Credit growth worth reading today
While public conversation mainly focuses on supporting the army and rebuilding infrastructure, household debt burdens are quietly rising in Ukrainian homes. According to operational data from the NBU, in January 2026 the growth of net hryvnia loans to households accelerated to 34.5% year-on-year, and the total household portfolio reached UAH 349.9 billion. The share of non-performing loans (NPLs) fell to 14% — the lowest level in 15 years — but that does not remove the risks.
Loan growth is being fueled not by stable prosperity but by a shortage of savings: inflation, a rising consumer basket and expenses for energy equipment after attacks on infrastructure push people toward high-cost microloans. According to a 2025 survey, 46% of borrowers from microfinance organizations (MFOs) take a loan to cover current expenses until payday, and 22% — for medical treatment (source: NBU reports).
Signs that credit is ceasing to be a tool and becoming a problem
Financial analysts use the debt-to-income ratio (DTI) — the ratio of debt obligations to income. If more than 30–40% of monthly income goes to servicing debt, any unexpected expense can turn a loan into a trap.
Particularly dangerous is re-borrowing: taking a new microloan to close an old one. Although since August 2024 the daily rate for MFOs has been capped at 1%, the actual annual percentage rate (APR) for microloans often reaches ~365% per year, compared with about 29% at banks. Every haphazard inquiry to an MFO is recorded in UBKI (the Ukrainian Bureau of Credit Histories) and undermines the credit score.
"If more than a third of a family's income goes to repaying debts, that is already a signal to review obligations — not tomorrow, but today."
— Olena Marchenko, financial literacy specialist
Three rules for safe borrowing in wartime
1. Read the loan passport and check the license. Don’t trust headline advertised rates. Look at the APR in the offer agreement and check the company’s license in the regulator’s register (for example, kis.bank.gov.ua or bank.gov.ua).
2. Have a "Plan B" before signing. Take a loan only if there is a clear source of repayment — an advance, a deposit, a payment contract, or another guaranteed sum. Macroeconomic improvement takes time; planning protects against force majeure.
3. Know your rights and ways out of delinquency. Collectors have no right to threaten or terrorize relatives. The first step is to contact the creditor to request restructuring or payment holidays; in difficult cases — to the financial ombudsman or a lawyer.
Practical tools for quick checks
Before signing: use financial aggregators (for example, EasyPay) to compare APRs, fees and terms. Check how inquiries are recorded in UBKI — excessive inquiries lower your credit score. And remember: consumer lending works for you only when it is planned.
What’s next: risks and responsibility
If the trend of rapid growth in the consumer credit portfolio continues without improvements in incomes and financial literacy, household vulnerability will increase — and that reverberates across the economy that supports the country during the war. However, coordinated action by the regulator, market oversight of MFOs and mass education can reduce the risks.
Now the move is yours: compare offers, calculate your DTI and make a choice that will protect the family budget and support the resilience of the Ukrainian economy without unnecessary risks.
