We offer several options for Direct Debits, including:
Standard Direct Debits are automatic payments taken from your nominated bank account. These payments may take up to 2 business days to process, during which time your repayment will be pending. Standard Direct Debits are widely accepted by most Australian banks.
PayTo is an innovative payment option that enables instant processing of recurring payments. Unlike standard direct debits, PayTo eliminates the 2-3 business day processing time. However, you’ll need to approve your PayTo agreement through your bank’s app or online portal before using this payment method.
PayTo direct debits must be supported by your bank before Bad Credit Loans can offer this service. Currently, PayTo is widely adopted among most Australian banks making it a viable option for Bad Credit Loans customers.
A PayTo Agreement is a real-time direct debit arrangement that outlines key details such as payment frequency, amount, start date, payee, and other relevant terms. Similar to a traditional Direct Debit Service Agreement, a PayTo Agreement allows you to view and manage it through your bank’s online portal or your mobile app. If your bank supports PayTo, you will receive a PayTo Agreement request at the beginning of you journey with Bad Credit Loans. Please note that the agreement may display a maximum payment amount of $2,700.
The $2,700 listed on your PayTo Agreement represents the maximum amount Bad Credit Loans could request if instructed by you. This does not reflect your actual upcoming payment. Your actual upcoming repayment can be found on the direct debit form that was signed by you.
Yes, a new PayTo Agreement can be generated at any time. If we detect that you don’t have an active PayTo Agreement, Bad Credit Loans will automatically create a new one for you. To Accept your new PayTo arrangement you will need to approve it through your bank’s online portal or your mobile app.
You will need to review and approve your PayTo agreement in your bank’s online portal or mobile app.
Once you receive a notification that your PayTo agreement has been created, please head to your internet banking portal or mobile banking app, and you should see a notification asking you to review the PayTo Agreement.
Please note you must accept the PayTo agreement within 5 days of its creation. We appreciate your support in establishing your PayTo agreement.
Yes, you can pause or cancel a PayTo Agreement through your bank’s online portal or mobile app by selecting the agreement and choosing either “Pause” or “Cancel.” However, please note that to continue using Bad Credit Loans services, you must always have an active direct debit agreement in place. Once again we appreciate your support in establishing your PayTo agreement.
You can update your direct debit and PayTo bank account details by contacting one of our friendly staff on 1300 795 775. If a direct debit is already in progress when you make the update, the new account will be used for the next scheduled payment.
With over 30 years of financial expertise, Bad Credit Loans has helped thousands of Aussies to secure finance despite having a a bad credit history.
In times of need, a bad credit loan can help you see the light at the end of the tunnel.
