The Small Business Administration (SBA) is a government agency in the United States that assists entrepreneurs and small companies.
SBA loans are made via banks, credit unions, and other lenders who have partnered with the SBA. On a part of the loan, the SBA offers a government-backed guarantee.
If you have chosen to cancel your SBA Loan application, then this article will give you all the required information to help you to cancel your SBA Loan application.
How to cancel SBA Loan application
You can cancel your SBA application if you don’t want to continue with it. You have to contact your lender/customer support as soon as possible to cancel your loan application.
You have five days to cancel your loan after it has been approved. Before canceling, double-check that all funds have arrived in your account as your lender will attempt to withdraw the funds within 5-7 business days.
If you don’t get the entire amount within 30 days of applying for cancellation, you’ll have to return the loan, plus any fees and interest that have accrued.
Kindly note that canceling a loan has no impact on your credit score since your lender is not required to disclose any information to the Credit Bureau.
In case you want to cancel an SBA guaranty you have to send an email to [email protected]. You have to include your name, loan name, and loan account number in the email.
Alternatively, you may find additional information on how to cancel your SBA Loan application on the official SBA website.
I hope that this article has helped you. In case, if you have any questions or queries, then you can ask them in the comments section provided below.
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Disclaimer: Please note that HowToAssistant.com is not associated with SBA (Small Business Administration).