An analyst explained the need for a cooling-off period for consumer loans

The need for a cooling-off period for consumer loans is to reduce unfair practices. This was told on December 25 by Oleg Kalmanovich, chief analyst of Neomarkets.

"The planned introduction of a cooling-off period for consumer loans and loans to citizens is dictated by the need to reduce unfair practices. It is assumed that after making a decision to take a loan, the borrower will have from 4 to 48 hours of time to enter into a deal with the lending institution," he pointed out in a conversation with RT.

Kalmanovich specified that if suspicious features or additional financial services of banks are identified, people close to the borrower will also be able to give advice not to rush into the deal and think over the loan agreement once again.

According to the analyst's estimation, today the speed of issuing loans to the population is "instantaneous". More than 50 million Russians have credit obligations to financial organizations.

"In the first 11 months of the outgoing year, the credit portfolio of Russians grew by 14%, while the overdue debt of compatriots jumped by 12%. This indicates that many private borrowers can not correctly calculate their capabilities, so the expected innovation will help to improve the situation in the market and the financial well-being of citizens," - concluded the expert.

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On October 10, the head of the State Duma Committee on Financial Market Anatoly Aksakov told "Izvestia" that from the beginning of 2025 in Russia will launch a cooling period in lending, and from the middle of the year - a mechanism to notify citizens through the portal "Gosuservices" on the concluded contract for a consumer loan. These measures are aimed at countering fraudsters who persuade people to apply to banks for loans.