Attorney
Specialist in bankruptcy of individuals and legal entities. Provides legal support in bankruptcy procedures for individuals, private limited liability companies, legal entities, as well as closing executive proceedings, concluding restructuring and settlement agreements with financial institutions
Lawyer for credits and microloans (MFI)
Life is dynamic, sometimes situations arise when funds are urgently needed. In such cases, many people turn to microfinance organizations (MFIs) for a quick loan. However, the ease of obtaining such funds often turns into significant problems for borrowers due to sky-high interest rates and strict terms of contracts.
A large percentage for use is a feature of microloans
Unlike bank loans, where the interest rate can reach 20-30% per annum, MFIs offer loans with interest rates reaching 500-700% per annum. This means that in a short period of time the borrower can overpay an amount that significantly exceeds the loan itself.
What are the main difficulties that people have when lending in MFIs
Opaque contract terms:
- MFIs often use complex legal wording, obscuring the true lending conditions.
- Contracts may contain vague wording, ambiguous interpretations, and hidden fees.
- Borrowers do not always have enough time to carefully read all the terms of the contract before signing it.
Imposition of additional services:
- Unnecessary insurances, SMS notification services, legal consultations, etc. may be added to the basic package of services.
- These additional services significantly increase the total amount of debt, making it even more burdensome.
- It is often difficult for borrowers to refuse these services, because they are already included in the contract.
Penalties and penalties for late payment:
- MFIs apply strict penalties for late payments, which can reach 1-2% of the amount owed per day.
- Fines and penalties add up quickly, adding significantly to the total amount owed.
- Even minor arrears can lead to significant financial losses for the borrower.
Pressure from the collectors:
- In case of non-payment of debt, MFIs often resort to the services of collectors who use aggressive debt collection methods.
- Collectors can call the borrower and his relatives at night, threaten, blackmail, apply psychological pressure.
- Such actions of collectors can negatively affect the emotional state of the borrower, his reputation and relationships with others.
Possible consequences if problems are not solved?
Unfortunately, people often do not take the situation under control, as they do not have enough funds to pay all the accrued interest and fines for using and defaulting on the loan. This leads to the following consequences:
- Foreclosure: MFIs can initiate lawsuits to collect debt, which can lead to the seizure of assets, accounts, and wages.
- Deterioration of credit history: arrears and non-payment of loans negatively affect the borrower’s credit history, making it difficult to obtain loans in the future.
- Stress and psychological pressure: Constant debt problems can lead to serious psychological problems, depression and even the destruction of relationships with loved ones.
Pay high interest and fines or use a lawyer?
Contacting a qualified lawyer on credit disputes and MFI can help:
- Understand the terms of the contract. A lawyer will help you understand the complex legal wording of the MFI contract and explain your rights and obligations.
- Appeal against the illegal actions of the MFI. A lawyer can help you appeal the fines, penalties and other illegal actions of the MFI.
- Restructure the debt. In most cases, a lawyer can help you agree with the MFI on debt restructuring, which provides for more favorable repayment terms.
- Protect your rights in court. If the case goes to court, a lawyer will represent your interests and protect your rights.
The advantages of our law firm in this matter
Our law firm has extensive experience in resolving disputes with financial institutions. We offer an individual approach: we carefully study each case and develop a personal strategy for protecting your rights.
Our lawyers have in-depth knowledge of legislation and experience working in courts. We offer fair prices for our services, which are usually well below the huge microloan interest rates that we help reduce. Remember that not all MFI decisions may be legal, and often you simply need the support of a qualified attorney to effectively and profitably resolve a complex matter. The company “Prykhodko and partners” will provide such support to each client.
If you need advice or want to know the price of a lawyer’s services for loans and microloans, fill out the form below.
Calculate the cost of services
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Are you looking for a financial lawyer?
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Are you looking for a lawyer to protect your rights as a debtor?
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Are you interested in ways to get rid of loan debt?
Is it possible to go through the bankruptcy procedure if the debt is less than 180,000 UAH?
Bankruptcy can be filed regardless of the amount of debt — there are no minimum limits set by law. However, if the amount of debt is less than UAH 180,000, it is usually more advisable to agree on debt restructuring, as bankruptcy may be economically unprofitable.
If I am not in Kyiv, can I cooperate with you?
Yes, we work remotely throughout Ukraine and even with clients abroad! We have many clients from Lviv, Odessa, Dnipro, Kharkiv, Cherkasy and other settlements.
Communication is carried out in any way convenient for you.
You may also need:
Legal support of the bankruptcy procedure
Read moreLiquidation of the company under the bankruptcy procedure
Read moreConsultation on bankruptcy of an individual
Read moreProtection of creditors’ rights in bankruptcy
Read moreBankruptcy of a legal entity (enterprise)
Read moreLawsuit for recognition of a natural person as bankrupt
Read moreBankruptcy of an individual
Read moreSanitation of the debtor in bankruptcy cases
Read moreRestructuring of PrivatBank credit card debt
Read moreBankruptcy certificate for legal entities
Read moreIndividual bankruptcy
Read moreCredit restructuring in a bank/microfinance organization
Read morecall back
during the day
Compensation for moral, material damage
Protection of honour, dignity, and business reputationContract Development for Business and Legal Entities
Licensing of business activities
Compensation for moral, material damage
Legal services in the field of cryptocurrency and blockchain
REGISTRATION OF COMPANIES AND OPENING OF BANK ACCOUNTS
Sale and purchase of ready-made firms
Grants and attracting investment
Business registration and support in Great Britain
Business registration and support in Switzerland
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Business Registration and Support in the Gulf Countries (GCC)
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Lawyer for administrative cases
Legal services for medical businesses and doctors
Protection of honour, dignity, and business reputation
Real estate transaction support
Escort of the tender participant
Trial lawyer: support and defense in court
European Court of Human Rights (ECHR)

