Are the rules for obtaining a loan in Ukraine different from the European (global) ones?
The legislation of Ukraine on financial and banking activities is almost completely in line with European legislation, and the financial and credit practices and procedures are generally in line with European and world standards.
In addition, many domestic banking and other financial institutions are affiliates of European parent companies, completely repeating their working rules and practices.
If you are unfamiliar with the localities
Have decided to apply for a loan , chances are that you will not find any significant differences in the procedure of applying for a loan in Ukraine from what has become common in Europe or in the whole world. It is necessary to remind only the main points. This knowledge will be useful for those who cannot answer the question “where to get a loan with bad credit” on their own.
If you are a natural person, you can get a cash or non-cash loan in Ukraine in the following legal ways:
- contacting one of the Ukrainian retail (network) banks, which have a network of branches where the reception and servicing of individuals is conducted;
- applying for a loan to one of the Ukrainian micro-financial institutions (MFIs) specializing in issuing fast consumer loans to individuals;
- turning to pawnshop – a specific financial and credit institution that issues quick money on the security of liquid assets;
- borrowing money from an individual, with a written debt receipt.
General requirements for obtaining individuals credit in Ukraine :
- the presence of Ukrainian citizenship;
- reaching the age of majority (18 years and older);
- the presence (for presentation) of the passport of the citizen of Ukraine;
- stay on the territory of Ukraine;
- lack of recognition of incapacity (in due course).
Features of the loan (loan) in the bank, pawnshop and the individual
When making a loan (loan) from a private individual, it is strongly recommended that you make a written debt statement. But it has an arbitrary form, which is drawn up by mutual agreement of the contracting parties (lender and borrower), so its rules of drafting are only advisory.
To apply for a loan (loan) to a Ukrainian retail bank or pawnshop, you should appear in person at the bank (pawnshop) branch, where the reception and servicing of individuals is conducted. Visiting should take place during working hours, with a passport without fail.
The application for a loan at a retail bank (pawnshop) by the applicant (borrower) is carried out independently, in writing, but necessarily with the direct participation and control by the employee of the bank (pawnshop), and on the typical forms of the bank (pawnshop) issued to the applicant at place (the forms of which may be different). A characteristic feature of applying for a loan at a bank (pawnshop) is that it is the employee of the bank (pawnshop) who is responsible for the correct filing of documents, he on-site instructs the applicant, controls his actions, helps to identify and correct errors. Even if the loan application was completed with the assistance of a third party, or it has a fully printed form, it must be affixed to his authentic personal signature.
How to apply for an MFI loan ?
When an individual chooses to apply for a loan with a Ukrainian microfinance institution (MFI), he usually does so remotely, with access to the MFI website via the Internet. The applicant’s personal visit to the MFI’s office was theoretically possible, but due to the lack of a wide network of branches (for maximum convenience of clients, MFIs were presented mainly on the Internet), this practice was not disseminated.
One of the distinctive features of MFIs is that they submit the loan application to the applicant as autonomously and independently as possible, without constant supervision and assistance from the appropriate clerk. Remote guidance from an MFO employee is in principle possible. It shall be provided where necessary at the request of the applicant. The relevant channel of communication with the consultant is usually present on the MFI website.