Can a financial institution approve a loan, write you a check and then reverse their approval?

Answers:10   |   LastUpdateAt:2012-08-23 21:23:02  

Asked at 2012-08-07 20:12:03
We got a personal loan. We signed everything. We wrote a check and charge the same . So we found a letter in the mail saying they were rejected. My guess is that this is a mistake and just ignore it , but has it ever happened that someone is given a check, the check clears the bank and then leaves his approval? Can you ask for money back? What if the money has been spent already?
Answer1ArielAnswered at 2012-08-07 21:29:03
You must call and make this clear. If they ask for money back , I'd find another bank for the rest of eternity. They can not change the terms after the money has been dispensed . That's pretty half ass air of them even to try, and should think twice about banking with them. It is your duty to make sure everything is in order before giving money. But you can not ignore a letter like that - you have to talk to someone at the bank.
Answer2HUNUAnswered at 2012-08-08 05:49:02
I've never heard of anything like that happens after the borrower receives funding. Hopefully, you have the documentation of the financial institution stating that your loan is approved and also shows the specific payment terms were agreed . If you have this documentation, and the financial institution to request an immediate refund , get a lawyer.
Answer3joe-cAnswered at 2012-08-08 08:18:45
I do not think I can, but must wait until the check clears . If it clears your bank you should be safe within 48 hours after that. In the meanwhile , do nothing but read the loan agreement ! Save the letter and the envelope with the date of it. Credit departments of financial institutions are terribly slow to respond to anything. Watch your credit report as well and ensure that you do not have a mark against him. Good luck !
Answer4BritneyAnswered at 2012-08-08 19:33:44
If you are referring to one of these random spam you receive in the mail from the U.S. , Are nothing more than an ad. You will need the approval and if you have bad credit , you are wrong , good luck.

If you refer to a standard loan , which included a loan application , go to a bank and a signed contract, then you have a case - unless you lied and realized . Then you fraud.
Answer5lucindiaAnswered at 2012-08-08 22:15:02
It's your money - basically what they can do what they like .
Answer6Mr. Winky Answered at 2012-08-09 02:59:02
once you have signed the documents, which are trapped. make payments as stipulated in the note. the bank can not do anything about it .
Answer7DuaneAnswered at 2012-08-09 10:37:43
Once the papers are signed and who has possession of the account , the legal issue is closed unless you miss a payment . The bank has entered into legal contract with you. It's too late for renig in your contract unless you break a provision of the loan agreement . I advise you not even a day late on any payments .

Beyond that you should contact an attorney . Most lawyers will meet with you and tell you your rights for free.
Answer8AnoymousAnswered at 2012-08-10 00:21:02
check the name and address in the letter that said the loan has been rejected - is yours ? If so , check the signer's name and contact them . Chances are he or she read a list of names and put her above or below what one is supposed to send. Something similar happened to me once . I was hired at a company in Ohio by the head , and had been working for three days, I received a letter in the mail that my application was rejected. It was clearly a mistake.
Answer9astasiaAnswered at 2012-08-12 17:39:03
If the check has cleared the bank without a stop payment , then I would ignore the letter, send another and ask you to pay the full amount immediately.
Just contact and tell them they were under the influence because issed a check that the loan was approved . Tell them you have already used the money and make scheduled payments , Thanks.
I had this happen to me 10 years ago , demanded for 3 consecutive days after having cashed the check , noting that the law states that in issuing the check is a loan approved and is now subject to the terms of the contract.
To shut up , I paid off and a week after having paid in full caled me and wanted to know if I would like to borrow more money.
Do not worry . They can not do anything about it, but ask payments or make a loan in default and illegally trying to pick it up.
If that happens call a lawyer , I love that kind of thing.
Greetings, and congratulations on the loan.
Answer10TallyAnswered at 2012-08-23 21:23:02
You need to ask what the problem. If you lied on your credit application and found out, you will have to repay the loan immediately or risk possibly prosecution of bank fraud . MedlinePlus MedlinePlus If just fucked and approved a loan that normally would not have approved , it is difficult for them twinkies ! They must comply with the terms of the contract you signed . In that case, your only obligation is to make the payments on time as agreed to . POINT !
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