BOUNCE BACK LOAN DECLINED

Andy_Kat

Hi, guys something new ?

I will look for updates.

LeicesterWorker

I was told by the local business association that many have been turned down.
Maybe your local business association can advice you on what you need to do.

Liam6324

I have been declined for bounce back loan from barclays. Im getting no answers why. I recently opened buisness account with them. My accounts are all up to date. my credit score is good. 
Is it because i am a sole trader?
Is it because i have an unspent conviction?

Grumpy_chap

Liam6324 said:

I have been declined for bounce back loan from barclays. Im getting no answers why. I recently opened buisness account with them. My accounts are all up to date. my credit score is good. 
Is it because i am a sole trader?
Is it because i have an unspent conviction?

When did you open your business account?
When did the business start trading?
What does the business do?
What is your turnover?
What amount of BBL did you apply for?

gramy1

i have just opened a business account with my bank to apply for bbl,,,,i had to  send my 2019 tax return to open it,,,,when i apply for loan do i need to put exact amount shown on 2019 account  85000 or can i put down 100000........will the bank check against the tax return i sent them and maybe turn down the loan...thanks

Grumpy_chap

gramy1 said:

i have just opened a business account with my bank to apply for bbl,,,,i had to  send my 2019 tax return to open it,,,,when i apply for loan do i need to put exact amount shown on 2019 account  85000 or can i put down 100000........will the bank check against the tax return i sent them and maybe turn down the loan...thanks

Probably should be a new thread, but you can only apply to borrow 25% of 2019 turnover, which is a matter of fact.  If the turnover was £85k and you state £100k to obtain a larger loan, that will be fraud.

Jeremy535897

I think you are supposed to use calendar year 2019 turnover?

gramy1

Jeremy535897 said:

I think you are supposed to use calendar year 2019 turnover?

yes sorry thats what i sent,,,,i wondered if they check it when you apply....thanks

Grumpy_chap

I think you have to assume the bank will check the application against the previous information you provided.  Especially as a new business account.  Although the credit check is relaxed, the bank is still responsible for KYC and anti-fraud etc.  If you apply stating a turnover that is not reality, then you are committing fraud.

x_sal_x

I’m with Santander and have a personal account but have used it for business since I’ve had the business , I’m a sole trader - declined - all files uploaded, rang them and they said to add more files and try to reapply and it says you can only apply once anyone else had this?

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