CreditGate24 is a Swiss platform for crowdlending and for peer-to-peer lending which, without involving banks, links borrowers and investors.
For web-based credit ventures, private and commercial investors give funding. The sum is then given to borrowers. For their services, peer-to-peer sites charge a fee. The info here is about personal loans. The company also provides goods for small and medium enterprises, self-employed clients and proeprty ventures.
It is also possible for investors to invest in personal loans and small and medium size enterprise loans. For investors, the prices and terms are transparent and specified- auctions aren't utilized. The platform links with firms like Generali, BDO, Bexio, and Bank Frick.
CreditGate24 on the marketplace
Full amount of loan possible
- The platform provides loan volumes ranging from CHF 5K to 200K
- For loans of a maximum of CHF 80K, the Consumer Credit Act is valid.
- Consumers are not covered by the Consumer Credit Act for loans over this level.
Possible rates of interest
- The firm provides loans at interest rates spanning from 4.8 to 9.9 percent.
- After the application is lodged, the real interest rate on your loan will be decided.
Things to remember when you apply for your loan
- Typicallly, the smallest interest rates are provided just if you have a really good credit record.
- Sometimes, the requirements are not completely open to the public.
- At this platform, if a bankruptcy occurs, all borrowers in a loan category and rating class share mutual responsibility through a solidarity agreement. In order to make sure the quality of its borrowers, the firm applies stringent rules for this reason. This appears to ignore more applications than other creditors. For investors, this decreases risks.
Offeredf terms of repayment
- In general, the platform provides 12-60 months of repayment terms.
- By agreement, terms of 72-84 months are a possibility.
What to keep in mind when you pick the repayment period
- The advantage of a longer repayment timeframe is that there are smaller instalments per month.
- Though, the bigger the maturity period, the bigger the loan's overall cost.
- At all times, you may pay off (amortize) the loan sooner, which is going to decrease your loan rate.
- There is no fee for early repayment of loans protected by the Consumer Credit Act at this platform (amounts of a maximum of CHF 80K).
- Credaris, thier partne, will assist in the decision regarding the correct repayment term.
- Loans are offered to working individuals, self-employed ones and small and medium-sized enterprises. Borrowers need to be at least 18 and loans have to be repaid by their 65th birthday. If the loan is backed by worthy assets like (mortgage) assets, it may be repaid by the age of seventy.
- Adopted loan applications are released on the web page and stay there for up to two weeks. Prior to being accepted and going online, since the chosen applications are reviewed with care, it is almost impossible for a loan not to score investors.
- At this time, it isn't a possibility to take out CreditGate24 payment security insurance to cover full job or unemployment disability.
- All loans are covered in the event of death, for a maximum residual debt of CHF 100K.
- The cost of the premium is counted in the yearly interest rate that is efficient.
- You are expected to give notice of any change of address to the lender.
- Declarations of interest are zero in terms of cost and may be downloaded at all times online.
- The customer is charged with address info, reminder charges (first reminder CHF 50, second reminder CHF 100) and collection costs (hourly rate).
- Loans are just open to citizens in Switzerland or Liechtenstein with a residential address.
- Just a Swiss bank account is used to make payments.
Things to remember when picking a loan
- Would you like to know roughly what is the amount you may borrow?
- The Central Credit Information Office s a forum for financial entities to share info about their customers' credit status. All info on transfers around personal loans, automobile leases and credit cards is registered by the Office.
- If you specifically send a loan enquiry to a lender and are denied, future enquiries will be adversely impacted by this. All legal Swiss lenders are part of ZEK. A lender is basically an non-trustworthy one if they offer you a loan without mentioning the ZEK.
- The smaller the rate of interest, the more stringent the conditions for eligibility.
CreditGate24 main features and highlights
- Business loans
- Personal Loans
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