HSBC Bounce back loan

ucool

Did anyone get their loan approved or paid out recently?

I applied end of October, signed the echo sign over a month ago but the status is still that it's "manually checked" and only then will be paid out once someone approved it by hand. Is this the common procedure and the reason this entire process takes so long?

Achilles_01

ucool said:

Did anyone get their loan approved or paid out recently?

I applied end of October, signed the echo sign over a month ago but the status is still that it's "manually checked" and only then will be paid out once someone approved it by hand. Is this the common procedure and the reason this entire process takes so long?

Still waiting I am afraid, it looks like each stage (Feeder account opening / EchoSign / funds received) takes ages to complete. There is no information as to why it is taking so long.

PROrion

still waiting, still not heard anything, still get told the same "im sorry you have had to wait so long, you will be fast tracked now" been waiting well over 6months now.

Im so happy I dont bank with HSBC total Joke!

ucool

At which stage are you at? Echo signed?

Ectoshred

Achilles_01 said:

Ectoshred said:

Signed Echosign for BBL exactly 2 weeks ago now. Not a peep.
Called multiple times, they said it's being "held" and will expedite. I call every few days and get the same thing. 

Can I ask how long you had to wait for EchoSign after application?

I wasn't a customer of HSBC and applied for a business account (not a feeder account) early September. I assumed nothing would happen and forgot about it.
Early NOVEMBER I get an email saying your account is approved - you can now apply for a BBL.
I applied early December (2nd) and it was accepted within 8 hours. Then I received the echosign shortly afterwards. Signed it and still haven't received it 

Ectoshred

ucool said:

Did anyone get their loan approved or paid out recently?

I applied end of October, signed the echo sign over a month ago but the status is still that it's "manually checked" and only then will be paid out once someone approved it by hand. Is this the common procedure and the reason this entire process takes so long?

Any luck yet? Am still waiting on mine

ucool

No, sadly not. Still waiting. Apparently what takes so long is them checking by hand if you ever filed any other BBLS applications.
They also told me there's another echo sign document after your loan has been approved which you need to sign. Then the payout happens in 1-2 days. Is that true?

PROrion

So here we are now into 2021 and the third lockdown and im still waiting on a bounce back loan from hsbc from the first lockdown.

Ive not rang in a few weeks but as im now on my 100th phone call im sure im just gonna hear the same again

ucool

So what's the actual process of getting the money once you sign the echo document aka the loan agreement? From reading the replies of others all we have to do is wait and the money at some point will appear in the account. But support on the phone told me there will be another echo sign document and only after signing it the money will be paid out in 24-48 hours.

@PROrion when did you apply exactly? Signed the first echo sign already? I also called 10 times but always the same reply... one final manual check to see if any other applications have been filed. You'd think that shouldn't take months...

ucool

Anyone ever got a Bounce Back Loan (BBL) Facility Offer Letter? All I got was the Loan Agreement i.e. Echo Sign which is the only thing I've seen mentioned in this forum. So has the process changed now?

I was referred to the safeguard department today. Anyone ever had to deal with them during the loan process?