620% per annum: how online loans work, - comment by Yulia Stusenko

Dozens of organizations offer to borrow from 100 UAH to 15 thousand UAH for 30 days. They promise to transfer money directly to the card, without income checks. The main thing is to have time to repay the debt on time. Otherwise...

Edition of "Segodnya" together with associate partner of Skliarenko, Sydorenko & Partners Yulia Stusenko tried to understand the consequences of using easy money.

Journalists note that to take a credit nonbanks lured "zero" interest rates. But it is valid for a limited time - two weeks or 30 days. And the real annual interest rate is higher than 600%. Such lenders are not particularly involved in checks. They give loans to both the unemployed and people with bad credit history - to all of those who are denied by banks. Therefore, it is highly likely that the borrower will not fit in 30 days, and the interest on the loan will grow every day.

The legislation does not really limit the size of the annual interest rate on loans, - confirmed Y. Stusenko. But there are restrictions on the amount of fines and penalties. They relate to just consumer loans.

“In consumer loan agreements, the penalty for failure to fulfill the obligation to repay the loan and interest thereon cannot exceed the double discount rate of the National Bank of Ukraine, which was in force during the period for which the penalty is paid, and cannot exceed 15 percent of the amount of the late payment. The total amount of the penalty (fine) accrued for violation of obligations by the consumer on the basis of a consumer loan agreement may not exceed half of the amount received by the consumer under such an agreement” the expert notes.

The "Segodnya" edition has studied the three most popular sites that issue loans and figured out what conditions they offer:

- in the public domain only in the form of a contract lending, without any specific numbers. Interest on the loan after delay in payment - not specified, available after the creation of the application. On one of the sites in the section of surveys-answers it is said that it is impossible to read the agreement before filling out the loan application. It can be read before entering a credit confirmation code;

- interest rate per day - 1.5% (if the loan is not paid on time);

- real annual interest rate - 620.5; Another company - does not indicate, in the third - 623.11%;

- commission for the extension of the loan 1122 UAH;

- can take pictures of the borrower and transfer photos and personal data to third parties;

- for a loan delay of at least one day, the penalty is 28% of the debt.