Starting September 1, loans over 50,000 will be issued with a delay of up to two days.

Starting September 1, loans over 50,000 will be issued with a delay of up to two days.

      New rules for issuing consumer loans and credits in Russia will take effect on September 1. Borrowed funds will no longer be available immediately after signing the contract. If one takes out a loan of between 50,000 and 200,000 rubles, the money will only become available after four hours. If the loan amount exceeds 200,000 rubles, the waiting period will be 48 hours. During that time the borrower may decline to receive the funds without any obligations. The new rules do not apply to loans and borrowings under 50,000 rubles, nor to mortgages, educational loans, and auto loans when the funds are transferred to the car seller — a legal entity. In addition, a loan can be arranged without delay in a store or organization if the purchase is made on the spot, and also when co-borrowers, guarantors, or an authorized representative of the borrower are involved. The waiting period will also not apply to refinancing provided the amount of debt does not increase.

Другие Новости Кирова (НЗК)

Starting September 1, loans over 50,000 will be issued with a delay of up to two days.

The new rules introduce a cooling-off period necessary to reduce the risk of fraud.