Self Employed using personal account with Lloyds & Bounce Back Loan

whats_retirement

If anyone else is doing the above, it took 3 days with Lloyds to open a Business account, apply for a bounce back loan and the money to be in my new account.
All done online, very good during this mad time for us all including the banks.

dunstonh

Lloyds are really quick on the BBL.  No signatures required and money in the account in less than 24 hours on existing accounts.

JakeMM

Lloyds were a pain originally. I spoke to them on day 1 of the BBL. They refused to open a business account for me and even stated that it would be pointless anyway, as they couldn't give me a business loan with no history on the account - even though I had a personal account and tax returns to show income (plus BBL are self certified).

In the end, I went to Starling - opened a new account in minutes and got my loan through a couple of days later. I think Lloyds (and some others) have now come good on these, as a lot of people were leaving them in a very short space of time!

jadex

Sadly, Starling stopped opening new business accounts for sole traders till at least 1st June

davidoff79

hi. I m costumer Lloyds Personal account. I m sole trader,but I cant open business account to apply for BBLS. I understood that there is a direct link for creating a business account. Does anyone know,can someone help me with this link? please and thank you

storeton

I am asking the same question as davidof 79 about lloyds bank and a bounceback loans as i have been using my personal Lloyds account for business purposes

dunstonh

Lloyds have been excellent on the BBL.  The lack of people posting negatively towards Lloyds is a good indication of that.
However, all banks have treated people who did not have business bank accounts but using personal accounts as a lower priority.   They are more time consuming and come at greater risk of fraud.        You just have to look at the past posts on this forum and time and again you see that the group suffering the longest waits are those that were breaching T&C by using a personal current account sin for business purposes.   Many of these also result in rejection.

sealord

Hi,
I am a private hire taxi driver in London , and have been working as a self employed , sole trader with different ride hailing platforms , like UBER, BOLT, VIAVAN and OLA.
I had to stop working due to the current pandemic situation and it has affected my business adversely. Somebody advised me to apply for the BBL to get back on the track. I got a current account with the Lloyd's where all my sole trader transactions would come through. Spoke to Lloyds, they advised me to open a business current account with them first, before applying for Bounce back loan. I have submitted my online application already and waiting for the decision.
Just wondering, if somebody could advise me, if I am following a right track ? Would I be able to apply for BBL ,? 
Any idea. If Lloyds is approving private hire taxi drivers for this loan ?
Please inform
Cheers.

whats_retirement

When I did mine, I was logged into my personal account and looking at the offerings for Covid support and BBL, there was a link to apply for a business account, which I clicked and applied.  Business account was approved in about 2 hours.  BBL applied for following day and money in account day after. 
Been a few months now and business account working well,  BBL has been a life saver.  Lloyds have been excellent in my opinion.

Yasmin_NLD

Thank you for this I will make an application with Lloyds today

storeton

All banks including Lloyds have suspended opening new business accounts for several weeks!
I have tried all supporting BBL banks with the same answer.
Looks like th BBL lifeboat has sailed!