Financial difficulties force a person to apply to various credit organizations. If a person wants to get them in the shortest possible time, the option of obtaining borrowed money in microfinance organizations is chosen. These loans are widely advertised services. Particularly attractive for potential borrowers are the terms of the transaction from 15 to 60 minutes.
Refusal of a microloan
After submitting a loan application, the person usually continues to search for funds. There may be situations when a sufficient amount of money can be borrowed from a friend or relative. For some people, this option is preferable, since in most cases, close people lend money without interest. At this time, the microfinance organization receives a response about making a positive decision on the loan application. A person has already found the necessary amount of money and no longer needs borrowed funds, and therefore he has a question about how to refuse to issue a micro-loan?
According to the law, a person can refuse a transaction with a lender until the lender has transferred funds to an electronic wallet, bank card, or issued the agreed amount in cash at their office or via a courier. In fact, you can refuse to apply for a loan only on the terms of a microfinance organization, and it does not matter how much money and for what period of time a person tried to get.
Which MFIs are allowed to cancel a deal without negative consequences?
There are financial organizations that do not penalize potential borrowers who decide to cancel a transaction at the last moment. So no penalties are applied by the microfinance organization MoneyMan, however, only if the status of the application indicates that it is being processed or confirmed. If the status of the application, which can be viewed through your personal account on the lender’s website, is changed to processing or is awaiting repayment, you will not be able to refuse the transaction. In this case, the borrower will only have to complete the transaction and immediately return the funds to the lender, that is, make a premature payment of the loan debt. Immediately you will have to pay interest for one day of using the borrowed money.
In the Express Finance microfinance organization, you can cancel a transaction if you selected the option of receiving funds at the company’s office. To refuse this transaction, you can simply not come to the lender and after a month, the application that received a positive decision is canceled automatically. If the borrower, when filling out a credit application in this institution indicates the option of obtaining borrowed funds on a bank card or as a transfer through the contact system, it will not be possible to refuse to receive a micro-loan, since this option is not provided for by the rules of this lender.