Yes, an MPOWER loan application can be canceled. 

Before we head to the detailed process of cancellation, consider the following:

Did you make an error in your application? Try amending the details to save time! Here’s how: "How do I update or edit my application?"

Do you want to defer your approved application? learn how!  

If these do not resolve your issue, contact your relationship manager for resolution or cancellation of your application.

Conditions of Cancellation

Before Loan Approval 

You can cancel your application without incurring any penalties before you get your loan decision. 

After Loan Acceptance 

Rescission Period: You have a 4 - business day rescission period to cancel your loan request if you have signed the Final Loan Agreement.

Before Loan Disbursement

You have the tentative date of disbursement in your loan documents, you can choose to cancel your application before the date of disbursement without any additional charges.  

After Loan Disbursement:

The loan can still be canceled within 30 calendar days of disbursement, however some charges may apply.

Notify MPOWER and work with your school to return the funds. You are responsible for any payments until the funds are returned by the school. Once returned, MPOWER will process the cancellation and adjustments within 10-15 business days.

It is crucial to promptly communicate your decision to cancel to avoid any complications or further processing.