Can I Cancel or Withdraw My Application?

Yes, you can cancel or withdraw your application at any point before the funds are disbursed, with no penalties or obligations. If you haven’t yet accepted an offer or signed the loan agreement, you’re free to cancel your application without any impact on your credit score or financial standing.

• No Obligation: Until you sign the loan agreement and accept the funds, there is no obligation to proceed with the loan.

• No Penalties: Canceling or withdrawing your application before funds are disbursed comes without any fees or penalties.

If you decide to cancel your loan application, follow these simple steps to ensure the process goes smoothly:

1. Contact FundLocal Support

The first step to canceling or withdrawing your loan application is to contact FundLocal’s support team. You can do this by:

• Logging into your FundLocal account and submitting a cancellation request via the online portal.

• Calling customer support to speak with a representative who can process your request.

• Emailing the support team with your loan application number and request for withdrawal.

• Tip: Be sure to include all relevant details such as your application number or business name to help speed up the cancellation process.

2. Confirm the Status of Your Application

Once you’ve requested to cancel your application, confirm the status with the support team. If your loan is still in the review or pre-approval stage and no funds have been disbursed, your application can be easily canceled with no further steps required.

• Tip: If you’ve already been approved but haven’t signed the loan agreement yet, make sure to notify FundLocal before accepting the terms to avoid any obligations.

3. Receive Confirmation

After canceling your application, you will receive a confirmation notice (via email or in your FundLocal account) indicating that your application has been successfully withdrawn.

• Tip: Keep a copy of the cancellation confirmation for your records.

If you’ve already accepted the funding offer and signed the loan agreement, but funds have not yet been disbursed, you can still cancel or withdraw your application by contacting FundLocal immediately. However, once funds have been transferred to your business account, you cannot cancel the loan.

If Funds Have Been Disbursed:

Once the funds have been transferred to your business account, you cannot cancel the loan. However, you can choose to repay the loan early to minimize interest costs. Since FundLocal does not charge prepayment penalties, you can pay off the loan in full to avoid future payments and interest.

• Early Repayment Option: If you decide you no longer need the loan after the funds are disbursed, simply pay off the loan as soon as possible to reduce interest costs.

1. Can I cancel my application after approval but before signing the loan agreement?

• Yes. You can cancel your application at any time before signing the loan agreement and accepting the funds. There is no obligation to proceed if you change your mind.

2. Will canceling my application affect my credit score?

• No. If you cancel your application before the loan is disbursed, there will be no impact on your credit score. FundLocal typically performs a soft credit check during the application process, which does not affect your credit score.

3. Can I cancel my loan after receiving the funds?

• No. Once the funds are disbursed to your business account, you cannot cancel the loan. However, you can repay the loan early without any prepayment penalties to minimize costs.

4. How do I know if my application has been successfully canceled?

• After you request to cancel your application, you’ll receive a confirmation notice from FundLocal. You can also check your account in the online portal to see the updated status of your application.

5. Is there a fee to cancel or withdraw my application?

• No. FundLocal does not charge any fees for canceling or withdrawing your loan application, provided that the funds have not been disbursed.

If you cancel your application, there are no penalties, and you can reapply at any time in the future when you’re ready for funding. Your business’s relationship with FundLocal remains positive, and your decision to withdraw the application does not affect your ability to seek financing later.

• Reapply Anytime: You are welcome to reapply for funding in the future, and your previous cancellation will not negatively affect your new application.

If you need assistance with canceling or withdrawing your application or have any questions about the loan process, FundLocal’s support team is here to help. Contact us today for personalized guidance and support throughout your application process.