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Cooling Off Period - ADM Loans

Loans Glossary : Cooling Off Period

Under the terms of the Consumer Credit Act, there must be a cooling off period of 10 days after the loan agreement has been signed, where you can cancel the agreement for any reason without incurring a fee or penalty.

The cooling off period is mainly to protect consumers from salesmen selling loans using high pressure techniques, where a loan may be agreed and signed when it is not in the interests of the borrower to do so.