Paid in euros with a Swiss franc loan: what remedies?

A borrower paid in euros who repays a Swiss franc loan bears every change in the exchange rate, from the first instalment. They can ask the court to set aside the exchange‑rate clause if it is unfair, which the court checks against the information given at signing Source [1]. ACTIVE AVOCATS, a firm of the COGEP AVOCATS group, reviews their loan as it does a cross‑border worker’s.

What the rise of the franc does to your instalments.

In a loan denominated in Swiss francs, the capital and the instalments are counted in francs. In an indexed loan, the sum due in euros follows the franc. Paid in euros, you settle each instalment at the rate of its day, and every rise of the franc makes it heavier.

According to the European Central Bank’s reference rates, an instalment of 1,000 francs cost €595.13 on 12 October 2007, and €1,060.33 on 14 September 2026 Source [2]. A capital of 100,000 francs was worth €59,513.18 at the first rate, and €106,033.29 at the second Source [2]. For some borrowers, the outstanding capital, converted into euros, even grew while they were repaying.

What the law requires of the bank.

In its version in force in October 2026, article L. 313-64 of the French Consumer Code governs loans denominated in a currency other than the euro Source [3]. A borrower may only take out such a loan if they declare that they mainly receive their income, or hold assets, in that currency when signing. The only exception is a loan under which the borrower bears no exchange‑rate risk Source [3].

The same article requires the lender to inform the borrower of the risks of the contract, at the latest when the offer is issued Source [3]. The options for converting repayments into euros must also be set out. For an older loan, the rules that apply are those in force on its signing date, which the lawyer checks.

What the court examines.

An unfair term creates, to the consumer’s detriment, a significant imbalance between the rights and obligations of the parties to the contract (article L. 212-1 of the French Consumer Code) Source [1]. Whether a term is unfair is assessed at the time the contract is concluded, in light of all the circumstances surrounding it Source [1].

The Court of Justice of the European Union requires that the borrower knows the currency can rise or fall (20 September 2017, C-186/16) Source [4]. The borrower must also be able to assess the economic consequences of the clause on their obligations Source [4]. It also holds that a clause placing an unlimited exchange‑rate risk on the borrower may create a significant imbalance (10 June 2021, C-776/19 to C-782/19) Source [5]. The burden of proving that a term is clear cannot rest on the consumer Source [5].

On 30 March 2022, the Cour de cassation held that an exchange‑rate clause without figures for unfavourable scenarios is not drafted in plain and intelligible language Source [6].

What the 2025 rulings change.

On 9 July 2025, the Cour de cassation ruled on borrowers paid in Swiss francs. One of the two rulings, no. 24-19.647, opens the protection against unfair terms to them, the exchange‑rate risk being assessed over the whole term of the loan Source [7]. The other, no. 24-18.018, upholds the clause of a bank that had given clear information on the effects of a change in the exchange rate Source [8]. This is recent case law, liable to change.

For every borrower, paid in euros or in Swiss francs, the information the bank actually gave remains decisive. The lawyer examines the offer and its appendices, the signed notices, the simulations and the dates. Our guide to the exchange‑rate clause sets out these criteria.

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 [9]. The loan is then recalculated as if it had been taken out in euros, from the start (Cour de cassation, 12 July 2023) Source [10]. If it cannot continue to exist, the contract is annulled, and what has been performed must be returned (article 1178 of the French Civil Code) Source [11].

Our guide to estimating the gain from annulment shows what the calculation compares.

Frequently asked questions.

My loan is indexed to the franc and repayable in euros: am I affected?

The programme covers mortgages denominated in or indexed to Swiss francs, taken out between 2002 and 2015 for a property located in France. The law firm reviews the loan whether you are paid in euros or in Swiss francs, and it checks the date on your offer.

My loan is repaid: can I still bring a claim?

A repaid loan can be reviewed, and a claim against the unfair term is not time‑barred Source [6]. Restitution is time‑barred five years after the decision that finds the term unfair Source [10]. Our article on the repaid Swiss franc loan covers this case.

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.