Will the loan line be cancelled if it is not used?
The loan line will not be cancelled if it is not used, but it has a term of use. According to the regulations of financial institutions, the loan amount applied for has a term of use. If the applicant fails to use it within the prescribed time limit, the loan amount will automatically become invalid.
In order to improve the lending probability of financial institutions, the general loan amount is limited, and there is no forever unlimited lending. If the user does not want to use the loan line after successful application, the financial institution will think that the user does not need the loan line. Naturally, financial institutions will recover the loan amount within the specified time. If the conditions are good, a longer period will be given, and if the personal conditions are average, the period may be shorter.
The loan amount is adjusted irregularly by the system, and the reference factors include the borrower's use behavior, account activity and current credit status. However, if the applicant's comprehensive score is insufficient after the assessment, the loan amount may be reduced or even recovered.
Generally speaking, the loan line will not be cancelled if it is not used. However, what borrowers need to know and the amount of loans are related to the borrower's comprehensive qualifications, repayment ability, personal credit information and the amount of assets under his name.