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What happens if I change my mind after taking out a payday loan advance?
A payday loan provider who follows the CFSA best practices will give all customers the right to rescind, or return, a payday loan within a clearly stated, limited time frame. The best way to avoid this situation, however, is to take a careful look at your financial situation before borrowing. If you're unsure if you really need short-term financial help, or if you're unsure if you'll be able to repay the loan, it might be time to reconsider your options.
If you do decide to apply for a payday loan, make sure you choose a CFSA member. We provide information on how to best choose a payday loan lender. If you do decide to rescind your payday loan, a CFSA payday advance loan provider will allow you to do so at no cost. Typically, you only need to return the full amount of the cash loan to the payday loan provider before the end of the following business day.