What options do I have for securing my loan?

Life doesn't always go to plan. Twists and turns and changes of plan are all par for the course. If something unforeseen happens during a current loan, such as the loss of a job, an accident, illness, or divorce, this can quickly lead to a change in financial circumstances. BANK-now clients can take out comprehensive cover for situations like this.

Comprehensive loan security is included with a loan from BANK-now. The loan installments are secured in the event of death, for example. 

Clients also have the option of deferring their monthly installment payments twice free of charge during the term of the contract. "We offer additional security and flexibility here in case a client is short on funds and cannot pay the installment," says Irene Fernandez, Head of Customer Care at BANK-now. It is important to note that a payment deferral must be requested by the 25th day of the month concerned.

In Switzerland, a loan cannot be paid out until after a 14-day waiting period. This is what the Swiss Consumer Credit Act (CCA) stipulates in order to protect borrowers and enable them to withdraw from the credit agreement during the waiting period without giving the reason for doing so. With CREDIT-now, clients have a further ten days after the loan is paid out to return the loan without incurring any costs or fees. Anyone who wants to withdraw from their credit agreement within these ten days simply needs to call BANK-now and immediately arrange for the repayment of the full credit amount. Irene Fernandez: "At BANK-now, we have decided to give our clients this additional thinking time so they can sleep on their decision a little longer."

The additional cover against involuntary unemployment and incapacity to work is very popular.  "When a client becomes unemployed involuntarily, they usually suffer a loss of income of 20 to 30 percent," says Irene Fernandez. "That makes a big difference." She therefore recommends this chargeable payment protection insurance, which in this case covers the installments for up to 24 months, to all her clients.