You thought you needed a payday loan, and you got one. Now you realized that this is not such a good idea and want to cancel it, but how? In many states, you can cancel payday loans without paying a penalty. Exactly how to cancel a payday loan, depends on your particular state. In Illinois, you can cancel all your future obligations on a payday loan at no cost whatsoever – without paying fees, interest and other charges – if you cancel the loan by the end of the second business day immediately following the day your payday loan was executed.

To cancel future obligations on a payday loan fill out the following form and submit it to the lender. When you submit your written cancellation, you must also pay the lender an amount equal to the principal amount of the loan. If you obtained an online payday loan make sure you either fax your cancellation notice and overnight the principal amount by FedEx or overnight both.

I ___________________________ do hereby cancel my future obligations on
payday loan account #:______________________.

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