Methods of loan repayment
Usually, all available loan repayment options are listed by the MFO on its website or in your account. Specific repayment methods may vary depending on the lender.
Most often, you can use the following options:
- MFO account. The system already has your agreement data and usually shows the current amount due.
- Bank transfer. You can transfer funds to the lender’s details through a banking app or online banking.
- Bank branch. Payment can be made at the bank’s cash desk by providing the details.
- Self-service terminal. Most MFOs cooperate with specific payment networks. Before paying, check which terminals your lender supports.
- Without registration on iPay.ua. It is enough to enter the agreement number and payment amount — to repay via iPay.ua, you do not need to log in to your account.
What You Need to Pay
Depending on the chosen loan payment method, you may need:
- Credit agreement number.
- Your IPN (identification code).
- Lender’s details.
It is also important to indicate the exact amount to be repaid. If you want to close the loan in full, do not rely only on the figure you remember from the moment of application. Interest and other payments provided for by the agreement, accrued for the actual period of using the loan, may be added to it.
The main loan terms and payments provided for by the agreement must be specified in the credit agreement (Art. 12 of Law No. 1734-VIII). Before paying, check the agreement number, lender details, amount, and payment schedule against the document.
How to Keep Proof of Payment
After each payment, keep proof of payment.
For example, this could be:
- An electronic receipt — if you chose to repay the loan online.
- A bank receipt — if you paid at a bank branch.
- A screenshot of the successful transaction — if paying via online banking or a banking app.
If there is a technical delay or other problems with crediting the funds, a receipt or screenshot will help confirm the date, amount, and fact of payment.
After full repayment, also check the loan status in your account.
When It Is Better to Pay
Do not postpone repayment until the last day. Even if the payment is made online, 1–2 days may pass between the debiting of funds and their crediting to the lender.
If you want to repay the loan early, the law allows you to do this at any time (Art. 16 of Law No. 1734-VIII). At the same time, the lender has no right to set a separate fee specifically for early repayment of the loan — the consumer pays interest and other payments only for the period of actual use.
Final summary
There are many ways to repay a loan from an MFO — choose the most convenient one for yourself. After making the payment, be sure to keep the receipt, and after full repayment, make sure the loan is actually closed.
Important to know: The information in this article is for informational purposes only and is not financial or legal advice
