I know the title can make people not read the article because it is about payday loans, the type of loans that destroyed a lot of people because of its huge interests. But lets take a look at the big picture. Payday Loans agencies did not entered in any home to force someone to take this type of loan, this agencies are just making a profit out of people nature.

The Ukrainian debt collection industry was only in its formative stages when it met the challenges of the world financial crisis in the middle November 2008. The collapse of the world’s banking system, high and rising unemployment and the subsequent panic led to rapidly increasing bad loans portfolios of up to 20%, with 30% of bad debts being a critical line for the Ukrainian banking system. Nevertheless, financial institutions outsource debt collection for 7% of their total debt portfolios only leaving them exposed to high levels of risk.