MP explained the significance of the bill on the "cooling off period" on loans

The introduction of a "cooling-off period" for consumer loans will help prevent rash borrowing. In the long term, this will contribute to strengthening the financial well-being of Russians and the country's economy, Nikita Chaplin, a deputy of the State Duma (United Russia faction) and a member of the Committee on Budget and Taxes, told Izvestia on January 15. In addition, this mechanism will help protect citizens from fraud.

Earlier in the day, the State Duma adopted in the first reading a bill on the "cooling off period" on loans. According to the amendments, introduces a "cooling off period" when applying for a loan, during which the borrower can refuse to receive money. So, according to the document, the creditor will be able to give the borrower the money after a minimum of four hours for amounts from 50 thousand to 200 thousand rubles and after a minimum of 48 hours - for amounts from 200 thousand rubles.

"The introduction of a "cooling off period" for consumer loans is an important initiative that aims to protect the rights and interests of citizens. This mechanism gives borrowers the opportunity to take a more conscious approach to making financial decisions, which is especially relevant in the context of the growing number of fraudulent schemes and aggressive marketing by credit organizations," Chaplin said.

According to him, one of the key advantages for Russians is the opportunity to avoid impulsive decisions. The deputy noted that often people, under the pressure of circumstances or under the influence of emotions, agree to loans without fully assessing their financial capabilities and consequences. "Cooling-off period" will allow the borrower to reconsider his decision, study the terms of the agreement, consult with experts or relatives, and assess whether he really needs the loan and whether he will be able to service it. This is especially important for large sums, where a mistake can lead to serious debt, Chaplin emphasized.

"In addition, this mechanism helps protect citizens from fraud. In recent years, cases have become more frequent when fraudsters, using social engineering or technical tricks, arrange loans in a person's name without his consent. "Cooling-off period" gives the borrower an opportunity to detect such actions and prevent illegal debiting of funds or imposition of unnecessary financial obligations. This is especially important in a digitized environment where many transactions are conducted online and the risks of cyber fraud are increasing," he added.

According to him, it is also important for society as a whole as it reduces the level of over-indebtedness of the population. He explained that excessive debt burden has a negative impact on the economy, as people in difficult financial situations reduce consumption, which in turn affects business growth and economic stability.

"The 'cooling-off period' helps prevent rash borrowing, which in the long run contributes to the financial well-being of citizens and the country's economy," the MP concluded.

Earlier, on January 9, the founder of the service "Kredchek" Elman Mehdiyev told "Izvestia" that to avoid fraudulent loans it is necessary to check the credit history every month. If an "alien" debt is found, one should contact the financial organization that issued the loan or credit.