Yes, you can cancel any loan made on our platform. To close a loan on Pigeon:
- Navigate to your Loan Details page
- Scroll to the bottom of your screen and click the 'Close Loan' button link
- Select the reason for your loan closure and then click the confirm button to finalize
For loans that have not yet been finalized and are still in the pending phase, either the Lender or Borrower can close the loan and cancel the entire process.
For active loans, both the Lender and the Borrower will have to come to a mutual agreement on canceling the loan. Or in unique circumstances, the Lender can initiate a loan closure and we will automatically grant that request.
In the event of a Premium Loan cancellation, monthly billing for the Premium Loan in question will be discontinued (if applicable). Refunds will not be issued for Premium loan plans paid in full at the start of the loan (i.e. the $3 per month plan). If you have more questions about billing, please read more here.
Note: If both parties have agreed to forgive and cancel unpaid debt, you may need to report this event on your taxes. Please consult your local tax code for advice on this matter.