Review Loan Application Withdrawal Letter
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FAQ
After an application is withdrawn, SBA is required to send the applicant a separate letter notifying the applicant of the withdrawal, and specifying the information required for re-submission of the loan request and the reacceptance deadline for the application.
To cancel your loan application, you should reach out to your relationship manager and inform her/him that you do not wish to take on the loan anymore. If you cancel the loan application before a credit inquiry is even made, your credit score will not be impacted in any way.
My name is (name) and last week I submitted an application for a loan. I am writing this letter to take it to your kind notice that I do not need that loan anymore. (Explain actual cause and situation in your own words). I will be very thankful to you if you cancel my application.
This means the applicant needs to tell the lender they wish to withdraw their application. Sometimes a lender will consider an application withdrawn because the applicant has not responded to contact attempts. If the application is not expressly withdrawn, it cannot be considered withdrawn.
Removed: Loan listing was removed based on a credit decision, or the inability to verify certain borrower information. Withdrawn by Applicant: Borrower withdrew their loan application. In Funding: Loan request is listed on the site and is still receiving funding from investors.
