Ukrainians do not know the real conditions of their loans – USAID

Only 20% of Ukrainians trust in financial institutions of different sectors. 73% of citizens are ready to take out a Bank loan or finkompany only in the most extreme case. Such a study was announced by the Deputy head of the USAID project “Transformation of the financial sector” Julia Loop.

The study examined advertising and loan agreement clients, conducted follow-up visits shoppers, surveyed Ukrainians are consumers of services of financial institutions. As found in the experts, 73,6% of the advertising materials do not contain financial information, and 8.8% of advertised interest-free loans.

“Study the market, of course, was conducted before the entry into force of the law on consumer crediting, which prohibits such advertising. But even today I see such offers on the market,” said Round.

During a visit to financial institutions “mystery shoppers”, the researchers found:

  • in 68% of cases, the borrower has not provided written information;
  • more than 80% of cases the main terms of the loan delivered orally;
  • in 41% of cases, potential recipients of loans financial institutions are not interested in the income of citizens.

“Finkompany and pawn shops are the least requested documents in contrast to other financial institutions. In such institutions loans approved more often and faster” — said the expert.

A large number of violations revealed a reviewer in the study of consumer credit contracts. Thus, 33% of the documents did not contain detailed information on the total cost of the loan. In 17% of the contract was not the payment schedule, and in 54% of contracts found prescribed conditions that violate the rights of the borrower on early repayment of the loan.


  • How to negotiate with the Bank to revise the terms of the loan

“In many treaties contained at least one rule, which is contrary to the law. And often such norms was more”, — said Yulia Round.

The next stage of market research is planned by the end of 2017. And at this time we will learn how the financial market performs the requirements of the law on consumer crediting.

We will remind, in July in Ukraine entered into force a new law “On consumer lending”. The document was forbidden to indicate in the advertising false information about zero interest rates, in addition, financial institutions will be obliged to check the creditworthiness of their clients.