Migros Bank review

Personal loans run at a fixed rate of 4.9% to 7.9% over a term of 12. The published representative example gives a monthly instalment and a total cost figure at each end of that rate range, so you can see the cheaper and dearer outcomes before applying.

Applicants must be adults in salaried work with regular employment income, holding Swiss citizenship or a C or B permit and having lived in Switzerland without interruption. A permanent unlimited contract in Switzerland or Liechtenstein is required, and it must not be in probation. A debt collection extract without significant entries or open proceedings is also needed.

Migros Bank states a credit decision quickly once every document has arrived, then a statutory withdrawal period before payout to the account you choose. That second step is a waiting period you cannot skip, so funds land after the decision rather than on it.

Migros Bank AG is a Swiss bank supervised by Eidgenoessische Finanzmarktaufsicht (FINMA). The legal entity behind the personal, car and consolidation loans is Migros Bank AG, and it has been lending since 1958. Applications go through a hard credit check, so expect a full file review.

Yes. Early repayment is free, so settling a 12 personal loan before the end of the term carries no charge. That makes it easier to clear the balance after a bonus or a change of income without paying a fee for the privilege.

The online mortgage opens at an initial rate of 1.34% and fixes for 2. It is aimed at purchase and remortgage, and maximum loan to value is 80%, a modest level for anyone funding a large deposit. The short fix also means you reprice sooner than most.

Expect a hard credit check (hard): the full file is reviewed on every application, with no soft prequalification step. That suits applicants with a steady salary and a clean record, and it is unforgiving of a file carrying significant debt collection entries or open proceedings.

Support runs on email, phone and help centre, so email, phone and the help centre are the ways in. A call suits anyone who wants an answer on the spot, while email keeps a written record of what was agreed about a decision.