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Question about a loan

adejaanadejaan Registered User regular
edited August 2008 in Help / Advice Forum
Okay, long story short, I need money for school so I applied for a loan with Wells Fargo. My mother had to co-sign so I'd be approved, blah blah. Then I realized the loan had a variable interest rate and my parents said that was a bad idea, so I nixed Wells Fargo and found a loan with Bank of North Dakota that has a fixed interest rate.

Unfortunately, Wells Fargo has now mailed me a promissory note and application to sign. I tried to call them to cancel the loan, but was put on hold for what they said would be at least an hour. I tried to find anything related to loan canceling on the web site but couldn't find anything. So my question is - what will happen if I don't sign the promissory note? Will they still try to send me the money?

[SIGPIC][/SIGPIC]
adejaan on

Posts

  • PeekingDuckPeekingDuck __BANNED USERS regular
    edited August 2008
    If you haven't signed anything then you haven't agreed to any loan conditions.

    PeekingDuck on
  • 1ddqd1ddqd Registered User regular
    edited August 2008
    Don't sign it, but get in touch with them.

    1ddqd on
  • MurphysParadoxMurphysParadox Registered User regular
    edited August 2008
    As said above - no signature = no mutual acceptance of the contract.

    MurphysParadox on
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  • ElinElin Registered User regular
    edited August 2008
    Since you never signed the note then the loan isn't final. The worst that could happen is that it stays in "open" status for 90 days or whatever time frame they give. While it's open the tentative amount would count against the annual balance that you can draw from but since you already have another loan that most likely isn't an issue for you.

    Elin on
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Penny Arcade Forums› Help / Advice Forum