The international financial service NovaPay has provided customers with the option to apply for installment payments through the app, with an effective annual interest rate of 82.1% for three-month loans and 97.2% for 24-month loans.

"The installment plan allows you to instantly receive credit funds directly in the mobile app," NovaPay stated on its Telegram channel on Thursday.

The NovaPay app offers two installment formats: converting an already completed transaction into a loan and receiving credit funds on a card for future purchases or cash withdrawals.

According to information on the NovaPay website, the installment plan can be issued for a period from three to 12 months for amounts ranging from UAH 1,000 to UAH 100,000, with a declared interest rate of 0.00001% per annum and a monthly commission of 3.5% (42% per year) of the total loan amount. NovaPay's installment plan is provided without an initial payment, and the repayment process occurs monthly in equal parts.

Early repayment of the installment will not incur additional commissions or interest. For non-payment or late payments, the borrower must pay a penalty of UAH 150 for each case of schedule violation. The total amount of the penalty cannot exceed double the loan amount.

As reported, at the end of 2022, NovaPay launched its first credit product for private clients – Parcel on Credit. In a year and a half, the company issued over 132,000 such loans totaling about UAH 850 million.

This year, on June 12, the service launched a lending program for individual entrepreneurs who are clients of the NOVA group.

NovaPay, founded in 2001, is an international financial service within the Nova group, providing financial services online and offline at Nova Poshta branches. According to the website, the company employs about 13,000 people in more than 3,500 Nova Poshta branches across Ukraine. According to the National Bank of Ukraine, the company accounts for 35% of the total volume of domestic money transfers.