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DebiCheck is a new authorisation process implemented by South African banks to reduce fraudulent debit order activity. With DebiCheck you electronically confirm with your bank that there will be a new debit order for a new contract that you have signed. Your bank will now know the details of what you have agreed to and will not allow your debit order to be processed outside the terms that you have confirmed. 

The DebiCheck system was designed by banks and according to the prescribed industry standards. The system is therefore secure. Your bank will communicate how you can securely and electronically confirm your debit orders. You will therefore need to ensure that your bank has your updated cellphone number and that all your contact details with the bank are up to date. 

DebiCheck puts the control in your hands. By giving your prior approval for a DebiCheck you are in control of the debit orders that you allow to go off your account. You will have peace of mind knowing that a DebiCheck collection must be processed within the agreed conditions you have confirmed. This is because when it is time for the debit order to be collected, your bank first verifies LendingTree’s debit order request against the DebiCheck mandate you gave, before the LendingTree debit order request is submitted for payment. LendingTree also benefits from the DebiCheck process, because it rules out any cash flow management strategies from abusive consumers. 

• If LendingTree approves your loan, your bank will send a USSD message to your phone for you to confirm the loan details. You only confirm the details once for each loan. IMPORTANT: You only have two minutes to reply to the bank's message, so make sure you have your phone with you when you apply!
• Your bank will let us know once you have confirmed the debit order details, whereupon LendingTree will immediately pay you the loan amount.
• When LendingTree wants to collect the debit order (on your chosen date), your bank will verify the loan terms and if the critical information does not match, the bank will not allow the debit order collection to go through.

If we approve your loan, your bank will immediately send a USSD message to your cellphone so that you can confirm the loan terms. This means your bank has to know which number to contact you on.