Does Loading page need a cancel button?

1. Why is the cancel button used?
2. Should cancel be a button or a link?

Why is the cancel button used?

Cancel is mainly useful for multi-step dialogs where the user has progressed past one or more pages with actions. At this time, pressing the Back button will not undo these actions and it would be better if the user would click Cancel.

Should cancel be a button or a link?

To summarize

The cancel option is similar to aborting an action, and therefore similar to navigating back to the previous state of the UI. Navigation is represented in web UI as hyperlinks, and thus the cancel option should be a hyperlink.