The best reason for refusal could be that to say yesterday you borrowed money and today you have learned that you had been fired from a job. Now you want to abort the deal. What to do?
First of all, let’s remind you of the whole process of dealing with online lending. You can get money quickly and easily. The activities of the MFO are under the control of the state financial bodies. The way to get money is quite understandable:
- find the web platform that suits you;
- register here and fill in info;
- make sure to go through the process of validating;
- send an application, where you indicate the desired amount and duration (the system will calculate the bid itself);
- if the request is approved, you will see information about this on your personal account;
- money is usually received within 1 hour.
For many, this option is the best one. It is enough to apply via the Internet, attach a scan of your document and wait for a decision, which in most cases is taken in a few minutes. No matter where you live, no transport expenses, no lines, no nerves. But people are people anyway. And we can change our mind at any time.
In most cases, you need to act on the basis of the current situation. Here are the most common situations:
- A payday loan is approved, but the contract has not been signed.
- Your application agreed, but funds are not received.
- The contract is signed and the money is already with you.
In each situation, you have the full right to refuse a loan, but you will need to take different actions. And the third option is the most difficult one.
How to Communicate with the MFO?
What are your rights in terms of the law? Is it possible to refuse a loan after signing the contract? The law allows this. If you borrowed money, but as a result, you realized that you no longer need these funds, then remember that there will always be a way out of this situation.
Actually, you need to write a letter to the bank and submit it within 14 days. This term will be counted from the moment of signing your contract. If you do not have time to submit the paper during this period, then remember that the situation will become much more complicated.
So how to refuse a loan if the contract is signed, and the deadline is fixed:
- Write a statement for refusal.
- If you used the funds, then they must be returned with the application. This fact is should be documented. During the period of use of the borrowed funds, you must pay back the interest that has been accrued.
- You need to pay a fine if it is provided by your contract.
These are the main steps that you will need to complete at the time of failure. But our advice is to “turn on” your intuition and consider possible challenges before applying for payday loans.
You always have a feeling of how your life path will develop. Try to avoid the acts, which you may postpone in the future or be ready for this.…