Why do you need a Direct Debit set up to get a loan?

If accepted for a loan you must set up a Direct Debit, from a current account that's linked to the Wagestream app.  This can be the account that you get paid into or one that you've connected by Open Banking.

This Direct Debit is for your peace of mind and to ensure that you do not miss a repayment.

This Direct Debit mandate will only be used if we can't collect a repayment directly from your salary, for example if you leave your current employer.