Loan issues | A cooling-off period is being introduced for online loans

A cooling-off period is being introduced for online loans — a waiting period between signing the agreement and receiving the funds. If the loan amount is up to 255 MCI, the funds will be released after 8 hours; if it exceeds 255 MCI, the waiting period will be 24 hours.

During this time, the borrower may change their mind and choose not to confirm receipt of the loan, in which case the agreement will be cancelled.

We explain when the new rule applies, what exceptions exist, and how it helps protect citizens from fraud.