Porting or merging loans – it couldn't be simpler.

Have your children suddenly become teenagers who need bigger beds? Maybe you'd like to upgrade your 25-year-old oil heating system to an environmentally friendly heat pump? Or perhaps it's time to replace that convertible with a family car? Major purchases can suddenly become a matter of urgency from one day to the next. So it's good that loans are quite flexible and can be ported, increased, or bundled. We take a look at what that actually means and how you can benefit from lower interest rates.

Porting a loan effectively means transferring the loan from one bank to another. The new credit institution will repay your loan debt with your existing bank. This process is also known as refinancing, debt rescheduling, or debt restructuring.

Yes, the Swiss Consumer Credit Act (KKG) states that a loan can be repaid at any time without any financial consequences. This ensures that you are able to accept a better offer from another bank.

Switching providers can bring a host of benefits. Lower interest rates, of course. But different providers not only have different interest rates, they also offer different services. BANK-now offers you flexibility and the option to take a payment holiday, free of charge, on two monthly installments during the term of the loan agreement. If you switch your loan to BANK-now, you will immediately benefit from this payment deferral option. We also offer comprehensive advisory services at all times. We take into account all your projects and draw up realistic installment schedules.

Start an application with BANK-now in just a few clicks and tell us about the loan you wish to port, and the amounts involved. That's all we need to calculate the new loan balance. In line with the provisions of the Swiss Consumer Credit Act, a creditworthiness check will be carried out before the loan is ported.

If you wish to bundle multiple loans from various providers, we will calculate the residual debt and create a new, bundled umbrella contract based on the new amount. In line with the provisions of the Swiss Consumer Credit Act, a creditworthiness check will be carried out before the loan is ported.

This is a common misconception. You can port your loans and switch to another bank even if you are only a month into your loan agreement.

As a rule, client advisors take care of the process of porting a loan or bundling multiple loans. You should check that you have canceled any old standing orders and switched them to the new provider.

No, you don't need to specify the reason for a credit application if you don't want to. However, knowing the background helps advisors to give you the best possible support with your projects, which means that you will benefit from comprehensive advice and a customized financing solution.

You can use a personal loan to repay credit card debt. This is highly likely to bring financial benefits for you. The interest rates for credit cards are usually higher than those for installment loans. By porting the balance of your credit cards, you will ensure that your debts are repaid and you will gain a better overview of your budget. We are happy to arrange the repayment of your credit card debt for you with your current provider.

The law stipulates that borrowers are entitled to demand the waiving of interest and a reasonable reduction of the costs incurred for the unused term of the loan. Fees may be applied for the closing statement that is required.

If you bundle several loans into one, you will have just one contract, one contact person, and one bill for all your loans. This will make your budget simpler and it will be easier to manage your monthly costs – which in turn will make it easier for you to realize your projects. As part of the lending process, our advisors work with you to draw up a budget.

If you made your previous loan payments on schedule, your creditworthiness will have improved in the meantime. This could mean you will be able to benefit from lower interest rates for your new umbrella loan agreement.

You will only be approved for a loan if you fulfill all statutory requirements and the specific eligibility criteria of the credit institution. Banks generally do not provide information about why they have rejected an application.

The financing experts at BANK-now will carry out a detailed analysis of your situation in order to give a positive response to your application wherever possible. If the maximum credit amount we are able to approve is lower than the amount requested, we will talk to you about your options. We will also support you if your application is rejected by providing you with all the information you need..

If you have any further questions, please contact us to arrange a no-obligation personal consultation or check out our FAQs