Interest‑only Swiss franc loans: what can you claim?

An interest‑only Swiss franc loan repays the capital only at the end of its term. The instalments paid are mostly interest, and what is at stake lies first in the outstanding capital, counted in francs. If the exchange‑rate clause is found unfair, the court has the loan recalculated in euros, or it annuls the contract Source [1] Source [2].

How an interest‑only loan works.

A repayment loan pays back the capital instalment by instalment. An interest‑only loan only charges interest during its term, and the capital is repaid in one go, at maturity. For an interest‑only Swiss franc loan, that capital is an amount in francs, whose value in euros follows the franc until the day of repayment.

The interest instalments follow that rate too. The same instalment in francs costs more euros when the franc rises.

What the rise of the franc does to the capital.

According to the European Central Bank’s reference rates, it took 1.6803 francs to buy one euro on 12 October 2007, and 0.9431 francs on 14 September 2026 Source [3]. A capital of 100,000 francs released on 12 October 2007 was worth €59,513.18 Source [3]. At the rate of 14 September 2026, the same capital is worth €106,033.29, that is €46,520.11 more Source [3].

Until maturity, the borrower has repaid no part of that capital, and the rise of the franc bears on all of it.

The two possible outcomes.

An unfair term is deemed unwritten, and the contract remains binding without it if it can continue to exist without that term (article L. 241-1 of the French Consumer Code) Source [1]. When the contract continues, the loan is recalculated as if it had been taken out in euros, from the start (Cour de cassation, 12 July 2023) Source [2]. The outstanding capital is recalculated too, and the difference lightens the future debt.

When the contract cannot continue, it is annulled. The annulled contract is deemed never to have existed, and what has been performed must be returned (article 1178 of the French Civil Code) Source [4]. The bank returns what it received, the borrower returns the capital received in euros, and the debt in francs disappears.

For an interest‑only loan of which no capital has been repaid, the gain from annulment comes in two parts. The first gathers the interest paid, which the bank would return. The second is the rise in the capital to be repaid, which the borrower would not pay: the capital at today’s rate, less the capital received in euros. In the example, this second part reaches €46,520.11 Source [3].

How restitution is calculated for interest‑only loans is still debated before the courts, and the trial judges rule case by case. Our analysis of the case law from 2022 to 2025 reviews these questions.

How the programme quantifies an interest‑only loan.

Hello Justice has built its own simulator. It recalculates each instalment of your loan at the official European Central Bank rates and at the interest rates set by your contract. For an interest‑only loan still running, it counts the capital due at maturity at the latest known rate. Its report says so: that capital is repaid at maturity, at a rate nobody knows yet.

ACTIVE AVOCATS, a firm of the COGEP AVOCATS group, relies on this calculation to quantify your claim. Our guide to estimating the gain from annulment sets out the method.

The documents for an interest‑only loan.

The loan offer and its appendices remain the key document, because it contains the exchange‑rate clause. The amortisation schedule shows the interest instalments and the capital due at maturity. The amendments count too, for example one that converted the loan into euros, which our article on conversion into euros explains how to read.

Frequently asked questions.

My interest‑only loan has reached maturity: can I still bring a claim?

A repaid loan can be reviewed, and a claim against the unfair term is not time‑barred (Cour de cassation, 30 March 2022) Source [5]. Restitution can be sought within five years of the decision that finds the term unfair Source [2]. Our article on the repaid Swiss franc loan covers this case.

Will the amount in the example be the amount of my claim?

No. The example illustrates the method, with public rates. The court rules on the sums that the documents of your claim establish.

Do my interest instalments count in the calculation?

Yes. The calculation takes in each instalment paid, with its date, converted at the rate of its day or from the account statements.

How can I have my loan checked?

The programme’s eligibility test starts with a few questions about your loan. You then upload your documents from your online space, straight away or later. Having your claim checked is free, as are the eligibility test and the submission.