In most cases, no. This is one of the reasons MFOs have become so popular: you can obtain a loan without traditional bank bureaucracy, employment certificates, or multi-day checks.
However, not requiring an income certificate does not mean the lender does not assess your income. Under Law No. 1734-VIII "On Consumer Lending" (Article 10), the company must assess the borrower's creditworthiness before issuing funds.
At the same time, Law No. 1953-IX "On Financial Services and Financial Companies" (Article 24) provides that each organization decides independently how to verify a client's income and must maintain its own risk assessment system.
How MFOs Assess Solvency Without Income Certificates
Before issuing a loan, MFOs may analyze:
- Credit history
- Active loans
- Incoming funds to the bank card
- Debt burden level
- Income regularity, etc.
The lending decision is made as a result of a scoring analysis that combines official financial data, banking information, and behavioral signals.
