The analyst spoke about the mechanics of the "cooling-off period" for borrowers

On September 1, a new rule comes into force, introducing a mandatory "cooling-off period" for borrowers. This period is at least four hours for loans from 50 to 200 thousand rubles and 48 hours for loans over 200 thousand rubles. Alexey Lossan, an analyst at the financial marketplace Compare, told Izvestia on August 6 how the innovation will work.

"It is important to understand that the introduction of a "cooling—off period" is not just a technical delay, but a measure aimed at improving the safety of borrowers. The main purpose of this innovation is to protect people from hasty decisions and, most importantly, from fraudulent schemes," he said.

Many scammers use emotional pressure, demanding immediate loan processing under various pretexts. The "cooling-off period" will give borrowers time to think and prevent hasty actions that could lead to financial losses.

The expert noted that there are a number of exceptions to this rule: loans worth less than 50 thousand rubles are not subject to the "cooling-off period"; car loans, if funds are transferred directly to the dealer, are also excluded; mortgage loans do not require a "cooling-off period"; loans for education, provided that the funds are transferred directly to the educational institution. the institution is also excluded; loans with guarantors or co-borrowers are not subject to this rule; refinancing loans, if they do not increase the total amount of debt, are also excluded from the "cooling-off period".

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In addition, starting from September 1, credit institutions will be able to transfer money only if the personal data of the account holder and the person who applied for the loan completely match. This is especially true for online lending and is aimed at preventing fraudulent transactions.

According to the analyst, one of the main goals of introducing a "cooling—off period" is to provide borrowers with time to make a well-considered decision. During this time, the borrower will be able to re-read the terms of the agreement, compare offers from different banks, consult with loved ones, or even change his mind.

"This is especially important in stressful situations, when fraudsters can demand money transfers over the phone under the pretext of "saving a relative" or "unblocking an account." Due to the delay, the bank will not be able to issue a loan instantly, which will help prevent fraudulent activities," Lossan said.

Earlier, on July 25, Vladimir Milovidov, Deputy Director for Science at IMEMO RAS, member of the Board of the Russian Academy of Sciences, Doctor of Economics, said that the high key interest rate makes consumer loans and mortgages virtually inaccessible to most citizens. In these conditions, the population prefers to save money for deposits rather than invest or take out loans. This reduces final demand and slows down economic growth.

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