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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.
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