What are the consequences of canceling small loans?
1. Default If the loan has been successful and the money is in the process of being disbursed or has been disbursed, it cannot be canceled. If the loan is forcibly canceled, there will be liability for breach of contract. Because online loans have already signed an electronic contract when they are submitted, offline loans must also sign a contract before they can be disbursed. The borrower can turn over the contract and check the liability for breach of contract carefully, and may be required to bear part of the liquidated damages.
2. No impact. If the small loan has just been submitted or is in the review status, you can try to contact the loan customer service to request to cancel the loan. With the approval of the institution, it can be canceled. This situation generally has no impact. , there is no responsibility for cancellation, so if the borrower finds that he no longer wants to apply for a loan, he must contact customer service in time to report the situation.
3. Impact on loan application If a small loan is canceled, even if it can be canceled without any impact, it will have a certain impact on your creditworthiness. If the borrower cancels the loan and indicates that it is not needed or suitable for the time being, then he may be rejected if he applies for the platform's products again in the short term and cannot obtain a loan limit. The above is the relevant content about the consequences of canceling a small loan. Cancellation of a loan is a disguised breach of contract. It should be operated with caution. It is recommended that you think carefully before taking out a loan.