What security do I have as a borrower?

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 security is included with a loan from BANK-now. The loan installments are insuredy in the event of death, for example. If BANK-now is informed of the death of a borrower, the installment payments are stopped immediately. "This means that relatives are not required to pay any outstanding installments," explains Irene Fernandez, Head of Customer Care at BANK-now.

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 Fernandez. 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 the integrated CREDIT-now security package, 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. 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 Fernandez. "That makes a big difference." She therefore recommends this insurance, which in this case covers the installments for up to 24 months, to all her clients.