The PostFinance personal loan is really simple: anyone interested in taking out a loan can apply for this loan online in just a few steps via PostFinance, and successful applicants can benefit from an attractive interest rate from 4.90%. bob Finance handles the loan application and is the contractual partner for the loan. We talk to Simone Hintermayr, a marketing specialist with PostFinance, about the product.

Why does PostFinance arrange personal loans?

Simone Hintermayr: PostFinance cannot issue loans itself for legal reasons. However, we’ve been receiving an increasing number of requests from customers looking for a loan with PostFinance as their main bank. This customer requirement was the biggest driver for us. We responded to this by examining whether we could also work with a cooperation partner on personal loans in the same way that we do with mortgages in order to provide our customers with the best possible service.

Is the PostFinance personal loan exclusively available to PostFinance customers?

No, this product will be available to anyone interested. You do not need to open a PostFinance account for a PostFinance personal loan.

How did PostFinance go about looking for its cooperation partner?

As is common practice for such large-scale projects, we issued a call for tenders, and we had responses from lots of suitable personal loan providers. In the end, we chose bob Finance. Firstly because we are able to offer a very good interest rate with bob Finance. Secondly, by working with bob Finance, we can give applicants really easy access to this product: you can apply for the PostFinance personal loan online with ease.

How did you incorporate customer feedback into development of the product?

First off, we carried out representative online customer surveys to find out exactly what is important to potential customers. In addition to this, we laid out what we were planning with our cooperation partner bob Finance in personal interviews. We were then able to apply the valuable feedback we received directly in developing the PostFinance personal loan.

Personal loans often have a bad press. Doesn’t taking out a loan lead straight into a debt trap?

I heard this particular question many times during work on the product. As a bank with nearly 3 million customers, it’s something we take very seriously. The Consumer Credit Act protects borrowers from accumulating excessive debt, and one way it does this is by requiring a thorough creditworthiness check. This is why, for each loan application, bob Finance carefully examines how much the applicant’s personal budget is, and requests the relevant details. The idea behind this process is to ensure that PostFinance personal loans are only issued to borrowers with a sufficient budget. To protect younger people in particular, the PostFinance personal loan is similarly not issued to applicants under the age of 25. We also recommend taking out credit protection, which will protect the borrower from the risks associated with unemployment or inability/incapacity to work.

What about data protection?

All applicants enter their details independently with our cooperation partner, bob Finance. PostFinance does not pass on any customer data without their express consent. PostFinance customers have the option of using their PostFinance login in their loan application, and in doing so benefit from a simpler data transfer process. In other words, they can authorize PostFinance to transfer details about them (name, address, date of birth), plus a stored ID document, to bob Finance. This makes it easier for customers to enter data during the application process.

When exactly is it a good idea to take out a loan?

The idea behind a personal loan is that it is an investment in the future. If I invest in further education today, I will benefit from that investment throughout my future professional life. If I set up a comfortable office space at home today, my health will reap the rewards in the long term. Personal loans come in particularly handy in unforeseen circumstances, for instance if you suddenly finding yourself needing a more spacious car for family reasons. Ultimately, personal loans can also help tide you over in the event of foreseeable financial needs, for instance if a larger payment you were expecting takes a bit longer to come through.

Do you have your own experience with a personal loan?

Yes, I cared for my grandmother for several years. During this time, I took out a loan for a car that a wheelchair would fit into so that my grandmother could comfortably get in and out. Needless to say, I had to factor those loan repayments into my monthly budget. Of course I remember that really good feeling when I’d finally paid off the loan, meaning I had some more money in my pocket at the end of each month. What’s more, I ended up using the car for a lot longer than the term of the loan. And this is exactly my point here: you should only ever take out a loan if you’re using it to invest in something in the long term, for example a vehicle or furniture. Loans are not suitable for one-offs like a holiday.

Do you have any other advice?

Always double-check the total costs of a loan on a comparison site by seeing whether you would incur additional costs to your repayments such as costs for taking out the loan. Also be sure to take into account tax benefits when you decide: unlike lease interest, I can claim loan interest as tax exempt.

When is it a good idea to take out a PostFinance personal loan?

With the PostFinance personal loan, you are guaranteed to receive a PostFinance-approved product and to get a loan from an established Swiss loan specialist. bob Finance is part of Valora Group and is based in Zurich. In addition to this, anyone interested in the PostFinance personal loan, regardless of whether they are a PostFinance customer or not, will benefit from straightforward application handling and an attractive interest rate.