Central Bank has found out why borrowers sign contracts without looking
In Russia, almost half of borrowers sign loan agreements remotely via apps and often do not read the terms. The Central Bank has found the reasons. Clients usually indicate that the document is too large or that they have to follow a link. They also say they trust the manager, are in a hurry, or do not understand the legal terms.
In addition, many borrowers think that all documents are standard and cannot be changed. However, the Central Bank reminded us that this was not the case—the borrower had the right to adjust. The regulator reported that the results obtained will be considered when finalizing the regulation of consumer lending.
Author: Elina Akhmetova
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