Is it againist the law to stop payment on a electronic draft for an unsecured cash loan. One of thoses deals where u get $800 put in your account , then they hit you for $120 draft twice a month forever , this was all done email. I want to stop the drafts with enough money in to cover so they can't say bounced or overdraft.

If you take out a loan, there is a contract involved. You have to adhere to the terms of the contract. What were those terms?

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Originally Posted by ScottGem

If you take out a loan, there is a contract involved. You have to adhere to the terms of the contract. What were those terms?

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To make payments via electronic drafts on checking every 2 week. Bank says if I have funds to cover draft and stop payment there is no crime or penalty , they have to collect another way.

The contract doesn't specify any terms. As to the number of payments?

Since you agreed to this contract, it would appear to be binding. Except that a contract like this with no term would be suspect.