Beforepay uses direct debits to repay loan amounts, which are set up automatically when you accept the terms of your loan. Direct debits are a convenient way of paying for recurring expenses, without needing to manually make each payment.
What is a direct debit?
A direct debit is a regular, automatic payment that transfers money from your bank account to another, often used for recurring expenses like bills or rent. These payments require your authorisation, given by providing your BSB and account number.
How long does it take a direct debit to go through?
It can take up to 2 business days for a direct debit to clear. This means that the money has left your account but has not reached the destination account—it’s being processed. While you have ‘paid’, the other bank account won’t show the money until the direct debit is cleared.
Does Beforepay use direct debit?
By taking out a loan with Beforepay, you give us permission to debit the repayments directly from your bank account, in line with your agreed payment schedule. You will be shown your repayment dates before you confirm your loan.
Click here for more information on how to make a repayment for Pay Advance.
Can I pay without direct debit?
Direct debits are automatically scheduled and deducted from your account upon confirmation of your loan. But you can make an early repayment towards your outstanding loan balance.
It is important to note that it will take up to 2 business days for your bank to settle your repayment in our system, and for the repayment amount to be deducted from your outstanding balance.
What happens if I pay early and still get direct debited?
If you make an early payment within 2 days of your scheduled repayment date, there is a chance that it won’t have cleared before the next direct debit. As a result, your scheduled direct debit may still be processed, and you could end up overpaying. If this happens, reach out to our customer support team to get a refund.
However, you will still need to wait up to 3-5 business days for your money to return to your account. In order to avoid this, we recommend not making early repayments within 2 days of your scheduled payment date.
Still have questions? Contact support@beforepay.com.au.