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Terminate loan for free?

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Forum Banking Forum Loans & Leasing Terminate loan for free?

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BenutzernameMoneyland User Questions
Status Member
Registriert seit1/27/17
Beiträge2142

February 16, 2017, 5:16:14 PM

Hi,

What does it cost to terminate a loan? I'ver hear that you can quit a loan for free. Is that true? Thanks.

BenutzernameMoneyguru von moneyland.ch
OrtSchweiz
Status Expert
Registriert seit8/4/15
Beiträge4064

February 17, 2017, 4:04:51 PM

Swiss consumer credit laws give borrowers the right to amortize their loan at any time. You can also amortize your loan prematurely by refinancing your loan using a different loan.

While lenders cannot charge you penalties for paying off your loans ahead of schedule, some lenders charge a fee for early termination or for issuing a loan settlement statement (you need this statement in order to refinance your loan). However, some lenders do not charge these fees.

You can find out more in our guide to terminating and refinancing loans.

Best regards from Moneyguru

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