Cancelling a payday loan

What are my rights?

Can I cancel a payday loan agreement once I've signed?
  • Yes
  • No

You had an unexpected expense, and needed money quick. In a panic, you went to a payday lender and took out a loan. Now your friend has offered to spot you the money instead. You wish you’d never taken out that payday loan. Is it too late to get out of the agreement? Learn what’s involved in cancelling a payday loan. 

What you should know

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Who can help

  • This information applies to British Columbia, Canada
  • Reviewed for legal accuracy in December 2019
  • Time to read: 7 minutes

Reviewed for legal accuracy by

Mario Garcia, CarbonCure Technologies and Ari Wormeli, YLaw Group

Mario Garcia
Ari Wormeli

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