«Credit-Now Loan» from Bank-Now: Review / Analysis 2024

creditnow credit-now review

In this article, we analyze the «Credit-Now Loan» offer of the provider Bank-now. We go into all the details that might be important for you.

The following areas are analyzed:

  1. Who is Behind Bank-now?
  2. Corporate Values and Philosophy of Bank-now AG
  3. Advantages of the Credit-now Loan
  4. Fictitious Example of Use
  5. Requirements and Prerequisites
  6. Application Procedure
  7. Conclusion

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1) Is Bank-Now Credit Suisse? 🤔

Bank-now AG has its roots in the 2006 merger of the personal loan and leasing divisions of Credit Suisse and City Bank AG, making it a subsidiary of Credit Suisse.

Since then, it has established itself as one of the leading consumer finance banks in Switzerland. With its headquarters in Horgen, Canton of Zurich, and other branches in various Swiss cities such as Basel, Lucerne, and Zurich, it has a broad presence in the country.

Personal note: It is impressive how quickly Bank-now AG has made a name for itself in the Swiss financial market. Particularly noteworthy is the bank’s adaptability, which allows it to constantly respond to the ever-changing needs of its customers.

2) Corporate Values and Philosophy of Bank-Now AG 🏦

Bank-now AG attaches great importance to providing honest and transparent advice in order to build a lasting relationship of trust with its customers. The three central corporate values are:

  1. Flexibility: The bank offers flexible credit terms that adapt to the individual life situations of its customers.
  2. Partnership: At Bank-now, the focus is on the customer. Responsible lending is only granted after a thorough understanding of the customer’s personal circumstances.
  3. Proactive thinking: The bank acts proactively and protects its customers against financial risks.

Personal note: Flexibility and partnership are not just empty words at Bank-now. These values are actually reflected in the way the bank designs its products and services.

3) Advantages of the Credit-Now Loan 🎉

When it comes to choosing a loan, you obviously want to be sure that you are making the right decision. Therefore, let’s take a detailed look at the advantages of Bank-now’s Credit-now loan so that you are fully informed.

credit-now loan benefits

1. Flexibility: One of the advantages of the Credit-now is its flexibility. You can choose a span between 6 and 84 months and apply for loans between CHF 1’000 and CHF 250’000. This allows you to tailor the loan exactly to your individual needs and circumstances.

2. Fixed monthly installments: You know right from the start how high your monthly installments will be. This makes budgeting easier and gives you financial security.

3. Transparency: Bank-now attaches great importance to transparency. You receive all important information and conditions in advance, so you know exactly what you are getting into.

4. Simple processing: The loan process is quick and uncomplicated. This is particularly convenient if you need funds rather quickly.

5. Early repayments are possible: If your financial situation allows it, you can also repay the loan early at no additional cost.

6. Payments can be postponed: In life, unexpected events can always occur. Therefore, the Credit-now loan offers you the possibility of deferring the monthly installment payment up to two times during the term, free of charge.

7. Remission in case of death: Should something happen to you, the remaining debt will be forgiven. This provides additional security for you and your family.

8. Protection in case of unemployment: You have the option of taking out additional credit protection that will step in if something bad happens unexpectedly. This can be especially helpful in the event of unemployment or disability.

9. Discount for homeowners: If you are a homeowner and need a loan for a specific project, such as a home renovation, you can benefit from lower interest rates. More on this in the requirements section.

By and large, the Credit-now loan offers a wide range of benefits that give you both flexibility and security. So basically, exactly the features you are looking for in a loan offer.

4) Usage Example 💰

To give you a better understanding of how Credit-now loans can work in practice, let’s go through a fictional example. This should help you better illustrate the flexibility and benefits of this credit offering.

The initial situation: Imagine you are a middle management employee, and you need to purchase some new furniture and household appliances due to a professional move. The total requirement amounts to about CHF 20’000. In addition, you would like to retain the flexibility to adjust the installment payments at short notice if necessary.

