4 in 5 Ukrainians refuse to borrow from banks or micro-lending companies in case of an urgent need in money, a recent poll revealed. They’d rather ask a friend.
Ukrainians are still borrowing from family and friends rather than banks or cash lending companies
People in Ukraine have an aversion to borrowing from companies or banks and prefer to ask friends and family for financial assistance, if the need arises, a poll by Segodnya revealed.
Obviously, going to a company or a bank is always a bit of a hassle, however, the habits of borrowing in Ukraine are still pretty much communal. If westerners first of all would use a credit card to pay for extra expenses, most Ukrainians don’t have such an option. They own bank cards but most of them simply allow to use the funds they already have.
Knowing that, the fact that 79.9% of users in a recent online poll said they borrow only from friends and relatives doesn’t seem surprising.
Banks are viewed as a reliable place to get a loan by 17.7% of respondents, while further 2.4% of users feel the convenience offered by mini-loan companies offering quick cash is worth the cost.
The communal spirit as opposed to the individualistic disposition typical for most western countries is one strong quality that differentiates Ukrainians from people living in the countries of Western Europe or the USA.
Ukrainians see support of family members as their duty and often give money to parents or kids, without asking to pay it back. Naturally, they also feel that if a person asks for financial assistance, they need to be helped. Loans between friends and family members are a typical thing. Sure, it can happen that the person doesn’t repay the money, but then the friendship obviously ends. It does happen, but in general, as the poll shows, this is by far a preferred way to get a quick loan before the pay day.
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