Age limits for loans: At what age can you still get a loan?
In Switzerland, banks grant loans to borrowers who are at least 18 years old or do not exceed the age of 70.
Credit age limit: why does it exist at all? For one simple reason: to protect young and elderly pensioners from over-indebtedness. This is because lending is prohibited by law in Switzerland if it leads to over-indebtedness (see legal information in accordance with Art. 3 UWG).
Consequently, if you are a borrower under the age of 18 or over the age of 70, you are not allowed to take out a loan in Switzerland.
Can I apply for a loan as a pensioner?
In principle, senior citizens or pensioners can take out loans with a term of up to 36 months before their 70th birthday. However, they must be in a position to repay the loan before their 70th birthday.
This means that the bank calculates the maximum amount of your loan that you can repay before you reach the age of 70. This also applies if you choose a longer term that extends beyond your 70th birthday.
It's more about whether or not repayment before 70 is realistic. If this is the case, your chances of getting your desired loan or your desired term are higher.
Apart from age, what other criteria apply to a loan?
Before you fill out a loan application and run the risk of being rejected by banks, you need to fulfil various criteria:
- Ages between 18 and 70: Banks have stricter conditions for young people up to the age of 25 than for people older than 25. If the income is right and a young person has been working for an employer for some time, it is still possible to obtain a loan.
- Resident in Switzerland, the Principality of Liechtenstein or cross-border commuter
- Swiss citizenship or residence permit C, residence permit B, residence permit G, residence permit L
- Regulated income from AHV and pension fund which must be proven by account credits for the last 3 months
What other conditions do I need to consider when applying for a loan?
Your application for a loan has a better chance of being approved if you fulfil the criteria in the section above. A bank also pays attention to other conditions:
- What are your monthly expenses?
- Do you have current or older loans or other liabilities - for example a mortgage or a current loan on your property?
- Do you pay alimony?
- Do you have a good credit rating (= creditworthiness)?
The financing of your loan therefore depends on several conditions. To ensure that your application is not rejected, we advise you to check your credit rating (= creditworthiness, credit capacity) and correct it if necessary: This is because the information on your credit rating is often out of date or even incorrect. Most borrowers do not realise that they can often improve their creditworthiness.
Read more about this on our page on credit rating adjustment.
Interest, term, amount of the loan: What you need to know about loans.
Several services free of charge with credXperts
Do you fulfil the conditions for a loan described above and would now like to submit a non-binding application?
With credXperts you get several services free of charge:
- We will process your enquiry immediately. As an independent credit broker, we compare loans from various banks in Switzerland without obligation. This is how we find the best conditions for you.
- If there is a suitable loan with suitable interest rates available for you, we will inform you as soon as possible.
- If you are still unsure, you are welcome to contact us for a personal consultation: +41 44 244 34 00.
Only when you approve your loan do we, as a loan broker, receive a brokerage fee from the bank, from which you then receive your loan. This brokerage fee is already included in the conditions.
Interest rates and terms for your loan
The loan instalment also includes the interest that you pay over the contractually agreed term. To ensure you get a good interest rate, we compare the interest rates of all institutions. You can find out what such an interest rate comparison looks like and what else you need to know about interest rates here.
The term of your loan depends on the loan amount and your creditworthiness. Whether 6 months, 30 months or even 120 months - with credXperts you choose terms in blocks of six months. This means that the next higher loan term is always six months higher.
How much can my loan be in CHF?
You can calculate the maximum possible amount for your loan in CHF with our budget calculator. The maximum amount of the instalments in CHF depends on the following factors The selected loan amount, the selected term and how high the interest rate is.
If you apply for a loan with a high loan amount that exceeds your credit limit, banks may reject your application. This can usually be prevented by requesting free advice from us: +41 44 244 34 00. Or if you consult our budget calculator: It calculates pretty accurately how much you can borrow in CHF.
You also enter the amount for your loan in CHF in your enquiry. At credXperts, loans for amounts from CHF 1000 to CHF 250,000 are possible.
Apply for a loan now
If your age limit is between 18 and 70, we look forward to receiving your loan application, which you can complete online right away. Click here to go to the form for the credit application. If you have any questions, we will be happy to assist you: +41 44 244 34 00.