HSBC Bounce back loan

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Th1nkAb0ut1t said:

Hey all,

Just reading through some of these and I can honestly say I'm surprised, but not surprised, that I'm surprised, to be suprised, when in fact I should not be suprised and quite franly Im not...surprised that is!  Now if you think that's confusing, you should try a healty dose of HSBC BBL application pie.  It's sure to cause all the stress and confusion you hoped for when you decided to engage with them to obtain help in dealing with all the stress and confusin you currently are dealing with!

BBLS is a farce.  HSBC is the only company offering to new customers, however they are hiding it behind credit checks, by saying that applying for a feeder account falls under the same rules as applying for a regular account with them.  Whats the point? 

HSBC (among others who are doing this practice) and the government need to address this ASAP, as the whole point of the scheme is to make the loans accessible to all who meet initial criteria and AML/KYC checks.  NOT credit score, credit file, financial viability, or any other such term to describe your financial/credit history!

I was declined within 1 second, by an automated system that couldn't fit all of my name into the box and was unable to locate my business or home post code, but clearly could check my eligibility in a nano second. 

Maybe it was someone on "a team you can't speak to", who "makes the decision, at their discretion" who is responsible for making the light speed decision, that even after meeting eligibility criteria, a declination should be awarded. 🤨  #Accountability #PlayingGod

Don't worry, I complained to a person who "does not make the decisions, is not a banker, does not know about how the decisions are made, cannot provide me with a direct answer, can only request to speak to the team you cannont speak to, who also cannot guarantee that they will give an answer that they can give to you" and I was told that all I had to do is "Wait until someone contacts you.  IF they feel that they should contact you to expand on the reasons for the decision, IF the reasons for the decision were an error on our end, BUT you will never know that, because I can't tell you and IF they dont bother to tell you then nobody will contact you.  Plus, there is no time scale or guarantee that they will in fact give you any reason at all, or even contact you to start with"

Great HSBC, great Government! You've really aided me so much during this time!  I am forever in...wait, I can't be indebted to you because my application was declined!😑  Duh! 😒

Anyone else with the same?

Im in the same position as you. After talking to HSBC, they confirmed the application criteria for the feeder is exactly the same as actual business current account opening with the same credit checks on affordability. I understand when opening a usual current account banks offer overdraft etc but what on earth they need the same for the feeder. I contacted the British business bank and they confirmed to launch a complaint with them and then escalate it with them. greedy HSBC

BILLBO63

abc_1234


the same happened to me also with in seconds declined i thought a feeder account was just that not application for a full on business account that require credit check i was led to understand that this was not to b but they still did it 

sean_jackson

I'm a First Direct current account holder (possibly halfway through this grueling process) and if your interested in my application arc to date it's below:

've been 5 weeks into the process now and yes the form of things looks like this isn's a condition free loan - the feeder account is meaning you will undergo credit checks that we were told would not happening by the government, and yes,  i apreciated not having a business account is coming back to bite me on the bum on this occasion!

May12th:  applied for 3k loan with HSBC using my First Direct current account, got auto email back and turned it round again.

A big vacuum of nothing follows here with regular a regualar weekly  phone calls the staff at home working for HSBC, they did their best.

June 8th  :  Today when i ring to see if i can glean any news the operative tells me I probably should get a feeder account and takes my details and says someone will call me sometime in the weeks ahead - so that's 4 weeks wasted, couldn't this have been spotted earlier on i thought.

June 12th;  The feeder account lady calls me and we spend a good 40 mins going through the feeder account application (a credit search will arise from this). I'm then told the feeder account could take a week to be accepted (or not!) and then I can apply for the loan (again!), albeit with my details already in place, alarmingly i'm told this could take another month.

...so in summary i'm currently at the 5 week stage and it's been indicated it could take up to another 5 weeks with the feeder and loan reaplication to complete, that wasn't good news.

I'm not bashing HSBC as they've taken all the waifs and strays (extra to their existing customers) without HSBC accounts and the staff are doing their best (they havn't taken any extra on i understand, which is strange) but lets be real - an emergency loan this is not, it's a slower path to a loan than you would ever get going the conventional way with your bank, for me anyway.

Will post the rest of my journey to be useful to others when anything happens. Really didn't want to be worrying about being accepted for a credit check when I clearly remember Richy Sumack saying this was an unconditional loan, it clearly is not that for a lot of people here and elsewhere. Good luck with yours guys.

khanji17

Do we get any message or email if the application has been rejected? Usually after how long have you received any communication (if at all)? How do we withdraw an application if we want to try our luck with another bank? Thanks

paulshears

I applied for a HSBC Bounceback loan on 15/05/20. Initially I was told that the paperwork would take up to 5 days to reach me.I 
I rang HSBC again on 19/05/20 and, after a very long wait to talk to someone,  I was told that the five day wait for the paperwork would now take up to five weeks Thus I should receive an acknowledgement of my application at the latest by 19/06/20. 
They had no means of confirming that they were in receipt of my application. 
This is obviously appalling but my hands are completely tied on this one.  

dawsontaylor

Hi there I applied for a HSBC bbloan 3 weeks ago now and the only thing I have heard back is the application acknowledgement as soon as I applied I haven’t heard anything else any thoughts??

ahart789

Applied 2weeks ago, been a business customer for years. Had the initial email to confirm application, nothing since.. 

sean_jackson

khanji17 said:

Do we get any message or email if the application has been rejected? Usually after how long have you received any communication (if at all)? How do we withdraw an application if we want to try our luck with another bank? Thanks

...yes i believe you get an email without any extra information to say you've been declined

dawsontaylor said:

Hi there I applied for a HSBC bbloan 3 weeks ago now and the only thing I have heard back is the application acknowledgement as soon as I applied I haven’t heard anything else any thoughts??

....that's pretty standard for a lot of app's that were not in the first week or so of applying i think. If you havn't got a HSBC account make sure you establish if you need a feeder account creating by calling them if your in any doubt. I found out at the 4 week stage by being told i needed one, that was 4 weeks wasted.

jackroit

applied last week (with existing Ltd Company business account), got an email soon after submitting the application, but from then no email, is there any regular processing timeframe with HSBC?

gt94sss2

jackroit said:

applied last week (with existing Ltd Company business account), got an email soon after submitting the application, but from then no email, is there any regular processing timeframe with HSBC?

There doesn't seem to be. It can be anything from a few days to over a month. I think the important thing when applying is making sure your application is correct, as they otherwise need manual checking.

I saw an article from a few days ago which said HSBC had approved over 118k applications to date and had received over 145k so far 
From the article:

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HSBC said: “As one of the few banks accepting applications from businesses that aren’t currently our customers, we’ve been inundated with requests to open accounts. As a result, the wait times for new accounts are significantly longer than they were pre Covid- 19. We continue to advise businesses to apply for the loan with their existing bank if possible because it will be much quicker.”

One kink in the system is that because of the way the Government has structured the bounce-back loan scheme, businesses get their facility offer letter within a few days of application from a non-HSBC address, which may have landed in a junk folder. HSBC urges business customers to check spam folders.

And HSBC urges customers to accept this facility offer email, as some customers that there is nothing more they need to do but sit back and wait for money to arrive in their account. 

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