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Being accepted does not mean that you have to accept the money. Instead, it simply means the lender has accepted your application and is willing to loan you the funds you applied for in the form of a loan. Fortunately, choosing not to accept a loan that you are approved for does not yield any consequences on your end.

But cancelling your loan application will do no further damage to your credit score. The good news is that the impact of a single credit inquiry is minimal and won't make much of a difference to your credit score. If you cancel multiple applications after the lender has made a credit inquiry.

Contact the lender to tell them you want to cancel - this is called 'giving notice'. It's best to do this in writing but your credit agreement will tell you who to contact and how. If you've received money already then you must pay it back - the lender must give you 30 days to do this.

You can cancel your personal loan application even after it has been approved by the financial lender. Usually, unless it is an instant personal loan, the customer care unit of the bank will call you prior to the disbursal of the loan. You can cancel your personal loan even at this point.

Thus, disclosures must be delivered three days before closing, and not 72 hours prior to closing. Note: If a federal holiday falls in the three-day period, add a day for disclosure delivery. Disclosures may also be delivered electronically on the disclosures due date in compliance with E-Sign requirements.

Include key terms of the loan, such as the lender and borrower's contact information, the reason for the loan, what is being loaned, the interest rate, the repayment plan, what would happen if the borrower can't make the payments, and more. The amount of the loan, also known as the principal amount.