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MoneySense isn't liable for content material on exterior sites that we may link to in articles. MoneySense goals to be clear after we obtain compensation for ads and links on our website .<br><br>If the borrower has paid an quantity referred to in subsection , the borrower is entitled to a refund of all monies paid in extra of the principal of the payday mortgage. Means a borrower who fails to repay a payday loan by the end of the payday loan term underneath the loan agreement. On return of a cash card underneath this section, the payday lender must immediately give the borrower a receipt for the cash card and the receipt should specify the amount paid to the borrower. The terms of a payday mortgage have to be included in a written settlement that is signed and dated by the borrower. Cancellation of a payday loan beneath this section extinguishes each liability and obligation of the borrower underneath or related to the loan settlement. 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