Small loan: which conditions to borrow a small amount?

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Small loan: what is the minimum amount?

For a bank loan, the minimum amount you can borrow is generally 3,000 CHF. However, if you need a lower amount, it is also possible to borrow 3,000 CHF, and make an anticipated reimbursement after 1 month. For example, if you need only 1,500 CHF:

  • You make a 3,000 CHF loan over 12 months (the minimum)
  • After 1 month, you make an anticipated reimbursement of 1,500 CHF
  • There is 1,500 CHF left to reimburse, plus the interest

A cost-effective solution

With the new interest rate of july 2016, a small loan comes generally with a really reasonable price. Indeed:

  • Given that the amount is quite low, the interest will be quite low as well.
  • With a quick reimbursement (12 months, or even less with an anticipated reimbursement), the interest paid will be even lower.

Example: for a 3,000 CHF loan over 12 months with a 7.9% interest rate, the total interest will be 125 CHF only. Thus, you reimburse a total of 3,125 CHF.

Whom to adress?

Even if the involved sums are lower for a small loan, it is always interesting to adress a credit agency in order to get better conditions. For example, Creditloan offers the possibility to ask online for any amount, with lower interest rate and the possibility to make anticipated reimbursement. If you need an online quotation, do not hesitate to ask for help.

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