Is there a cooling off period?
By law, you have a cooling-off period of 14 days once your loan has been paid out.
If you change your mind about the loan:
- You can just tell the lender within 14 days.
- Return the full loan amount within 30 days, including any interest accrued at this time.
Once done, your account will be closed.
Note: all lenders have slightly different procedures for canceling, so contact your lender to find out exactly how you should cancel
See the FCA’s page on your Right to Cancel.