Santander loan application approved worry

macready

Hi I just got accepted for a Santander loan, it did not tell me what my specific rate would be. They are mailing an agreement out. I don't think I want the loan anymore though, am I under any obligation to accept or will I incur a payment of I don't?

Clive_Woody

macready wrote: »

Hi I just got accepted for a Santander loan, it did not tell me what my specific rate would be. They are mailing an agreement out. I don't think I want the loan anymore though, am I under any obligation to accept or will I incur a payment of I don't?

Pretty sure that until the agreement is signed you can pull out. They won't transfer the funds until they have a signed agreement. I would phone them in the morning and tell them that you have changed your mind and no longer need the loan.

dealer_wins

macready wrote: »

Hi I just got accepted for a Santander loan, it did not tell me what my specific rate would be. They are mailing an agreement out. I don't think I want the loan anymore though, am I under any obligation to accept or will I incur a payment of I don't?

Until you sign a credit agreement, you are not obliged to take out the loan and will face no charges.

macready

It mentions if I signed an e signature, I don't remember anything about an e signature. I thought this was just an application to see if I'd be accepted?

thebritishbloke

Most loans and things have a clause that you can cancel within 14 days and just pay back any interest. If you tell them you don't want it before you receive the money, there won't be a problem.

dealer_wins

macready wrote: »

It mentions if I signed an e signature, I don't remember anything about an e signature. I thought this was just an application to see if I'd be accepted?

If you signed an E-Signature, then you have signed the agreement. (lesson to read before pressing OK)

But as the agreement was "signed" off premises you have a right to cancel within 14 days anyway.