Rescission Period

A rescission period is a short window after you sign a loan agreement when you can cancel without penalty. Many provinces set a rescission period for payday loans, often two business days. It gives you time to review the terms and change your mind.

How a Rescission Period Works

A rescission period protects you right after you sign. During this window, you can cancel the loan and return the money you borrowed. Rules vary by province, so check the terms where you live:

• The period usually starts the day you sign your loan agreement.
• You return the principal you received to cancel within the window.
• The lender cannot charge a penalty for cancelling in this period.
• Timelines and conditions vary by province.

How These Fit Your Loan

When you apply with Speedy Cash, you provide banking details so approved funds reach you, and repayment is arranged. A void cheque is one simple way to share those details. If you change your mind after signing, your provincial rescission period gives you time to cancel. Fees are explained up front, and there are no hidden fees.

Frequently Asked Questions

What is the rescission period for a payday loan?

It is a short window after signing when you can cancel the loan without penalty. Length varies by province, but it is typically 24-48 hours.

What is a void cheque used for?

A void cheque shares your bank details so a lender or employer can set up direct deposit or pre-authorized payments.

Can I cancel my payday loan after signing?

In many provinces, you can cancel within the rescission period by returning the money you borrowed. Check your provincial rules.

Summary

A rescission period gives you room to reconsider, and a void cheque is a simple way to share your banking details. If you are exploring your options, you can apply online with Speedy Cash or visit a nearby store where one is available.