Paying off Finance with bounce back loan?

[Stubby]

4 hours ago, Big J said:

Ours came through yesterday. Easiest finance application I've ever done.

 

 

Strange that Jonathan  , seeing it is here , in the UK . ?

[Al Cormack]

That was easy! Applied on line last night, Lloyds Bank.
Money in the account today.!!

[eggsarascal]

6 hours ago, Big J said:

Ours came through yesterday. Easiest finance application I've ever done.

 

I do reckon an awful lot of businesses won't be in a position to pay it back, and the government is going to be hit with picking up the bill on all those defaults. Suddenly, the furlough scheme won't seem so expensive!

We'll get going again then pay it back, or at least I'll pay mine back. 

[eggsarascal]

3 hours ago, Big J said:

I'm not complaining, quite the contrary. I'm not sure that is necessarily sensible to give out unchecked loans, but again, I'm not complaining.

 

People, or should I say I had to sign to say it was legit, due to Covid-19. If folk have bent the rules...

Edited May 14, 2020 by eggsarascal

[benedmonds]

On 13/05/2020 at 19:23, Steve Bullman said:

Has there been any mention of how long these loans are going to be available for?

 bbls available till November.. I think..

[dig-dug-dan]

Am I missing something? Everyone is applying to borrow money, it's got to be paid back with interest I presume? So why is this worth doing exactly??

[benedmonds]

30 minutes ago, dig-dug-dan said:

Am I missing something? Everyone is applying to borrow money, it's got to be paid back with interest I presume? So why is this worth doing exactly??

If you have other finance, this is cheaper so could save you money. It is free for 12 months.

If you are thinking about getting finance in the next 6 years, this is cheap and easy to get.   

But yes you do still have to pay it back so should be carefull. 

[eggsarascal]

But... if you aren't out of pocket due to this virus you shouldn't be taking the cheap loans, but you know that.

[skyhuck]

39 minutes ago, eggsarascal said:

But... if you aren't out of pocket due to this virus you shouldn't be taking the cheap loans, but you know that.

You have to have been 'negatively' impacted by covid, don't think there will be many who haven't been. 

[eggsarascal]

13 minutes ago, skyhuck said:

You have to have been 'negatively' impacted by covid, don't think there will be many who haven't been. 

Don't kid yourself, I personally know loads of lads in the building trade that have worked right through and still grabbed the cheap money.