Yes, you can. All established and reputed payday lenders do offer a small time window (typically, 48 hours) from the time of submitting an application within which you can cancel your payday loan application if it has not been processed yet. If your application has been processed and accepted, you can still rescind the loan by submitting a written application to the lender during this time window.
In compliance with the Consumer’s Right to Rescind Contracts, all payday lenders are required to process the return requests without any additional charge being levied on you – the customer.
No, you need not. As long as the loan is cancelled in accordance with the procedure mentioned above, you do not have to pay any interest for the cancelled payday loans. However, if your cancellation request is made after the expiration of cancellation time window, you will have to pay full interest as per agreed in the contract.
No, you cannot. Although it is true that the cancellation process has to be initiated by you, you need not take any further part in this procedure. Once your cancellation request has been submitted and acknowledged by the lender, they will submit an automatic withdrawal request to your bank.
Yes. Despite being cancelled, payday loans will appear on your credit history for future references. It should be noted that a cancelled payday loan cannot alter your credit score in any way.