HSBC loan agreement not signed yet

TrevS_4

Hi all

I spoke to HSBC who are my bank and asked them if they could provide me with a quote for a personal loan. As its still under 5 years since i left university I was offered a lower rate graduate loan.

After spending 10-15mins going through the application I agreed to submit the request and it was accepted. Now all I have to do is go into the branch and sign for the loan and show 2 forms of ID within the next 12days.

The problem is I've changed my mind about the loan and don't want to take it out. As I haven't signed anything can I cancel this loan or is it too late?

Thanks

Trevor

TrevS_4

Anyone have any ideas???

BlueAngelCV

You haven't taken out the loan yet so you're not contracted to anything.
Just tell them you've changed your mind.

TEDDYRUKSPIN

Stop panicking... Did you do this online or over the phone? If you have the money in your account you have the loan! Obviously!

From what the above is saying you are correct! You have not signed the agreement and therefore you do not have the loan!

PS. They have carried out a full credit check.

TrevS_4

TEDDYRUKSPIN wrote: »

Stop panicking... Did you do this online or over the phone? If you have the money in your account you have the loan! Obviously!

From what the above is saying you are correct! You have not signed the agreement and therefore you do not have the loan!

PS. They have carried out a full credit check.

I applied over the phone not on the internet and I believe they did a full credit check. Also no money has appeared in my account as they said this will happen when I go into my nearest branch and sign for it.

_Andy_

In answer to your question, no it's not too late. The loan only draws down once you've signed for it at the branch.

TrevS_4

Spoke to the bank this morning and they have confirmed that the loan will automatically be cancelled with 14days. Thanks everyone for your help