3. Repay the money you borrowed and get your receipt

When you cancel the agreement, you must give back the money you borrowed. If you cancel within 2 days, you don’t have to pay any fees or interest.

If you cancel after 2 days and the lender followed all the rules, you must repay the full amount you owe under the agreement plus any loan fees or interest.

But if you cancel after 2 days and the lender did not follow the rules correctly, then you don’t have to pay any loan fees.

If you can’t repay the loan, you should talk to a non-profit credit counsellor about your options.

Get back your post-dated cheques or debit forms

When you cancel a loan and repay the money, ask the lender for a receipt. They have to give you one. Also get the lender to give back any post-dated cheques or debit forms that you signed.

If the lender refuses to give you back your post-dated cheques or debit forms, you can complain to the Ministry of Government and Consumer Services. You should also talk to your bank, and ask them to block the payday loan company from taking money out of your account.