Cooling-off period for consumer loans will start in 2025

The authorities have already agreed in principle on the introduction of a cooling-off period in the issuance of consumer loans, there are no objections, the head of the State Duma Committee on Financial Market Anatoly Aksakov told Izvestia. According to him, now there is a discussion of thresholds and suspension periods. One of the proposals: a cooling off period of four hours for loans from 50 to 200 thousand rubles and for two days if the size of the loan is more than 200 thousand.

Neither to give nor take: the average size of consumer loans fell to Br132.4 thousand

This is the lowest value in the last seven years

"So far, everyone agrees that it is necessary to slow down the issuance of consumer loans. The cooling off period will help reduce the level of credit fraud. Now attackers often use a scheme where they force a person to take out a loan and transfer money to a supposedly safe account, but in fact to a fraudster. In general, banks already color such transactions as suspicious. Now they should be pushed to more decisive actions," said Anatoly Aksakov.

If the legislation will oblige to suspend the operation, it will facilitate the fight against intruders, the deputy emphasized. In his opinion, the number of crimes will decrease sharply.

To protect citizens from credit fraud, it is also planned to oblige banks to transfer data on the issuance of credit to the BCI for a period of no more than one working day, and credit bureaus - also within a day to process this information, added Anatoly Aksakov. For example, if under the influence of fraudsters, the client will apply for another loan already in another bank, he will be able to immediately see and recently approved loans.

"I believe that in the first half of 2025 we will adopt this bill. Technologically, it may take time for banks to speed up the transfer of data to the BCI and introduce other changes. But the cooling off period for issuing a consumer loan will start to take effect as early as 2025," the head of the Duma committee said.

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