In some cases (depending on the lender you've been matched with), the loan money could be wired to your bank account within 1 hour. Delivery options vary by lender, but most will use direct deposit (assuming you have direct deposit set up) or simply wire the money directly into your bank account. Most payday loan lenders will require that the loan be repaid by the date of your next paycheck. However, some lenders may allow you an extension of time to repay the loan depending on their specific policy.
Be sure to review your lender's repayment terms prior to signing an agreement. This will depend on the specific payday lender you've been matched with. If you think you may need extra time to pay off the loan, be sure to check your lender's individual policies (prior to signing agreement) to see if an extension of time can be granted. The loan agreement usually comes in the form of an electronic document that can be saved and printed.
Then send a copy of this written notice (revoking authorization and stating that the lenders authority to withdraw payments from your account has been revoked) to your bank or credit union.
Inform the bank that you would like to contest any prior withdrawals by the payday lender as unauthorized since the payday loan is illegal, void, and unenforceable in New York. After you have made a stop payment request, a lender may continue to try to withdraw money from your account, sometimes using multiple payment systems. You should continue to monitor your account closely.
If you see a withdrawal from the payday lender, contact your bank and explain that you previously requested to stop payment and that the lender is still trying illegally to withdraw money from your account. If you need to contact your bank again, discuss any fees that the bank may charge, and make sure the bank knows that the unauthorized withdrawals are due to the repeated actions of an illegal lender.
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