cancelling a payday loan?

keithdetton

is it true that you can take out a payday loan and cancel within 14 days and only need to repay the amount borrowed?

what about any interest?

does anyone have any experience of this please and why wouldnt lots of people be taking advantage of this?

thank you.

dealer_wins

keithdetton wrote: »

is it true that you can take out a payday loan and cancel within 14 days and only need to repay the amount borrowed?

what about any interest?

does anyone have any experience of this please and why wouldnt lots of people be taking advantage of this?

thank you.

Its not true, your mate has been telling you porkies!!

McKneff

No it is not true, they would charge you the interest.

That's the reason no one is taking advantage of it.

keithdetton

but on poundstillpayday it states that you can cancel within 14 days and then to pay the amount borrowed. no mention of interest.....

opinions4u

keithdetton wrote: »

but on poundstillpayday it states that you can cancel within 14 days and then to pay the amount borrowed. no mention of interest.....

Test it out and report back.

Apples2

keithdetton wrote: »

but on poundstillpayday it states that you can cancel within 14 days and then to pay the amount borrowed. no mention of interest.....

It suggests to us that you have no mechanism to repay a loan if you are already looking for ways to avoid repaying chunks of it.

You may well be able to excerise your right to cancel, but most will charge you an "administration fee" for the Services they did provide.

Why not just grow up and start acting responsibly? If you do want a loan, take it and repay it in accordance with the offer.
Better still, spend what you earn, not what you think you should be earning.

keithdetton

i take issue with your comment. i can pay the loan fully on time but was interested

in finding out thr answer. if its legal and a way to save money, others may appreciate this option.

DCFC79

keithdetton wrote: »

i take issue with your comment. i can pay the loan fully on time but was interested

in finding out thr answer. if its legal and a way to save money, others may appreciate this option.

So what was wrong with Apples2 reply then ?

xgingerx

Hi, i took a loan out with Mr Lender before and cancelled it next day and paid it back in full with no interest but that was just for a day, mind u i now cant get another loan with them not that i want to

From what I understand they will pro rate the interest on a daily basis, so if it was £1 a day per £100 then after 14 days id expect to be charged £14

But I cant say for sure