1. If you change your mind within 2 days

You must tell the payday lender you want to cancel your payday loan agreement within 2 days of signing the agreement. This is also called the cooling-off period. You always have a cooling-off period, even if your loan agreement doesn't say so.

You don't have to give the payday lender a letter saying you want to cancel the loan agreement, but it is a good idea to do this. You don't need to give the lender any reason why you want to cancel it.

You must date and sign your letter. It also has to include the following information:

• your name and address
• the date
• the name of the lending company and their address
• the date of your contract
• when you took the loan
• how much you borrowed
• that you want to cancel your loan agreement
• your contact information

Get proof that the payday lender got your letter. If you give it yourself, get a receipt. You can also send it by registered mail, fax or email.

Keep copies of things like:

• receipts
• invoices
• contracts
• the letter you wrote to cancel your agreement