Just a question, does anyone have experience with Migros Bank loans?...the interest rate when you apply it directly online is 5,9%, which for me seems low.. so just wondering if its actually a good deal or if theres something hidden there?
thanks !
Hi there,
I had a very nice experience with them - applied online - sent them all relevant docs and got money to my account in a week (there is also an option to get cash). No hidden charges or anything else. However, I had to spent some money to get Wohnsitzbestatigung from my Gemeinde and also to notarize the copy of my permit.
But their offer really worth those costs and for example is much better than to take a leasing for a car.
As explained by Ekonshin, they check you are a good risk, (they also phone your employer) and as they have low losses they can give you good loans.
So it's a GOOD deal if you have a salary, and no big debts, and a decent job.
If you are unemployed, self employed, or retired, you won't get a loan from the Migros Bank.
As far as I know they never phoned my employer. I had just to present them my Lohnblatts.
All the other limitation criteria (type of employment, age, etc.) were clearly stated in the online application.
Thanks for the info Can you have an insurance on the loan?... like you usually get with GE money bank.
If it's convenient, you can take your Ausweis to a Migros Bank branch, where they will authorise your Ausweis and process your application for free.
I also had a good experience with Migros Loans; I wonder if you get a better rate of interest if you are already a Migros Bank Account holder? The Int. Rates seem to be lower than most others, but check Compares.ch for the latest updates. If you "forget" a payment, they send you a handy little reminder (& a late fee).
We also had a good experience - applied twice. All the procedure was online, without personal meetings, that is why the rates are so low. Both times got money in a week. We are absolutely satisfied with Migros Bank and would recommend...
The rates are low sweetheart because interest rates in general are low !
The Migros bank is in effect being paid to take money from BNS so they have an interest rate of -0.75% today, added to whatever the Migros bank rate is gives a high rate of interest in todays' world
I don't know about current situation, but one year ago, when we applied, the rates in Migros Bank were the lowest comparing to other Banks.
Bob Hope summed up this attitude of the banks very nicely:
"A bank is a place that will lend you money if you can prove that you don't need it".
Anyone taken a Migros bank loan? The lady on the phone told me I could pay a loan back with no penalty (ie you pay only the interest until you pay it back without being forced to pay the full afreed interest amount) even if it was significantly quicker than the contract. Has anyone had experience with this?
The website has the same information:
Thanks k_and_e but reading that, it's still not 100% clear if it means "no extra cost above what interest was agreed for the full term" or "no extra cost beyond the interest accrued until you pay it back".
I guess I can call them tomorrow to ask and confirm (it's a pay number though, bah) then I will of course report back here. If it really incurs no extra cost then it's a great way of getting a large short term cash injection in advance of receiving a lump sum.
It is arranged by law that if you pay off early that they are not allowed to charge you interest for the remaining period (in which you don't have their money anymore)
Can you provide a link, preferably to an official document, that states this as clearly as you have ?
https://www.admin.ch/opc/de/classifi...ndex.html#id-3
Just mind that these rules only go for consumer loans with a minimum of 500,- and a maximum of 80.000,- and have some more rules to make a loan qualify for these laws (like no mortgage for example). But the average bank loan for holidays, furniture, a move or whatever almost always qualifies.
OK. Thanks. So very specifically defined forms of "consumer credit" do indeed appear to have a degree of protection, permitting an early repayment with the right to expect some reduction for the unused period of the loan.
Well I called yesterday and they did indeed confirm that only the interest up to the point you pay back the loan is charged. This imo makes it a ridiculously good deal as long as you can plan at least 3 weeks ahead (pretty much the quickest you could get the cash in if you need to get all identity and Betreibung Auszug documents etc) and I imagine that I shall be using it more than once.