NovaPay increases the amount of the installment plan and extends the term: how to use it

NovaPay* has updated the installment plan terms and made it even more convenient for customers. From now on, the loan term is from 1 to 36 months, and the loan amount is from UAH 1,000 to UAH 200,000.

“The popularity of installment plan among our users is growing. We introduced it in July last year, and since then, our clients have taken out more than 166,000 loans totaling about UAH 960 million. The loan portfolio currently stands at UAH 460.3 million,” — says Yana Levada, Head of Business Development at NovaPay.

Previously, installments could have been issued for up to 12 months, and the maximum loan amount could have reached UAH 100 thousand.

Men are more likely to apply for installments in the mobile app, accounting for 56%. The most active users are people aged 26-35 (41%), followed by customers under 25 (31%).

The available installments depend on the customer’s credit limit, which can be checked in the NovaPay app. You can apply for an installment plan there in just a few minutes.

The loan must be repaid in equal monthly installments, and automatic debit is available for convenience. The interest rate is 0.00001% per annum. The monthly loan fee is 3.5% of the loan amount (the real annual interest rate is 91.21%). In early repayment, the fee is charged only for the actual loan use period, without overpayments for the entire term.

NovaPay is an international financial service that is part of the NOVA group of companies (Nova poshta). It has provided online and offline payment services in more than 3,600 Nova poshta branches for almost 13 years. NovaPay was the first non-bank financial institution in Ukraine to receive an extended NBU license, which allowed it to open accounts and issue cards.

* The loan is provided by NovaPay Credit LLC. The financial company’s license was reissued by the NBU on 12.03.2024