How to remove my name from submitted paper
Submitting a manuscript without the consent of the co-authors is scientific misconduct.  You colleague needs to be made aware of that, if they are not already. If they are willing to withdraw the submission once they are aware of the potential seriousness of the issue, then that is the simplest resolution. You might also be willing to simply remove yourself from the manuscript in order to get out of the situation, but that is definitely a lesser choice.
If they understand your objection but do not care, then options become much less pleasant.  In order of recommendation, I would suggest:

Contact the journal to withdraw the manuscript. If the journal is honest but just not very highly ranked, then they should be willing to engage with you and your co-author on this, because they will not want to support such misconduct.
If the journal will not act, then you can contact your colleague's supervisor. You don't say if they are a student or a professor, but in any case there will be somebody who has authority over them who has responsibility for dealing with misconduct by your colleague.
Ultimately, if all of these paths fail (e.g., your colleague is happily dealing with a predatory publisher and their department doesn't care), you might just have an embarrassing thing out there with your name on it that you have no control over. In that case, just leave it off your CV and tell anybody who asks you about it that your name was used without your consent.  Don't worry about it too much, though: at that level of misconduct, your name could have been used without you ever being involved. Just like having your credit card stolen, once you've done your due diligence to deal with the situation, it basically ceases to be your problem.