JustTorri asked in Business & FinanceCredit · 4 years ago

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.

4 Answers

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  • 4 years ago
    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

  • 4 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?

  • Judy
    Lv 7
    4 years ago

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

  • Anonymous
    4 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.

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