The loan choice: You choose the Credit-now loan with a duration of 48 months and get an APR (Annual Percentage Rate) of 7.2% based on your good credit rating.

The monthly installment: With these conditions, your monthly installment amounts to approximately CHF 478. The total cost of the loan would thus amount to approximately CHF 22’944, including interest.

Flexibility: A year later, you decide to further expand your kitchen, which will incur further costs. Fortunately, the Credit-now loan allows you to defer the installment payment twice during the term at no cost. This gives you the financial leeway you need.

Early repayment: Almost two years after taking out the loan, you receive an unexpected inheritance and decide to repay the loan early. Thanks to Bank-now’s flexible terms, this is possible at no additional cost.

Personal note: I find the ability to customize the loan in this way while benefiting from the advantageous terms extremely convenient. It shows that Bank-now really wants to offer its customers freedom and security.

5) Requirements 👀

It sounds all well and good, but not everyone can get a credit-now loan just like that. There are certain requirements and prerequisites that you need to meet. Let’s take a closer look at them so you know if this loan offer is for you.

creditnow requirements

1. Residence in Switzerland: The first and most important thing is that your place of residence must be in Switzerland. The offer is primarily aimed at Swiss residents.

2. Minimum age of 20: You must be at least 20 years old to apply for a loan. Bank-now wants to ensure that borrowers have a certain level of maturity and life experience.

3. Citizenship or residence status: This credit offer applies to either Swiss citizens or residents with a C, B, L, or G residence permit.

4. Credit check: Before the credit is approved, your creditworthiness is checked. This involves looking at various factors, such as your creditworthiness, income situation, and previous payment history.

This check is mandatory in Switzerland, as lenders are not allowed to grant a loan to anyone who is at risk of becoming over-indebted.

5. Interest rate for homeowners: Effective interest rates vary between 6.9% and 10.9% and depend on various factors, such as creditworthiness and the purpose of the loan. Special terms are available for homeowners, with interest rates ranging from 5.9% to 10.5%. However, to benefit from this, you must have been the sole or co-owner of a home in Switzerland (land register entry) for at least six months.

6. Tip for newcomers: If you are new to Switzerland and do not yet have a sufficient credit history, it is helpful if you can attach bank statements and proof of income from your home country. This can increase your chances of getting loan approval.

If you meet these requirements, your chances of getting a Credit-now loan are good. It is always advisable to have all the necessary documents and information ready before applying to make the process as smooth as possible.

6) How to Apply for a Credit-Now Loan 📜

Applying for a Credit-now loan is a relatively simple and straightforward process that can mostly be done online. Here is an overview of the most important steps:

the 3 bank-now offers

1. Complete online application: Visit the Credit-now website and fill out the online application for the loan you want. Here, information such as your personal details, income, and intended use will be requested.

2. Submit documents: After filling out the online form, you will need to upload or mail some documents. These usually include identification documents, proof of income, and possibly other documents for credit checks.

3. Credit check: Bank-now performs a credit check to make sure you can repay the loan.

4. Receive a loan offer: After a successful credit check, you will receive an individual loan offer with an adjusted interest rate. Check it carefully and agree if it meets your expectations.

5. Disbursement: As soon as all formalities have been clarified and the legal withdrawal period of 14 days has been waited for, the loan amount will be transferred directly to your account.

Recommendation and Conclusion 🎓

Hopefully, you have now received a comprehensive overview of the process and the details of the Credit-now loan offer from Bank-now AG. From business values to specific requirements, this loan offers flexibility, transparency, and planning security.

If you’re looking for a personal loan that fits your circumstances and values responsible lending, Credit-now could be an excellent choice.

Little insider tip: When choosing a loan, also pay attention to often overlooked details such as the option of early repayments and installment breaks. Bank-now offers additional flexibility here, which can be worth its weight in gold in certain situations.

In short, we can highly recommend the Credit-now loan for various financing needs.

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