When you take out a loan, whether it's from a bank or a peer-to-peer lending service like MakerDAO, you're usually expected to pay it back in total over a fixed period. But what happens if you feel like not moving forward as a borrower? Sometimes, the only way out may be to cancel the loan. Let's see how you go about it.
If you're unable to make your payments on time, you may be able to cancel your loan from MakerDAO. To do so:
You'll need to contact customer service and request loan cancellation.
You may be required to provide proof of financial hardship, such as a job loss or medical bills.
Once your loan is canceled, you'll no longer be responsible for making payments. However, you may still be responsible for paying any fees associated with the loan, and your credit score may be impacted.
If you're considering canceling your loan from MakerDAO, weigh all your options first. You can negotiate a new payment plan that better fits your budget, or you can find a cosigner to help you make the payments. Canceling your loan should only be a last resort.
When you cancel your loan from MakerDAO, there are a few things you need to avoid doing, including:
Don't close your account until the loan has been canceled. Doing so could impact your credit score. It may show up as a closed account with a balance owed, making it difficult to get approved for future loans.
Don't make any more payments on the loan. Once you've requested a loan cancellation, your obligation to make payments should be removed. If you continue to make payments, you may be doing so unnecessarily.
Don't forget to cancel automatic payments. If you have automatic payments set up for your loan from MakerDAO, be sure to cancel them once your loan has been canceled. Otherwise, you may continue to be charged for payments you're no longer responsible for.
Avoid waiting for too long. If you think you may have difficulty making your payments, contact customer service as soon as possible. The sooner you do so, the more options you may have available. There are generally penalties for late payments.
If you're having trouble canceling your loan from MakerDAO, it could be for a few reasons. You may not have requested a hardship forbearance or deferment. Generally, these options must be exhausted before a loan can be canceled. Your loan may not qualify for cancellation. For example, private loans are not typically eligible for cancellation. Not providing enough documentation to prove financial hardship. Contact customer service for assistance if you're having trouble canceling your loan.
The accuracy of your information needs to be high when canceling a loan because if it's not, you may still be obligated to the payments. Take time to go through every step and ensure all your documentation is in order before requesting a loan cancellation from MakerDAO.
Contact customer service first if you're considering canceling your loan from MakerDAO. They may be able to help you negotiate a new payment plan that better fits your budget or make it effortless to find a cosigner to help you make the payments.
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