Ukrainians from June 10 to show the real cost of small loans — from 3,2 thousand UAH. Credit unions and Finance companies will be obliged to rewrite the terms of the loan contracts for small loans — the financial services Commission has already developed new standards that will take effect this summer, writes UBR.
“Studying the market, we saw a contract specifying rates of 2% per day, which translates to the user 700% per annum. Seen the contract, where the delay of repayment of the loans, the company put a penalty at 2% per day, resulting in a nearly 1300% per annum. If people see these figures and realize that for a loan in UAH 1000. after some time he will have to return 10-13 thousand and more, you may wish to take such loans will be less. Then people will think whether to become a member of the credit Union or contact the Bank where rates are much less,” — explained the need for changes to member Natskomfinuslug Alexander Zaletov.
Under the new requirements, credit agreements overwrite with details of the cost of consumer. Financiers will be obliged to chew hidden fees:
- interest on the loan;
- of the Commission;
- payments for the services of a credit intermediary;
- payments for additional services of the credit organization, associated with obtaining, servicing and repayment of the loan: settlement and cash services, payments for service credit debt, payments for legal registration;
- payment for other related services creditor;
- Commission compensation paid to a creditor by third parties providing services to the consumer when making the loan agreement.
But it is unlikely to completely deter people from financial institutions the new loan terms. Even after they “open eye”. Small loans usually take those who can not live without credit — they just have to take to make it from paycheck to paycheck.
According to experts, should occur a redistribution of the market. Borrowers pereorientirovanija to those nonbank financial institutions that can offer people the most gentle of conditions. According to Zaletova, that is what counts and Natskomfinuslug.
In theory in the struggle for the borrower would be able to enter and banks. However, they still pessimistic, do not see their clients in the people who used to be credited under a giant interest in financial companies and credit unions for 1 – 2 months.
“People with higher and secondary education do not go to the credit agencies, because they understand the real value of loans in them. Use the services of credit organizations of the poor and illiterate segments of the population. They have little chance of getting a Bank loan: the scoring systems of banks in this category are certain restrictions,” — said the former Chairman of the Board of Vector Bank Oleg Fesenko.
On the low financial literacy of consumers of expensive loans rests and other bankers.
“Client credit organizations are not able to consider, and takes a loan mostly for food. And this is no exaggeration. So in the event of force majeure, that person will simply cease to maintain a Bank credit” — explained the Chairman of the Board Forward Bank Andrey Kiselev.
Problems getting small loans from banks will be the people and because of the difficulties with the work. The absence of a permanent workplace is often the cause for refusal of a Bank loan. In this part, the financiers are not ready to soften their demands and will continue to push hard financial requirements.
“Credit check customers coming from financial companies, is somehow different from risk assessment for all other customers. A good credit history and solvency will remain essential requirements”, — assured the Deputy Chairman of the Board of Bank Credit Dnepr Andrey Moyseenko.
And added that banks are not interested in lending for short periods (a month or two). Ready to have borrowers to borrow money for at least six months.
If a person will fulfill all these conditions, you may qualify for cheaper loans. If it would be a cash loans under 80-90% per annum, and if the overdraft on the salary card — all at 30-35% per annum.
“Banks will not lend to over 700% per annum. They rate significantly lower,” — said Andrey Kiselev.
Financial experts believe that at the moment, few of the borrowers financial companies and credit unions will be able to move the service to the banks. Even though I hope that with the improvement of their living conditions and a more detailed study of the loan price tag, people will learn to adapt to the stricter requirements of banking institutions.