Cancelling a loan and getting another one?

Iro1982

I have been approved for a loan that is being used to pay for a solar install.  Since applying for the loan, I’ve developed some reservations about the company, so have decided not to proceed at this time.  I know I can cancel the loan within 14 days (currently on day 3), but it may be that when I find a new install company I will need to re-apply, it might be for more money.  I’m not too worried about my credit profile, but how bad does it look if you’ve had a loan, fully repaid it and then looking for another one? 

sourcrates

Its not a case of looking bad, different companies have different lending criteria, it could be the next time you apply you are declined, or maybe not, it will depend on the lender and their policies.

Try to avoid too many hard searches in a short space of time, aside from that the loan will either show as settled, or won`t appear on your credit file at all, again dependant on the companies reporting policy.

Nebulous2

You are free to cancel and it is the sensible thing to do if you don't need the money. 

A new loan will stand on its own merits. I'd be inclined to go elsewhere if I needed another loan, you don't know how the lender you applied to will respond,as they will have incurred costs. Here's a recent thread - but your case may well be different. 

https://forums.moneysavingexpert.com/discussion/comment/79255686