How does a Direct Debit Authorisation payment work?
The Direct Debit Authorisation used by QuickQuid behaves the same as a cheque. Once presented to your bank for payment of the loan, it will send the specified amount of loan fees and/or principal, (depending on the Loan Due Date) to QuickQuid to satisfy the loan agreement. If the payment is dishonoured by your bank for reason of insufficient funds, QuickQuid can and will re-present the Direct Debit Authorisation to your bank.
