Trois personnes poussent des cubes et une personne pousse une boule.
01.03.2022

How to buy or refinance your loan and benefit from better terms.

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!



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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.

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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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