How to Cancel a payday loan

How to Cancel a payday loan

Payday loan is a short term loan designed to assist with urgent financial fail downs. Due  to its high fees, this kind of debit is not applicable for long term loans otherwise it can result in a bigger financial trouble. If you went through this process and already signed a payday loan contract, but now you don`t really need it and you think how can  cancel it?? It`s easy!!

According to the act low which regulate the function of payday loans, you can cancel your payday loan within 2 days of signing the contract (cooling-off period), whiteout any cancellation fees or penalties. Another case  where you can cancel your own easily If you weren’t told about the cancellation policy by the lender.

A cancellation form should be given to you while signing in your payday loan, this form is to be used and delivered again to lender when you decide to cancel the loan. In case you don`t have this cancellation form available at your hand, then you may write you cancellation notice yourself on a paper and deliver it to the lender, along with any due money owing and you should consider keeping copy from written form with you.

Once you cancel the loan with the written formal notice, remember to return  the unused cheque and the payday loan agency must issue a receipt to confirm the cancellation of the loan.

Early repayment for the entire loan before its due date is also allowed, and you don`t have to pay any fees or cancellation penalty for this procedure. In case you charged any fees, or penalty for early entire payment for a payday loan, then you may Contact Service Nova Scotia to get some help.

In the end, before signing in a payday loan contract make sure to know clearly about cancellation rights, that can save a lot of efforts for both parties.

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