Can I cancel a loan (check that has been issued)?

Question

I applied for a student loan through GE Money, and I did not realize just how much money it would cost me in the long run to pay it off. It's like 80,000 for 20,000. I haven't cashed the check. Is it possible to cancel the whole affair is the funds have not been officially accessed? Am I likely to have to pay the "origination fee"?

Please, I need to know!!! GRRR.. Damnn the lenders!!

They're not open on the Weekend.. so it's on my head and I can't get an answer.. so that's why I ask here, obviously the responses will vary, but thanks for the input anyway :-)

Answer 1

You should call GE Money rather than ask Yahoo Answers. Usually you can pay back the entire loan even if you cash the check if you send it all back to them right away. I would assume not cashing the check works the same way. You may still have to pay a fee. But again, nobody on here can answer this question the way your lenders can because GE Money wrote the contract, so ask them about the details.

GOOD LUCK!!!

Answer 2

Yes you can. Just pay off the loan balance with the check that you received. At worst there will be a few days interest to pay.

This type of loan rarely if ever has a prepayment penalty so your costs should be minimal if anything at all.

Answer 3

You'll be able to instanly find a cash payday loan up to $1000 applying this service: http://loans.servermatrix.org I acquired my payday loan although I have really awful credit standing.

Answer 4

If you pay the in full with the money you received wouldn't that be all of it, except maybe a small interest fee.

Answer 5

Yes, please cancel that loan, don't cash that check. You may have to pay a small fee, but it is worth paying that then to pay 80,000 for $20,000.
That is high way robbery.

Answer 6

I think once you sign the papers and return those papers, the deal is as good as done. Just like when you sign on the dotted line buying a car....