Kreditbank is based in Horgen in the canton of Zurich. It was founded in 2006 as a subsidiary of Credit Suisse. Today, it is one of the leading credit and leasing banks in Switzerland and therefore naturally also part of credXperts Credit comparison for Switzerland. With just over 300 employees and an active branch network, it offers customers excellent online and offline advice. Bank Now strives for long-term customer relationships and therefore puts its customers at the centre. The interest margin for personal loans is between 5.9 % and 9.9 %.

Requirements for a loan with BANK-now

In order for a loan to be approved, certain minimum criteria must be met. These requirements are regulated by law in Switzerland and are based on the Consumer Credit Act.

The most important requirements for BANK-now are

Basic requirements

• Minimum age: 20 years
• Fixed Residence in Switzerland
• Regulated income from Employment or self-employment
• Positive credit check
• No serious negative ZEK entries

Residence status

BANK-now grants loans to the following groups of people:

Residence status	Prerequisite
Swiss citizen	unrestricted
C permit	unrestricted
B permit	At least 24 months residence
G permit (cross-border commuter)	At least 36 months of gainful employment
L-authorisation	Case-by-case examination

Especially with B permit or cross-border commuters it is worth submitting the application via a specialised intermediary, as banks check this more closely.

Documents required for the credit check

BANK-now requires various documents so that a loan application can be processed.

Proof of identity

Swiss citizens must provide a copy of:

• ID
• Passport
• or driving licence

submit.

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Residence permit

Foreign citizens must also submit a copy of their authorisation:

• B permit for at least 24 months
• C permit
• G-authorisation for at least 36 months

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BANK-now loan for the self-employed in Switzerland

The BANK-now is not only a well-known address in the Swiss credit market for employees, but also for Self-employed a very interesting option. In Switzerland in particular, it is often much more difficult for self-employed people to obtain a personal loan than for people with a traditional permanent employment relationship. The reason for this is simple: banks usually categorise income from self-employment as more volatile and therefore more difficult to plan. This makes it all the more important to work with a bank that has experience with this target group.

BANK-now specialises in checking loan applications from the self-employedas long as the economic basis is comprehensible, stable and sufficiently documented. This is an important advantage, as many loan applicants with their own business, sole proprietorship, limited company or sideline wrongly assume that a loan for the self-employed is practically impossible. In reality, however, the correct preparation of the documents, the duration of self-employment and economic stability are very important.

Anyone wishing to apply for a loan from BANK-now as a self-employed person should therefore prepare the application properly and submit all relevant documents in full. This is exactly where credXperts can provide support so that the application can be submitted professionally and checked realistically.

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Requirements for self-employed persons at BANK-now

One of the most important conditions is that the self-employed activity for at least 24 months exists. In this way, the bank wants to ensure that the income is not only available in the short term, but has already proven itself over a longer period of time.

Important prerequisite:

• Self-employed for at least 24 months
• Permanent residence in Switzerland
• affordable household budget
• Sufficient and verifiable income
• No serious negative creditworthiness characteristics
• Complete and up-to-date documentation

For self-employed persons in particular, it is not sufficient for the credit check to simply state roughly that sufficient income is available. Instead, the bank expects clear proof that the business activity is stable and that the applicant's financial situation allows for monthly loan instalments in the long term.

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What documents does BANK-now need from self-employed people?

In contrast to employees, who usually submit payslips, self-employed people have to prove their financial situation in a different way. The Final tax assessment particularly important.

The central base is:

• Final tax assessment

This shows the bank how high the tax-recognised income actually is. It is therefore much more informative than a simple estimate of your own annual profit or a provisional overview of income and expenditure.

In addition, depending on the case, further documents may be helpful or necessary so that the bank can better assess the income and stability of the company.

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Overview: Requirements and documents for self-employed persons at BANK-now

Range	Request / Document
Duration of self-employment	at least 24 months
Residence	Permanent residence in Switzerland
Proof of income	Final tax assessment
Creditworthiness	No serious negative entries
Budget review	Sufficient free surplus after fixed costs
Identification	ID, passport or residence permit
Additional documents	depending on the case, bank statements, accounting documents or business records

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Why the definitive tax assessment is so important

The Final tax assessment is one of the most important forms of proof for credit checks for self-employed persons. It not only shows the bank the declared income, but also that the information has been processed and confirmed by the authorities. For the bank, this increases the reliability of the figures submitted.

From a credit assessment perspective, the final tax assessment answers several key questions:

• How high is the recognised income?
• Is the income stable over time?
• Is there enough financial leeway for a loan instalment?
• Is the self-employment viable and realistically documented?

It is not uncommon for self-employed people in particular to have a good turnover but end up with less disposable income than expected due to high costs, investments or fluctuating months. This is precisely why BANK-now pays attention not only to turnover, but above all to the effective disposable income.

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Which self-employed people might be interested in BANK-now?

A loan can be useful for many forms of self-employment, for example if a private purchase is planned, debt restructuring is to be undertaken or financial flexibility is required. BANK-now can be of particular interest to the following groups:

• Owner of a sole proprietorship
• Shareholder-managing director of a GmbH
• Owner of a small AG
• self-employed craftsmen
• Consultants, freelancers and service providers
• Self-employed persons with a stable income for at least 24 months

The decisive factor is not only the legal form, but above all whether the economic situation is comprehensible and sustainable.

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What BANK-now pays particular attention to for the self-employed

The bank generally scrutinises self-employed people more closely than it does traditional employees. This is not negative, but simply logical, because the income situation is usually more complex. The following points are particularly important:

1. duration of the business activity

The longer the self-employment exists, the better the economic stability can be assessed. The threshold of at least 24 months is therefore central.

2. traceable income

Not every income automatically counts as stable income. What is relevant is what is effectively left over after deducting costs.

3. budgetary accounts

Self-employed people must also prove that there is sufficient margin for the loan instalment after rent, health insurance, living expenses and existing obligations.

4. fiscal cleanliness

A definitive tax assessment creates trust. Unclear or missing documents can complicate or delay the audit.

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Exemplary audit of a self-employed person

Documents that are helpful for the credit check, but are not mandatory:

• Copy of the tenancy agreement if you share the rent with someone else
• Copy of the health insurance policy to improve the budget if necessary

Advantages of BANK-now (CREDIT-now)

• Very efficient and fast application processing: feedback is possible on the same day if the documents are complete.
• BANK-now offers comprehensive loan protection with instalment insurance. The Credit protection in the event of death is already included free of charge in the monthly loan instalment. Extended cover for earning capacity and unemployment can also be insured for a fee.
• If you have applied for the loan but no longer need it, you can repay it within 14 days without interest costs and fees thanks to a right of cancellation.
• A maximum loan term of 84 months is possible.

If you would like more information about BANK-now or would like to submit an application to BANK-now, the credit advisors at credXperts AG will be happy to help you: info@credxperts.ch, +41 44 244 34 00. For a direct online loan application go here.

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