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Question Regarding Loan Agreements 118118Money


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I recently applied for credit with a loan provider. I was accepted for the requested amount and was provided a loan agreement to electronically sign, complete with terms and all the necessary information. I signed it and it was signed on behalf of the provider, which was emailed to me as a PDF.

 

Now, the provider is requesting bank statements and ID verification, and have cancelled the original loan from my account.

 

Is the loan provider legally obliged to continue with the agreement they originally signed or are they even capable of backing out?

 

Thanks in advance,

 

Michael.

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Which Loan Company Michael ...name names ?

 

Regards

 

Andy

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My apologies,

 

118118Money.

 

I would note that in section 9 of the agreement they claim the document isn't legally enforceable until they provide me a "Welcome phone call".

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Legally enforceable...or legally executed ?

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"You understand that this Agreement is not legally binding on us until such time as we complete a welcome telephone call with you and approve your application"

 

I just don't understand how an agreement can need more than a signature to be binding.

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Well its their T&Cs of their business....so they add whatever hurdles they wish....plenty more fish in the sea...go elsewhere.

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