Bounce Back Loans

[UK Printed Mugs]

Hi Ravisteam. I did exactly the same as you yesterday with HSBC and still waiting which I presume is probably normal. I don't believe you need to supply any documents and no credit checks are done as government are taking 100% of the risk. As my book keeper says "you will never get lending this cheap again so you should take advantage". Only if you need it of course and certainly didn't go for full 25% but enough to keep things ticking over. Interest is paid over 6 years but the government is paying year 1 interest although capital is paid over 5 years. If I hear back this morning about loan I will post back. Olly

[pw66]

Took just over 24 hours to get mine from lloyds. Paid straight into bank a/c - nice surprise!

I could have had the full 50k, but only deciced on half of that - didn't want £950 month repayments for five years.
I took the view that if I had 50k I would use some of it to buy equipment I have no need for, such as an embroidery machine or a couple of DTG printers. That would work out as an expensive 'cheap' loan.

I have all the equipment I need, and £25k will keep the business going and allow me to still buy the planned upgrades I wanted to get this year.

[Ravisteam]

Hi Ravisteam. I did exactly the same as you yesterday with HSBC and still waiting which I presume is probably normal. I don't believe you need to supply any documents and no credit checks are done as government are taking 100% of the risk. As my book keeper says "you will never get lending this cheap again so you should take advantage". Only if you need it of course and certainly didn't go for full 25% but enough to keep things ticking over. Interest is paid over 6 years but the government is paying year 1 interest although capital is paid over 5 years. If I hear back this morning about loan I will post back. Olly

Olly,
Thanks for the update , please let me know when you get any news from them , HSBC seems slow for everything , I tried call them beging of April took over 2 hrs on hold and hang up lol..I actually need a loan and great if I can get this ..

[londonmug]

I just got the details from Starling Business account

To help you prepare in advance, here’s a breakdown of what you’ll need during the application process:

• An activated Starling Business bank card
• A verified email address

If you were trading on or before 5 April 2019

• Your 2018/2019 tax return, including the SA100 and SA103S/F
• Your 2018/2019 tax calculation (SA302), which you can find on your government gateway account

If you started trading between 6th April 2019 and 1 March 2020

• Your Unique Tax Reference (UTR) number and
• EITHER your VAT number if you are VAT registered
• OR your 2019/2020 tax return. We know this is earlier than you would normally do your tax return, but it will help us verify your business.

[Ravisteam]

Took just over 24 hours to get mine from lloyds. Paid straight into bank a/c - nice surprise!

I could have had the full 50k, but only deciced on half of that - didn't want £950 month repayments for five years.
I took the view that if I had 50k I would use some of it to buy equipment I have no need for, such as an embroidery machine or a couple of DTG printers. That would work out as an expensive 'cheap' loan.


I have all the equipment I need, and £25k will keep the business going and allow me to still buy the planned upgrades I wanted to get this year.

Ive got the forms to sing just now ..Check your email Oly, received the email at 9.11pm ..lol...

[UK Printed Mugs]

We had the digital form back yesterday but decided to alter loan amount so called up and just waiting for an updated version. Be interesting to see how long this might take.

[pw66]

We had the digital form back yesterday but decided to alter loan amount so called up and just waiting for an updated version. Be interesting to see how long this might take.

I am sort of regretting not going for the full £50k. I don't need it all, so didn't want to be saddled with larger repayments, but since you can pay back lump sums without penalty it would have made sense to review the situation in a years time.

[UK Printed Mugs]

That was exactly my thought and managed to stop myself from digitally signing. Not sure how long I have to wait until the replacement comes mind. I will start to pay back from month one into a savings account so in theory will pay over 6 years. I have a friend who took the full 50k in order to pay their two kids private school fees!!!

[Brant]

Kin ell ! - I 've heard it all now.

[Justin]

Doesn't need a personal guarantee but they stil do credit checks.