Ask for the real annual rate and the total sum you will repay — in figures, before you sign. Under Ukrainian consumer lending rules you are entitled to that information, and it is the only basis on which two offers can be compared.
Consumer lending · Kyiv
"Only a fraction of a percent a day" is a yearly number in disguise
FK Prosto Kredyt is a non-bank financial company providing consumer loans. Short-term borrowing in this market is almost always advertised per day, because a daily figure looks small and a yearly one does not.
The arithmetic is not complicated and nobody does it in the shop. Below is the same borrowing shown over different periods, as a percentage of the amount borrowed — illustrative rates, not ours, and no amounts in hryvnia.
What a daily rate accumulates toIllustration — not an offer
1 day≈ 1%
7 days≈ 7%
30 days≈ 30%
90 days≈ 90%
1 year≈ 365%
At one percent a day, a year costs roughly three and a half times what was borrowed — before fees, and before anything compounds. This is why the law requires a real annual rate: so that a daily number cannot hide a yearly one.
A right most borrowers never use
Fourteen days to change your mind
14
Calendar days from signing a consumer credit agreement
As a general rule under Ukrainian consumer lending law, a consumer may withdraw from a credit agreement within fourteen calendar days, by notifying the lender in writing before the period expires and returning the funds together with interest for the days the money was actually used.
Exceptions and conditions exist — the rules differ for some kinds of credit, and they have been amended over time. Check the current position and the terms of your own agreement rather than relying on this page.
1
Write, do not telephoneA call leaves no proof. Send written notice in a way that records the date it was sent.
2
Keep the proof of sendingThe date matters more than anything else in the process.
3
Return the money promptlyWithdrawal means returning the principal with interest for the days of actual use, within the period the law provides.
4
Get confirmation that it is closedAsk in writing for confirmation that the agreement is terminated and nothing remains outstanding, and keep it.
Before signing anything
Four figures, in writing
Ask every lender for the same four. If any of them is missing or vague, that is the answer to your question about the lender.
The real annual interest rateNot the daily rate and not a monthly one. The annual figure calculated on the statutory basis, which is what makes offers comparable.
The total sum you will repayPrincipal plus interest plus every fee, expressed as one number for the full term.
The cost of being latePenalties, default interest and any additional charges, and when they begin to apply.
The cost of prolongingExtending a short loan is where its real price usually accumulates. Ask what three extensions would cost before you take the first.
Our lending
What we offer
Consumer loans on fixed terms, with the schedule and the total repayable stated before signature. No rates appear on this website, because an advertised figure is nearly always the one that fits the fewest borrowers; you receive your own figures in your own agreement.
What we will not do: charge anything before funds are provided, lend where the repayment plainly cannot be serviced, or encourage extending a loan as an alternative to repaying it. If you are already borrowing to repay other borrowing, the answer is not another loan — contact your existing lenders and ask about restructuring first.
Questions
Asked regularly
i.Why does the real annual rate look so much bigger than the daily one?
Because it is the same price expressed over a year rather than a day. Neither figure is a trick; only one of them is comparable between offers, which is why the law requires it.
ii.I want to repay early. Is that penalised?
Ask before signing what early repayment costs and how interest is recalculated. Consumer lending rules in Ukraine give borrowers rights in this area; the figure that matters is the one in your agreement.
iii.Can I extend if I cannot pay on the due date?
Sometimes, and it is rarely the cheapest option. Contact us before the due date rather than after — options while an account is current are wider, and repeated extensions are how a small loan becomes a large one.
iv.How do I check you are authorised?
Look up the exact legal name in the National Bank of Ukraine register and check which services are listed there. Take the contact details from the register, not from a message.
Contact
Contact us directly
Before the payment is missed, not after. Nothing is ever payable before funds are provided.