Do I have to use the entire loan amount?

What happens if you don’t use your pre-approval?

In addition, because pre-approval includes submitting a loan application and securing financing, it can accelerate the closing process. However, don’t worry if you don’t use your pre-approval in time. Your house-hunting doesn’t have an expiration date just because your pre-approval does.

Can I cancel a loan after approval?

You can withdraw or abort the personal loan procedure at any step before approval. Once the loan approval is received, the disbursement will follow which cannot guarantee personal loan cancellation after deal confirmation.

Can I get a loan and not use it?

Two legitimate options. If you decide that you don’t want or need a loan once you have received the funds, you have two options: Take the financial hit and repay the loan, along with origination fees and prepayment penalty.