Almost 250,000 of the 1.4 million applications for Government-supported "bounce back" loans were either still being processed or had been declined as of Aug 2. Discussion in ' COVID-19 Forum ' started by rand24 , Jul 22, … Always remember anyone can post on the MSE forums, so it can be very different from our opinion. I was part of the mass starling decline. You’re not getting declined for getting the loan, you’re getting declined for getting the account. But just 10 of the 23 lenders that have granted more than 42 billion pounds of 'bounce back' loans (BBLs) to small businesses have so far backed the plan, a source told Reuters. Invited to Apply for a Bounce Back Loan with Starling Bank, Metro Bank Gave Me a BBL Despite Active CCJ Error, Hi hope your well… Just wanted to share my experience with Natwest BBL. There is no interest charged and repayments do not need to made for the first year. The Bounce Back Loan is a new government scheme for small businesses who can apply for loans from £2000 up to £50,000 of financing from their … Are Bank Bosses “Scamming” the BBL System and Buying Ferrari’s? Using the buttons below, select the option that’s most relevant to you. Editor, Marcus Herbert. The Bounce Back Loan Scheme (BBLS) is a new scheme designed to enable businesses to access finance more quickly during the coronavirus outbreak. Some were keen to agree a consistent approach in an effort to avoid a re-run of past mistreatment scandals that blighted banks including Lloyds and NatWest after the financial crisis. Bounce back loans will have lighter touch checks on the borrower, which the government hopes will mean they will be able to receive money within 24 hours of application. 28 April 2020 Granted-funded further-education establishments can now apply for a Bounce Back Loan. What is the definition of group re BBL’s. *some names have been changed. How much am I meant to repay? We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. The Government covers the first 12 months of interest (this means you pay 0% for the first year). Bounce Back Loans are designed to help small businesses affected by coronavirus stay on track and get back on their feet as quickly as possible. The Bounce Back Loan scheme will help eligible small and medium-sized businesses that have been affected by the coronavirus situation to borrow between £2,000 and £50,000. Will Rishi Sunak Make an Appearance this Week? So if you’re in that situation, I would focus quickly on repairing your credit. My […], Hi, I wondered if you can help me. Loans made under the Bounce Back Loan Scheme are not subject to the usual consumer protections that may apply to other forms of business lending. Tried Lloyds and NatWest. The Bounce Back loans are similar to a scheme in Germany, but there, the government is lender. Bounceback Loans are not to be credit checked, no document should be required aswell, especially if your a limited company. I signed my loan agreement yesterday so I’m awaiting funds it said today but nothing as yet and also I can’t see this ‘loan account’ in my […], Has anyone had any luck with RBS? It must ensure the Bounce Back Loans scheme reaches those who need it most”, he said. We use cookies to ensure that we give you the best experience on our website. Note: You can and should apply to other lenders if you have been declined for a Bounce Back Loan, as some banks/lenders have their own additional lending criteria, or could have all manner of technical problems as have been proven over and over again which could see you incorrectly being declined by one particular bank, but not others. I applied for a feeder account with HSBC, and after 9 weeks was declined, i have also applied with both Lloyds and Metro who i have a personal accounts with, they have also rejected me. The BBL is given to anyone except exceptional cases like bankruptcy. I have applied with my current bank for a bounce back loan . Barclays is also still offering bounce back loans to new customers, though it doesn't offer a feeder account option and requires you to open a new account, which is likely to be a longer process. Other Reclaiming: Mortgage Fees, Council Tax etc, Pensions, Annuities & Retirement Planning, Report Holiday Deals, Bargains & Special Offers, Martin's Blogs & Appearances & MoneySavingExpert in the News. But just 10 of the 23 lenders that have granted more than 42 billion pounds of ‘bounce back’ loans (BBLs) to small businesses have so far backed the plan, a source told Reuters. Do you know if it’s possible to appeal or apply to another lender? Businesses are not required to make repayments for the first 12 months but will still have to repay the loan and any interest after 12 months [4] . A total of 581,516 businesses have applied for Bounce Back loans of up to £50,000 since the scheme launched on May 4, with more than £14bn paid out to 464,393 companies so far. If you continue to use this site we will assume that you are happy with it. City A.M. would like to … LOVEHOLIDAYS TO REFUND £18m TO 44,000 HOLIDAYMAKERS FOR CORONAVIRUS CANCELLATIONS, HSBC BORROWERS IN ARREARS TO GET UP TO £100 COMPENSATION AFTER SUBSTANDARD SERVICE, ENERGY AUTOSWITCHING TO BE TRIALLED AND WARM HOME DISCOUNT PAYMENTS TO RISE UNDER GOVERNMENT SHAKE-UP. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.