Credit extension

How to Obtain an Extension on Your Private Loan in Switzerland: The MultiCredit Guide

At MultiCredit, we understand that over time your plans evolve and your financial needs may grow. Getting an extension on your private loan allows you to increase the original amount you borrowed to finance new projects, carry out renovations, or consolidate your personal finances without starting from scratch. Here’s our comprehensive guide to help you optimize your request for a private loan extension in Switzerland.

1. Understanding the Private Loan Extension

Definition and Purpose
A private loan extension means increasing the sum you’ve already borrowed from your financial institution. This option is especially advantageous when you have a solid repayment history and your financial profile has improved since the initial loan was granted.

Benefits

• Simplified Process: Applying for an extension is usually quicker than submitting a brand-new loan application.
• Potentially Better Terms: If you’ve consistently repaid on time, you may qualify for a lower interest rate.
• Seamless Financing: An extension lets you access additional funds without juggling multiple loans.

2. Preparing a Strong, Up-to-Date File

To maximize your chances of approval, present a clear and thorough file that demonstrates your stability and repayment capability.

a. Update Your Administrative Documents

• ID and Proof of Residence: Ensure these are current to verify your identity and Swiss address.
• Recent Bank Statements and Pay Slips: These documents confirm steady income and sound cash management.
• Clean Credit History: Gather records of past repayments. A flawless history sends a strong signal to lenders.

b. Outline Your Projects and Financial Needs

• Financing Purpose: Clearly describe why you need the additional funds—e.g., a home renovation, a new purchase, or debt consolidation.
• Projected Financial Plan: Provide a detailed analysis showing how the loan extension will support your cash flow and improve your overall financial situation.

3. The Extension Request Process

a. Online Simulation with MultiCredit
Our online simulator helps you estimate your new borrowing capacity:

1. Enter Your Data: Log in at MultiCredit’s website, go to the private loan section, and fill in your current figures (income, expenses, original loan amount, etc.).
2. Scenario Testing: Adjust the desired extra amount and repayment term to see their impact on monthly payments and overall interest. Interactive charts give you a clear overview of your options.

b. Personalized Analysis by Our Advisors
After the simulation, a MultiCredit advisor will contact you to review and refine your application:

• We verify consistency in your financial profile.
• We suggest improvements, such as increasing your personal contribution or reducing fixed costs.
• We prepare your file for submission, highlighting your repayment reliability and financial stability.

c. Submission and Monitoring
Once your file is complete, MultiCredit forwards it to the chosen lender. You’ll receive regular updates on progress and ongoing support for any questions you have.

4. MultiCredit’s Support Every Step of the Way

At MultiCredit, we believe in tailored guidance to turn your plans into reality. Here’s how we assist you:

• Continuous Support: Our advisors are available from simulation through to finalizing the loan.
• File Optimization: Through in-depth analysis, we work to secure the best possible terms for you.
• Strategic Advice: We provide actionable tips to strengthen your financial profile, lower your debt ratio, and secure competitive rates.

Book Your Appointment for a Loan Extension

Securing an extension on your private loan in Switzerland with MultiCredit is built on three pillars: a solid, updated file; effective use of our online simulator; and the expertise of our advisors. By providing transparent income proof, maintaining an impeccable repayment record, and presenting a clear project plan, you significantly boost your chances of success.

Contact our team today for personalized support—together, we’ll expand your borrowing capacity and help you achieve your ambitions.

An article by Munur Aslan, Director of MultiCredit