What happens if I get approved for a loan but don’t use it?
If you are approved for a loan but ultimately choose not to use it, the loan offer will typically expire after a certain period of time, usually a few weeks or months. You will not be required to repay any money or incur any fees if you do not use the loan.
However, it’s worth noting that the loan approval process typically involves a credit check, and applying for a loan can potentially have a negative impact on your credit score. If you are approved for a loan but don’t use it, this may not have a significant impact on your credit score, but it’s always a good idea to be aware of the potential consequences of applying for credit.
Additionally, if you decide not to use a loan that you were approved for, it may be a good idea to contact the lender to let them know that you no longer wish to proceed with the loan. This can help ensure that the loan is not funded accidentally, and can also help the lender better understand why you decided not to use the loan.