What to know before applying for a loan
- Rates are likely to stay similar: Mutuo does not expect major changes in interest rates across the market in the coming months.
- Chances could improve slightly: People with a steady salary who can comfortably afford their repayments could have a slightly better chance of approval.
- Comparing is still worthwhile: Banks do not all assess a loan application in the same way.
- The loan must be affordable: After rent, health insurance, other bills and existing repayments, you must have enough money left to repay the loan.
Why Mutuo expects stable loan rates
On 24 September 2026, the Swiss National Bank kept its policy rate at 0%. In August, prices were on average 0.8% higher than a year earlier. The SNB still expects limited price increases, although it now anticipates a slightly stronger rise. [1]
For Mutuo, this suggests that personal loan rates will stay roughly the same from October to December. This is our assessment. The SNB is not predicting the rates that individual banks will charge.
Loan interest rates: broadly stable
The policy rate alone does not determine a loan’s interest rate. Banks have their own costs. They also assess how likely a person is to repay the loan. A bank can therefore change its rates even if the SNB policy rate stays the same.
Things could develop differently, for example if energy becomes more expensive, international conflicts worsen or the economy slows. The SNB also highlights these uncertainties. [1]
Loan applications: chances could improve slightly.
Mutuo expects loan applications to have a slightly better chance of approval in the coming months. A regular salary, enough money left after fixed expenses and a good record of paying on time remain important.
Approval chances: slight improvement expected
This is Mutuo’s assessment. We have not carried out a survey of banks. It does not mean that all banks are easing their rules or that every application will be approved.
So far, rejections have tended to increase: according to ZEK, around 36 out of 100 applications were rejected in 2024 and around 37 out of 100 in 2025. For 2026, Mutuo estimates the share of rejected personal loan applications at 32% — around 32 out of 100 applications. This is an estimate, not a confirmed annual figure. ZEK’s figures also include leasing and credit cards, so comparisons are limited. [2]
How many loan applications are rejected?
2026: Mutuo estimate for personal loan applications
Choosing the right bank still matters. Each bank has its own lending rules. Mutuo reviews your situation and helps you look for a suitable loan from its partner banks.
Even with stable rates, comparing is worthwhile
Even if interest rates stay similar, offers can differ between banks. Compare the effective annual interest rate, the number of monthly payments and the total cost of the loan. These examples show the difference that interest rates can make.
| Loan / Term | At 5% effective a year | At 8% effective a year | Difference |
|---|---|---|---|
| CHF 10’00048 months | CHF 1’029.93 | CHF 1’655.41 | CHF 625.47 |
| CHF 50’00060 months | CHF 6’461.20 | CHF 10’429.16 | CHF 3’967.97 |
Mutuo calculation example, not a loan offer. Monthly interest rate = (1 + effective annual interest rate)1/12 − 1; first payment after one month. Excludes fees and insurance. Amounts are rounded only at the end of the calculation. The rates are examples, not guaranteed offers.
Compare the same repayment term
Repaying over a longer period often means paying less each month. But you may pay more interest overall.
Review your current loan
A new loan can replace an existing one. This may be worthwhile if the total remaining repayment cost goes down, including all relevant charges.
The bank must check that you can afford the loan
Since 1 January 2026, banks may charge a maximum annual interest rate of 10% on cash loans covered by the Swiss Consumer Credit Act. This is the legal limit, not the usual price of a loan. For overdraft credit, including certain credit card debts, the limit is 12%. [3]
For these loans, the bank must generally check whether you could repay the loan within 36 months. This also applies if your contract provides for a longer repayment period. This legal check remains mandatory even when interest rates change. [4]
Which loan is right for you?
Find out with Mutuo which loan suits your income and expenses. We offer personal advice. Your enquiry comes with no obligation.
Explore my loan options →A loan must not be granted if it would cause the borrower to become over-indebted.
Frequently asked questions
Will personal loan rates fall by the end of 2026?
Mutuo expects interest rates to stay roughly the same. Some banks may offer better deals. For now, we do not expect significantly lower rates across all banks.
Does a 0% SNB policy rate mean an interest-free loan?
No. Banks must cover their own costs and allow for the fact that some loans are not repaid in full. They therefore charge interest on personal loans even when the policy rate is 0%.
Is it easier to get a loan approved now?
We expect slightly better chances. That does not mean all banks have relaxed their rules. Your income, expenses and the bank’s rules remain important.
Does a good salary guarantee a low-cost loan?
No. The bank also looks at your expenses, existing debts and whether you have paid your bills and instalments on time. A high salary alone is not enough.
Should I wait for lower rates before applying for a loan?
We do not currently expect a sharp general fall in loan rates. More important questions are: do you really need the loan, can you afford the repayments and is the specific offer right for you?
Sources and context
Source documents are in German.
- Swiss National Bank: monetary policy assessment of 24 September 2026. Policy rate, inflation and economic risks.
- ZEK: 2025 annual report, section 6.5 “Transaction volume”. Share of rejected applications in previous years.
- Swiss Confederation / FDJP: maximum interest rate for consumer credit reduced from 1 January 2026. Press release dated 31 October 2025.
- Swiss Federal Consumer Credit Act, particularly Article 28. Statutory assessment of the ability to repay a loan.
As at 30 September 2026. The outlook covers October to December 2026. Expectations about interest rates and loan approvals are Mutuo’s own, not the result of a survey of banks. The estimate of 32% of personal loan applications being rejected refers to 2026. No statistical analysis is presented to support this estimate. Earlier ZEK figures also include leasing and credit cards. The forecast graphics show expectations; the cost comparison shows calculation examples.
Main image: AI-generated illustration. Design and charts created for Mutuo. This article does not constitute an individual loan approval.
