Bounce back loans

[topchippyles]

Best deal around by a mile. Use your head and can even make money out of it 

[Tom D]

Careful, this is 2.5% flat rate not APR.  2.5 flat rate is more like 5% APR.

 

I was quoted 2.49% flat rate by a finance broker a few weeks ago.  I'd still be going for one of these as its no payments for 12 months...

Just saying...

[eggsarascal]

2.5% over base rate if I understand it correctly.

[topchippyles]

Still cheap as chips if your having cash flow problems and will even keep companies afloat as a life line.

[Tom D]

This is what my bank sent me...

 

·         Available to existing customers (with a business current account) for amounts between £2k and £50k

·         Borrowing is limited to 25% of turnover (subject to a maximum loan size of £50k)

·         The first 12 months are interest free

·         The duration of the loan is 6 years with a 12 month Capital Repayment Holiday

·         After 12 months, the customer pays a fixed interest rate of 2.5% (the interest rate is determined by the Government and consistent across all BBLS accredited lenders)

·         There are no fees

·         The facility is unsecured but the borrower is fully liable for repayment of the loan. The bank (not the borrower) benefits from a 100% Government Guarantee

·         The customer confirms their eligibility through a range of declarations and attestations embedded into the application process.

[Justme]

3 hours ago, Tom D said:

This is what my bank sent me...

 

·         Available to existing customers (with a business current account) for amounts between £2k and £50k

·         Borrowing is limited to 25% of turnover (subject to a maximum loan size of £50k)

·         The first 12 months are interest free

·         The duration of the loan is 6 years with a 12 month Capital Repayment Holiday

·         After 12 months, the customer pays a fixed interest rate of 2.5% (the interest rate is determined by the Government and consistent across all BBLS accredited lenders)

·         There are no fees

·         The facility is unsecured but the borrower is fully liable for repayment of the loan. The bank (not the borrower) benefits from a 100% Government Guarantee

·         The customer confirms their eligibility through a range of declarations and attestations embedded into the application process.

You dont have to have a business account.

But you do have to wait for the banks to roll out the second phase.

Lloyds will be on Wed this week.

[eggsarascal]

4 minutes ago, Justme said:

You dont have to have a business account.

But you do have to wait for the banks to roll out the second phase.

Lloyds will be on Wed this week.

Santander website said this morning you had to have a business account, BUT, you could open one there and then to carry on with the application, I've got one of their business accounts so it didn't affect me. I also spoke to another forum member who told me he'd spoke to his bank and they were down the business account route.

[Justme]

13 minutes ago, eggsarascal said:

Santander website said this morning you had to have a business account, BUT, you could open one there and then to carry on with the application, I've got one of their business accounts so it didn't affect me. I also spoke to another forum member who told me he'd spoke to his bank and they were down the business account route.

A few banks are saying you must have one but the loan rules do not agree.

I guess its easier for them to know who you are & you are a business. 

[Rough Hewn]

You dont have to have a business account.
But you do have to wait for the banks to roll out the second phase.
Lloyds will be on Wed this week.

You do.
Or you're not a business.
According to my bank.
FFS
[emoji849]

[Big J]

I just got an email from HSBC about it. Think we'll go for the full whack. Why the hell not? I'd rather have a decent contingency through what is starting to become a tricky time for us.