Most citizens go to use loans to reach their dreams, such as home and car, while others meet their needs. Credit can be life-saving in cases where the cash in hand is not enough and the budget is not recovering. For this, an application process is followed.
First of all, the necessary documents are provided and apply to the bank. During this application, a contract is signed by the bank to the customer. For this reason, certain conditions are accepted. However, after the loan is obtained, there may be no need for a loan. In such cases, the question of how to cancel the approved loan becomes the subject of customers’ curiosity.
Credit Can Be Canceled
There is a chance for the loan withdrawn from the bank to be canceled provided that the customers meet certain conditions as required by the consumer rights that they should know during the loan. This is not a problem that will be as problematic as it is thought.
The important thing here is which platform is used by the bank when applying for credit. Transactions may vary depending on SMS, internet or mobile banking, telephone banking, ATM application or branch application.
Remote Application Systems
In case of application via the internet, mobile, ATM or SMS during the application to the loan, the Bank decides whether or not to give the bank credit approval according to the credit rating of the customer through automatic systems. If the bank approves the loan, then there are two options provided that the bank changes the transaction from the bank.
In some cases, direct approval is given and the money is credited or the bank gives pre-approval and requests to apply to the branch with some documents. If the money is deposited directly in the customer’s account, if the cancellation of the approved loan is requested, the bank looks at how many days have passed since the money has been processed or the deposit has been made.
If 14 days have not passed or the money has not been processed and it remains the same, the bank cancels the application directly with the applications made within 14 days. It is sufficient to contact customer service. However, if the money has been traded or has passed 14 days, the bank may still agree to cancel the loan but will take a certain fee for the loan used.
This fee varies from bank to bank as well as credit. It is necessary to consult with the bank. The documents should not be delivered to the bank branch in order to cancel the credit given by the bank in the application made by the remote system. In this way, credit approval will be self-canceled.
In Individual Applications
Applications made directly to the bank branch should be made directly in order to cancel the approved loan. The 14-day cancellation period is also valid in this system. If the customer applies to the bank within 14 days with the signed cancellation petition, he can cancel the loan without any problems.
Credit Rating May Fall
Banks are aware of the positive or negative movements of their customers in all banks. Information such as which bank has how much credit, what is the credit rating, and how are the payments, is important for banks. For this reason, canceling credit for no reason can be perceived as a financial problem for banks and its credit rating can be reduced.