Many loans offer what is called a grace period. A grace period usually lasts about 1-3 days after a primary borrower signs their loan contract. During this time, the borrower may change their mind and rescind their consent to their loan offer. After they return their loan funds within this timeframe, their loan contract will essentially become void. However, any effects from the initial application process, such as a dip in credit score from a hard credit check, will still apply.