NovaPay offers advances up to 100,000 UAH in payroll projects: how much will have to be repaid

Ukrainians receiving salary through NovaPay can take a short-term loan from 1,000 to 100,000 UAH essentially until the next paycheck. In a year and a half, clients have used the service 19,000 times and received about 160 million UAH, reports The Page.

Currently, clients are applying for about 1,100 such loans each month, or approximately 40 loans per day. The service is called Salary Urgently.

Who can get up to 100,000 UAH from NovaPay

The service is available to employees of companies connected to the NovaPay payroll project. A mandatory condition is that the salary must be credited to the card for at least one month.

A client can receive from 1,000 to 100,000 UAH for one month. The money is credited directly to the salary account, so there is no need to open an additional card.

The loan is processed through a mobile application. The user selects the desired amount in the Loans section, signs the agreement, after which the funds are credited to the account.

According to the director of retail business development at NovaPay, Yana Levada, about 10% of payroll clients use this opportunity every month.

What happens if the loan is not repaid on time

For the Salary Urgently loan, a real annual interest rate of 0.00001% is declared, and there are no fees for processing. After early repayment, a new loan can be processed the next day.

However, delinquency sharply changes the cost of borrowing. From the first day, 120% annual interest is charged on the overdue amount. From the 16th day, an additional penalty of 500 UAH is imposed.

Three days before the scheduled repayment, the client can apply for refinancing. The debt is converted into a Deferred loan for 6-12 months. Its amount can range from 1,000 to 120,000 UAH.

Meanwhile, the real annual interest rate for this refinancing is 97.86-99.11%, and the monthly fee reaches 3.5%.