Banking organizations in different parts of the country receive a huge number of loan applications every day. The person who makes such an application, at this moment, is sure that he needs borrowed funds, but after receiving a positive decision, the desire to conclude a loan deal may disappear. Is it possible to refuse a loan and how to do it correctly in different situations?
Before signing the loan agreement
A loan is not considered issued if a loan agreement has not been signed between the bank and its client. After a positive decision, a person does not have to immediately agree. He has some time, usually about one month, to think and calculate everything a few more times. During this time, something may change and there will be no need to apply for a loan.
Such a client should understand that there is no contract yet, and there are no obligations to the financial institution. If you wish, you can call the bank or go to the office and inform them of your decision. He may not even tell the selected lender that he has changed his mind about making a deal. After the time limit for the client’s reflection expires, the positive decision will simply be canceled.
Simplified repayment in the first two weeks
By signing the loan agreement, the client becomes a borrower and assumes the obligations specified in this document. According to the law, in the first 14 days, at the request of the borrower, the early closing of the loan can be carried out, and this procedure will be more like a refusal.
To do this, you need to come to the Department with the contract and passport and write an application. A specialist in the credit Department will make calculations and tell you how much you need to deposit to the credit account so that it can be closed. In order for the money to be immediately credited to the account, and the lender could not calculate any interest, the payment must be made immediately on the spot, through a bank checkout. You should definitely order a certificate stating that the borrower has fulfilled its obligations and does not owe the bank anything else. This certificate must be taken from the bank, even if you are asked to pay for it.
Credit cancellation after 14 days
In this case, you will not be able to refuse the loan. Here we will be talking about early repayment of credit debt. This procedure is not fast. Usually, you need to inform us in advance about your desire to make an early repayment at least 10 days before the date of making the mandatory minimum payment on the loan.
The bank is notified in writing and one such statement certified by an employee of the credit institution remains with the borrower. This is done in case the bank refuses to close the loan transaction before the deadline, although recently such situations are extremely rare because according to the law, the borrower can pay off the debt at any time and without penalties.