Why the Amount Changes Every Day
Online loans from MFOs use a daily rate, meaning interest is charged for each day of actual use of the funds. That is why the amount of debt changes with the number of days the loan is used.
In simplified form, the total amount to be repaid is calculated using the formula:
Exact repayment amount = loan principal + interest for the actual period of use + payments provided for by the agreement
The specific procedure for charging interest, as well as fees and other payments, must be clearly defined in the agreement (Art. 12 of Law No. 1734-VIII).
Where to Check the Exact Amount
The easiest way to check the amount needed to close the loan on a specific date is in your MFO account. If the lender regularly updates the information, the current debt status should be displayed there.
How can you find out the repayment amount if you have lost access to your account? In this case, contact MFO support and ask them to provide the current amount of debt under your agreement.
Law No. 1734-VIII (Art. 12) gives the consumer the right to demand from the lender information about the exact amount of loan debt, the amount repaid, payments made and future payments, and their due dates.
What Is Included in the Full Repayment Amount
Depending on the terms of the agreement, the full amount may include:
- Loan principal — the unpaid main amount of the loan funds.
- Interest — charged for the actual period of using the loan.
- Fees and other payments — if provided for by the agreement.
- Late payment penalties — if the borrower has violated the payment deadline.
If you repay the loan early, you should not make a separate payment for this — such fees are prohibited by law (Art. 16 of Law No. 1734-VIII).
How to Avoid Underpayment
The best solution is to clarify the repayment amount on the day you plan to fully close the loan. If you rely on an old calculation and underpay even 1 UAH, the obligation is formally considered unfulfilled. In this case, the payment is not counted as full repayment of the loan, and there is a risk of late payment.
Therefore, after the payment, check in your account whether the loan status has changed to “repaid”, “closed”, or similar.
Final summary
Be sure to clarify the current repayment amount as of the payment date — in your account or with the lender’s support team. After making the payment, check that the agreement is actually closed.
Important to know: The information in this article is for informational purposes only and is not financial or legal advice
