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Loans are unbelievably expensive in Switzerland. Why is that? As far as I know, Swiss are generally good repayers, so practically everyone who gets a loan pays it back. Savings account interest rates are rock bottom so Swiss banks pay next to nothing for the money they lend out. My only assumption is that the banks are making a killing on overpriced loans.
Good day,
It is worth noting that in Switzerland, the cost of loans varies broadly between lenders and depending on the creditworthiness of borrowers.
Effective annual interest rates of Swiss loans can be anywhere between 4% and 10%. The maximum legal effective annual interest rate is 10%. The same loan may be issued with very different interest rates, depending on the creditwortiness of the person in question.
More on this topic:
Swiss personal loan comparison
Costs of personal loans in Switzerland
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