How do I cancel a payday loan automatic payment?
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.
- Ziff SpiffingtonLv 74 years agoFavorite 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
- RinkydinkLv 74 years ago
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?
- JudyLv 74 years ago
you don't. One of the many reasons to stay away from payday loans.
- Anonymous4 years ago
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.