HSBC Bounce back loan

LockdownUK

SRB1609 said:

Further to my previous post's and to give all encouragement my money has just hit my account! No notification however, it was just there! Good luck everyone.

Congrats!!
I believe you applied after me and @jl007 and got your money before us. Should I be worried? 😅 hehe

[Deleted User]

My company has banked with HSBC for around two years now. I applied for a bounce back loan as an insurance policy really, I plan on leaving it in a savings account and paying it back at the end of 12 months, but it is good to know we have it if we need it. 
I applied on Monday morning, I had the documents through from EcoSign yesterday morning and the money has hit the bank account this morning, all was easy and no problems at all. 

The only difference I can see to what many of you are having issues with is that we are a business account holder, with all three director's credit checked and already verified with HSBC and had asked for the money to be paid directly into our business current account so they already had full verification of who we are and the company details, they didn't need to open a feeder account and so we went through the automated system, rather than needing for anything to be manually checked. 

[Deleted User]

Danrover82 said:

If you apply at dinner on Friday,  would you count Friday as day 1, Sat 2... So Weds day 6?

And is anyone checking their Credit file for the search Hard or Soft? 

That depends, are you from the South or a northerner? If you are northern then "Dinner" is at lunchtime, which might be before the HSBCs normal 15:00 processing deadline, if you are from the south then Dinner is at Dinner time, 18:00-20:00 which means after close of business.

Eassenav

I have checked my credit file and no searches are showing (I have been approved and the DDM has been set up but no funds yet), but would it show yet?  I thought these things were a month behind on the credit file you can search (am using Clearscore).

There appears to be no rhyme or reason to the time taken for these loans to be processed.  I am a sole trader and a HSBC personal account holder for over 20 years, I applied Sunday 10th May, got an immediate automatic email with a reference number, agreement received and signed on Monday 18th May at 4.30pm, DDM was set up sometime Tuesday (I only looked when someone else mentioned it) and still no funds as of Wednesday morning.

LockdownUK

MadMattUK said:

My company has banked with HSBC for around two years now. I applied for a bounce back loan as an insurance policy really, I plan on leaving it in a savings account and paying it back at the end of 12 months, but it is good to know we have it if we need it. 
I applied on Monday morning, I had the documents through from EcoSign yesterday morning and the money has hit the bank account this morning, all was easy and no problems at all. 

The only difference I can see to what many of you are having issues with is that we are a business account holder, with all three director's credit checked and already verified with HSBC and had asked for the money to be paid directly into our business current account so they already had full verification of who we are and the company details, they didn't need to open a feeder account and so we went through the automated system, rather than needing for anything to be manually checked. 

I have banked with them for 10 years, asked for the money to be paid directly into my current business account, had the loan approved a week ago and still haven't received the funds. Go figure. I called today and the person I spoke to apologised and said he was going to "escalate to his supervisor as the the delay seemed indeed unusual". HSBC is a shambles. 

[Deleted User]

Eassenav said:

I have checked my credit file and no searches are showing (I have been approved and the DDM has been set up but no funds yet), but would it show yet?  I thought these things were a month behind on the credit file you can search (am using Clearscore).

There appears to be no rhyme or reason to the time taken for these loans to be processed.  I am a sole trader and a HSBC personal account holder for over 20 years, I applied Sunday 10th May, got an immediate automatic email with a reference number, agreement received and signed on Monday 18th May at 4.30pm, DDM was set up sometime Tuesday (I only looked when someone else mentioned it) and still no funds as of Wednesday morning.

I use Experian and get pinged when I get searched (an email within a day of it happening), but nothing, it might be too quick or it might also be because we were verified two years ago that is recent enough for them to not need to re-check directors again.

The delays do seem a little odd for some people, although from chatting to other business owners it does seem that Ltd companies are receiving funds much quicker than sole traders. 

SRB1609

LockdownUK said:

SRB1609 said:

Further to my previous post's and to give all encouragement my money has just hit my account! No notification however, it was just there! Good luck everyone.

Congrats!!
I believe you applied after me and @jl007 and got your money before us. Should I be worried? 😅 hehe

I re applied on the 14th

S1rEean

I noticed a new HSBC DD on my current account late last night no money yet, but I guess I'm one step closer. Applied tick, Esign tick, DD tick, money hourly refreshing 😆

SteveCat

Just a quick heads up for anyone who is still waiting to hear from HSBC. I have this morning noticed all over Google adverts for ADOBE Docusign. Very strange as I had not searched for it at all! I then check my Bank and have noticed a Direct Debit for HSBC Loan set up. Within the hour I then received my acceptance and offer via email from HSBC. Look out for all these signs as this is no coincidence.

LockdownUK

SRB1609 said:

LockdownUK said:

SRB1609 said:

Further to my previous post's and to give all encouragement my money has just hit my account! No notification however, it was just there! Good luck everyone.

Congrats!!
I believe you applied after me and @jl007 and got your money before us. Should I be worried? 😅 hehe

I re applied on the 14th

I reapplied on the 11th. Email on the 13th, a week ago exactly. Still nothing. Considering doing it again.