The business loan status page; canceling a loan
When your business borrower finalizes their loan application and is approved, they receive confirmation emails and the loan appears in your Action Center. This article covers what your borrower sees next, the status page they can return to, and how an application may be canceled by the borrower before funding.
What your borrower sees
Once your borrower sees the confirmation screen that their loan application is complete, they'll receive an email confirmation of the loan as well.
Emails your borrower receives
| What it contains | |
|---|---|
| Notice of credit | The credit score pulled and the information used in the decision |
| Notice of deposit evaluation | States that the business checking deposits were used to size the loan. No action needed. |
| Confirmation | Confirms submission and links to the status page with signed documents |
| Your loan or line is complete | Sent after you book the loan. Links to the status page. |
Note: If your borrower is not a sole proprietor, they also receive an email with a link to complete the beneficial ownership form.
What your team sees
A new record appears in the Action Center. Business loans have more booking steps than consumer loans, such as establishing the loan on your core, the lien filing, the beneficial ownership form and setting up autopay. If your borrower changed their address during the application, your team may need to do additional reviews.
Loan funding timeline
The loan funding timeline is set by your financial institution. Check the record in the Action Center: the loan is funded after all booking steps are complete, including a complete beneficial ownership form. If they qualified without a checking account at your institution, the loan isn't funded until they open one.
The borrower status page
Your borrower can check the status of a loan application and view every signed disclosure document on their status page. Point borrowers here when they ask for documents or an update. Borrowers access the status page:
- From the link in the Your loan or line is complete email they received.
- By clicking Login on your business loan site (not Get Started Now). The page shows any open application or upcoming renewal.
The page shows:
- The application section with its current status
- The loan terms and copies of all signed documents and disclosures
- The deposit analysis used to size the loan
- A loan cancellation section with a Cancel This Loan button (appears before loan funding only)
Note: The loan status page does not expire. It stays available unless your institution ends the program and asks for records to be destroyed.
Canceling before funding
Your borrower can cancel a loan application at any time before the loan is funded:
- Your borrower opens the loan status page from the email link, or clicks Login on your business loan site.
- Your borrower clicks Cancel This Loan.
The application is canceled. Your borrower sees a cancellation banner, along with the loan summary and signed loan disclosures. The application status shows "Canceled by customer" on the page and in the Action Center.
To help a borrower cancel, you can:
- Resend the loan summary email from the Action Center so your borrower can use its link to cancel.
- Cancel the application yourself in the Action Center. Note: The reason you enter during the cancellation process is emailed to your borrower.