From September 1, a mandatory "cooling-off period" for consumer loans and borrowings is introduced in Russia. The decision was made by the Central Bank to reduce the risk of fraud.
The new rules apply to loans from 50 to 200 thousand rubles — the money will be available only four hours after signing the contract. If the amount exceeds 200 thousand rubles, the crediting will occur after 48 hours. The delay applies to loans issued online, in a bank office or in an MFO, as well as to credit cards when increasing the limit or loan amount.
During this time, the borrower can refuse the loan without financial consequences, interest is not charged. Exceptions are provided for loans up to 50 thousand rubles, as well as for mortgage, educational and car loans (when paying for a car to a legal entity).
Loans with guarantors or co-borrowers will be processed without delays, as well as refinancing, if it does not increase the amount of debt.
The delay does not apply to purchases on credit when visiting a store or organization in person.
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