Do not make any other request!
If the first reaction after a loan refusal is to make another request towards another agency, it is indeed the thing you shouldn’t do at all. By doing that, you will generally make the situation worse. Indeed:
- You should know that every credit request is recorded in the Swiss loan central (ZEK).
- Your loan refusal will therefore be visible and count as an unfavourable item for every future application.
- Accumulating too many refusals will penalize you for many months.
Check the loan refusal reasons!
The first right thing to do is to inquire about the reasons why your loan has been refused. If those reasons are not clear, do not hesitate to contact the loan agency where you made your request. It is indeed important to know and understand the reasons of your loan refusal. Those could be:
- A bad budget (or scoring too low): in that case, you could eventually try elsewhere, each bank or agency having its own criteria.
- One or more ZEK codes: a negative record to the Swiss credit central, which indicates a problem in the past (related to a loan or a credit card). If you want to know more about ZEK codes related to a loan refusal, do not hesitate to consult CreditLoan – the loan specialist in Switzerland, to learn more about the ZEK codes.
- Prosecution: the Swiss loaw prohibits loans to people with formal legal processes to recover money.
- Basic conditions: those could be related to your Swiss working permit, your actual employment. Do not hesitate to check the basic Swiss credit terms and conditions in order not to make excessive requests.
When should you apply again?
Finally, the main question is “when can you make your new request after a loan refusal?” and then, everything depends on the refusal reasons. The first thing is to correct your current situation and problems related to your loan refusal. In any case however, you should wait at least 3 months before applying again for a new loan.
