Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
Almost half of borrowers sign loan agreements remotely – through applications. At the same time, people often do not read the terms of the agreements. The main reasons are: a large document size, the need to follow a link, as well as trust in the manager, haste and misunderstanding of legal terms.
These are results behavioral expertise conducted by the Bank of Russia. The regulator found out what determines the attention of financial services consumers to the terms of the agreement, which sections they consider the most and least important, what hinders the perception of significant information. For example, many borrowers think that all documents are standard and cannot be changed. However, the borrower has the right to make adjustments.
The Bank of Russia will take the results obtained into account when finalizing the regulation of consumer lending.
Preview photo: hxdbzxy / Shutterstock / Fotodom
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