To remove/delete a loan, you must have Admin access.
To remove a loan, pull the loan to be removed on the Current Loans tab.
Then click in the Loan Number field (this is the second field on the Current Loan form, to the right of the Type field, and the field label for space considerations is simply "Number"). The field will turn white.
Then hold down the CONTROL or CTRL key and type the letter R to remove the loan. The program will ask you to verify the deletion of the loan.