I. Bank loans
(1) If you apply for a loan according to the normal process, you can return it. After the loan is approved, there will be IOUs. As long as you don't sign, the loan will be suspended, so you can apply for a refund.
(2) However, if the loan amount has been settled, you can only make preparations for prepayment.
However, it will take a whole year.
Otherwise, there will be liquidated damages and handling fees.
Second, the loan company
(1) General loan companies can apply for a refund. As long as it is approved, it will pay immediately. It will be more troublesome to cancel at this time, but you can also try to contact the account manager or customer service to negotiate. Cancelling the loan at this time may have an impact on your credit information and may lead to certain liquidated damages.
(2) However, if the loan has been paid in place, it will be more troublesome for the lender to apply for a loan refund again. At this time, the lender can only repay the loan in advance, but there will be a certain loan record, and it may also be reported by the credit reporting agency. Moreover, some lending institutions will also agree to cancel the loan, but there will be certain liquidated damages and handling fees.
In short, it is not easy to cancel the loan application after approval. From wasting your precious time, paying liquidated damages and handling fees, to generating credit records. Bad records in credit records may affect future economic life. In the simplest terms, if you have a record of canceling a loan, it is probably not easy to pay the next loan. So everyone must think twice before applying for a loan.