On Protection

One of the essential conditions of the loan agreement, which must be clearly written out in the contract, and that the court should pay attention to is the payment of interest on money received on credit. Interest is paid by the borrower for the use of credit by its nature is the contractual payment for the use of funds, not the penalty, which is not the only way to ensure the fulfillment of obligations, as well as a form of civil liability. When no ban use of foreign currency as a means of payment, subject to the requirements of currency legislation, it can not be grounds for declaring it invalid, and to conclude such contract, the party finds the conditions under which he is, and hence on their own at the time of receipt of funds determine for themselves the rules of future behavior, which then have no reason to change at the request of either party.

In addition, section 3.8 of the Rules of granting Ukrainian banks of information about consumer credit conditions and the total cost of credit, approved by the Board of the National Bank Ukraine May 10, 2007 168, provides that in case of a loan in foreign currency, banks are required when signing a credit agreement to warn consumers that the currency risk in fulfilling obligations to this contract is the consumer. On Explaining the borrower information about possible currency risks before entering into the agreement referred to in Art. 11 of the Law of Ukraine “On Protection of Consumer Rights.