How do I cancel a payday loan automatic payment?

Question

I got into the loan cycle and can't pay. In the ACH details it says to cancel I have to have an alternative way to pay. I'm not sure this is even legal for them to do.

Answer 1

Favorite Answer

closing out your bank acct is the only way - it doesn't relive the debt or stop it from growing, they can still come after you

Answer 2

Sure it's legal. You want to not make a agreed upon payment by

cancelling the automatic method. They are telling you that's fine but want to know exactly how you intend to make this payment. You don't think they are going to let you skip it do you?

Answer 3

you don't. One of the many reasons to stay away from payday loans.

Answer 4

When you got the loan, you gave the lender permission to autodebit your bank account. The only way to change that arrangement is with the concurrence of the lender.