Published
11/28/2024, 17:54The National Bank has decided to introduce a “cooling-off period” for online loans. This innovation is aimed at protecting citizens from fraudulent actions and wrongful obtaining of loans.
The essence is that after an online loan application is processed, the funds will not be transferred to the borrower for a certain period of time - the “cooling off period”.
This period depends on the amount of the loan: 3 hours for amounts from 15 thousand to 50 thousand soms, 6 hours - from 50 thousand to 100 thousand soms and 24 hours - for amounts over 100 thousand soms. During this time the client can change his mind or report fraud, and the loan will be canceled.
For loans over 100 thousand soms, a mandatory control call from the financial-credit organization is introduced to confirm the application by the client. Absence of the call automatically blocks the transfer of funds. This measure is designed to further protect citizens from online fraud in the field of lending. The NBKR expects that the “cooling off period” will become an effective tool in the fight against financial crimes and will increase the financial security of the population.
