Online credit: what possibilities for the borrower?

More and more credit agencies are offering “all online” solutions. Can you really get a mail-only bank loan, and what will be the mandatory steps to get the desired amount? Explanations.

An increasing number of online services

An increasing number of online services

Since the democratization of the internet, the range of online services has grown steadily. Online shopping, ebooks, e-banking, online administrative forms, the behavior of uses is gradually changing while more and more procedures can be carried out from home. Consumer credit is no exception. However, subject to the Law on Consumer Credit (LCC), bank borrowing cannot yet be done entirely online.

What is available online

What is available online

If the internet does not yet make it possible to take all the steps to obtain a loan, most of the steps for obtaining a loan can now be carried out on your computer with most credit agencies (such as GoodCredit for example ). Thus, it is possible:

  • Apply online for credit : via a more or less complete form to indicate your situation and the desired terms.
  • Send your documents online : these are necessary for studying the file and include, among other things, a copy of the salary statements and the identity card / residence permit. Please note, a good quality scan is generally required (prefer a scanner to a camera).
  • Manage your correspondence online, whether by e-mail or by phone.

Not everything is possible online

Not everything is possible online

For security reasons, certain procedures must be carried out either by direct contact or by post. More specificly:

  • The signed credit contract must always be physically given to the service provider. It is then possible to bring it by hand or to go by post.
  • The customer must be identified, this to verify that it is he who borrows the money. This can be done either at the counter of the bank or credit agency, or through a yellow identification. The latter is a document that can be issued by any postal office in Switzerland.

The borrowed amount can either be withdrawn by hand from the credit bank, or paid into a bank account or postal account of your choice.

Towards future change?

Towards future change?

More and more administrative procedures are possible online, and it is not to be excluded that the future will allow borrowing while online. The main obstacles today are the signing of the contract and identification. If the digital signature could be adopted for consumer loans, identification remains a problem today.

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