2. Talk to your bank

Usually the payday lender would have asked you for a preauthorized debit or postdated cheque when giving you the loan. This gives the lender the right to take that amount out of your bank account. If you don’t have enough money in your account when the payment is due, the bank usually charges a service fee. They normally charge more than the payday lender, usually about $45 per failed transaction.

If you know you don’t have enough money in your bank account, ask the bank if they charge a fee in this situation. If they do, explain your situation. Ask the bank to waive the fee or refund it if they’ve already charged you.