In May 2026, Ukrainians issued a record volume of new loans - the increase in hryvnia loans by 12.27 billion was the second largest in the history of observations. It is noted that such dynamics may indicate both an increase in consumer activity against the background of inflation expectations, and the fact that more and more households are forced to cover their expenses with borrowed funds. During May alone, the portfolio of hryvnia loans to the population increased by UAH 12.27 billion. This result is second only to the March 2026 record, noted financial analyst Andrey Shevchishin.
In general, since the beginning of the year, Ukrainians have increased the volume of bank loans in national currency by UAH 44.28 billion. For comparison: banks previously received a similar increase in almost nine months of 2024 or approximately seven months of 2025. As of the end of May, the total volume of hryvnia loans to the population reached UAH 376.25 billion. At the same time, foreign currency lending actually remains frozen, so all the growth is provided by loans in hryvnia.
It’s interesting that even with such high demand, banks are in no hurry to significantly reduce the cost of loans. The average rate remains at 36.7% per annum, which is quite a high figure for retail lending.
The expert names several reasons for such rapid growth. First of all, this may be a consequence of the recovery in consumer activity. Some citizens do not postpone purchases for the future and decide to purchase the necessary goods now, using credit funds.
Another factor is inflation expectations. If people expect prices for goods and services to rise further, they may try to make large purchases earlier before prices rise further.. In addition, an increase in lending may also indicate a certain deterioration in the financial situation of individual households. It is becoming increasingly difficult for some families to cover everyday expenses solely from current income, so they are increasingly using credit limits, installment plans and consumer loans.
The current situation looks very favorable for the banking sector. High rates allow you to receive significant income from credit operations, and demand from the population remains consistently high. The consumer lending segment is growing especially rapidly, where obtaining a loan often takes only a few minutes. Credit cards, online loans and installment plans play a significant role when purchasing goods.
However, economists warn that excessive accumulation of debt by the population could create additional risks in the future, especially if the rate of income growth does not keep pace with the rate of increase in the debt burden. The analyst also draws attention to another trend - in parallel with the growth of lending, there is an outflow of some funds from foreign currency accounts and deposits of the population. Ukrainians are increasingly using their own savings for current expenses. When such funds are no longer enough, citizens turn to bank loans.
At first glance, this may seem paradoxical, but in parallel with the growth in lending, Ukrainians are demonstrating record activity as investors. As of June 2026, citizens invested more than UAH 148.5 billion in domestic government loan bonds, which is 56.4% more than a year earlier.
Thus, Ukrainians are not only increasingly borrowing money from banks, but are also actively investing their own savings in government securities. For many government bonds have become an alternative to classic deposits thanks to government guarantees and attractive returns.
The popularity of bonds is explained by several factors. Firstly, they allow you to receive a stable income. Secondly, military government bonds became one of the symbols of support for the country during the war.
In addition, today you can buy government securities not only through banks or brokers, but also through the Diya application. In May, the Ministry of Finance raised more than UAH 12.3 billion in equivalent through auctions. The average yield of new issues was about 15.74% per annum in hryvnia. As of the beginning of June, government bonds worth more than UAH 2 trillion were in circulation. Banks and the National Bank of Ukraine remain the largest holders, but the share of individuals continues to grow steadily.