible in its actions, Milenia also strives to establish and propose loan applications that make sense, that protect the interests of its clients and partners.

Finally, its financing platform aims to go beyond the strict framework of credit by offering solutions in terms of unemployment insurance, by making  a blog available to readers looking for additional information on topics as varied as data protection, tracking registers in Switzerland, credit cards, the risks of scams and of course,  consumer loans.

'Make a difference'. This is our belief and what we are committed to every day. 

Ready? Then get in touch  with us. We look forward to meeting you!

You may not have the collateral you need to obtain consumer credit. Is this really a concern? How to do it?

Remember your first time?

You put on your best suit or dress to visit the person who will have a huge influence on your life and plans. You're kind of going to meet your significant other. 

The appointment is set, the address where the 'date' will take place is known and you are not sure what to expect.

The date goes as you hoped, the charm works. And then comes the fateful moment, the question that will decide the rest of your meeting... 'What guarantees do you have so that we can review your loan application?'

The cold shower, the atmosphere changes abruptly... You were simply hoping to benefit from financial assistance for your project and you realize that without funds, without goods, without a contribution... This will be more complicated than expected.

As everyone knows, in order to benefit from a bank loan  , you need to present assets in return. The system is thus set up and serves as a margin of safety that allows our financial institutions to take as little risk as possible in granting a loan. Is that fair? Is it romantic? It's simply a give-and-take game.

Will history repeat itself?

It all depends on your need. There is indeed a form of financing that does not require any contribution or even the slightest commitment before the contract is signed.

This form of financing is private credit. No need to advance a sum, no need for collateral, no need for guarantees from a third party.

All you need to do is be domiciled in Switzerland, be of legal age and have a file that meets the legal standards in force. 

Of course, additional acceptance criteria are applied once your application has been submitted. Each bank has a set of rules that will need to be agreed to in order for you to benefit from a favorable review. It is therefore essential to gather all the supporting documents to maximize your chances.

Apart from that, there are no guarantees, no advances, no collateral... is not required beforehand.

What's the catch?

There is none. A financing platform such as Milenia puts together your file by simply making sure that your budget is in line with the amount requested. It's about presenting you with a responsible and repayable loan. It's as simple as that.

Do I still need to provide documents?

Yes, it is essential to put together an application that meets the established criteria. Repayment capacity, indebtedness, marital status, ZEK and CRIF history, etc.

Is it a cumbersome administrative procedure?

Absolutely not. You will be accompanied and advised. With just a few steps, all the necessary documents are gathered and you will receive a financing proposal within 24 hours. Are you happy with the conditions? Your money is paid out immediately after you sign the credit agreement. It's simple and it's fast.

Does it work to buy a vehicle? To finance a furniture project? To pay for my studies?

Yes, yes, yes. The advantage of a loan of this type is also your freedom to use the borrowed funds according to the need you encounter.

Not a fan of the leasing principle  ? You can buy your car in cash. The vehicle is fully yours, you are free to resell it whenever you want, you are not tied to a specific garage or dealership and the type of insurance policy taken out is at your convenience.

Need to renovate your apartment? No need to go through a mortgage. In order to circumvent the complexity of this type of arrangement, a personal loan is indeed an attractive solution. Of course, it all depends on the amount involved, but the simplicity of a loan application combined with the fact that you do not have to pre-finance a loan is very attractive.

Are the registration fees for your studies high? Credit can help. When you're just starting out in the workforce, which is the case for most people entering higher education, needless to say, you're not immersed in cash. As long as your approach is balanced and well thought out, access to a personal loan makes things a lot easier. This way, you can devote yourself fully to succeeding in your academic endeavours!

We repeat; As long as the credit solution is balanced and respectful of your personal and financial reality, it is undoubtedly the least restrictive and easiest to carry out financing method available on the market.

How do I do it?

It's easy. All you have to do is go to a financing platform, make a simulation including the amount, duration and the expected interest rate. You will then be contacted for an exchange allowing your personal advisor to further your query. Once the required information has been gathered and you give your consent, your request will be sent to one of the partner banks that is best able to respond favourably.

The contract will then be sent to you. After signing, the amount is paid into your account. Your personal advisor will guide you from the beginning of the process to the receipt of the funds. 

One last thing, not only will you not be asked for any guarantee, but there will be no application fees or remuneration required for the management of your file. This is taken care of by the bank. So don't rely on organizations that charge application fees, study fees, or commissions for advice. You don't have to pay anything upfront to your advisor or the financial institution.

In the end, it's not a romantic approach but at least it's better than your first time!