BBLS The difference between 2 banks

boingingian

Starling Bank who is my new business account declined my BBLS yesterday giving no reason. 

I had already pre-emptied this and had applied for a Loan Servicing Account  with NatWest (my personal account that I used as a sole trader upto a week ago. That was granted today so I applied for a BBLS with them. They didn’t even ask for my tax returns and have granted it within a day!

Jeremy535897

I think Starling were overwhelmed. Sole trader loans have been paused until 1 June I think.

Grumpy_chap

I wonder whether using the bank you have a history with helped?  It must work for KYC, and they can see what your turnover is.

boingingian

Could well be. I will keep my feet on the ground until the money is in my account though!

davetheraver

I have a LTD Company with another bank that cannot offer the BBL. So I applied for a Natwest BBL yesterday, I have a personal account with them so I am hoping the process wont be too long.

You said they took a week to respond? What did you actually apply for? I applied for a BBL with Natwest on my first application, you said you applied for a service account then a BBL?

jackroit

did starling declined also a LTD Company? and what is Loan Servicing Account by Natwest is it a Feeder account?

boingingian

When I applied online at NatWest on 6/5 for a BBL they said as I wasn’t a business account holder I would need to apply for a Loan Servicing Account (a feeder account) to be used for the BBL first. No application could be made until that was set up. While waiting, and losing hope, I opened a business account with Starling (as I wanted one now anyway and they were best cost wise). They opened that in a day and then I applied a few days later for BBL to which they declined. I then telephoned NatWest and asked what was happening and they told me that it was just in final stages and to now apply for BBL. All agreements and terms have been signed and basically looks like it’s all set. I’m waiting to find out how the Servicing Account shows on my banking but it’s set up just to manage payments etc for loan

davetheraver

Actually I think that's what I applied for, it asked for my turnover etc. But I cannot remembering it asking for the amount I wanted to borrow

jackroit

boingingian said:

When I applied online at NatWest on 6/5 for a BBL they said as I wasn’t a business account holder I would need to apply for a Loan Servicing Account (a feeder account) to be used for the BBL first. No application could be made until that was set up. While waiting, and losing hope, I opened a business account with Starling (as I wanted one now anyway and they were best cost wise). They opened that in a day and then I applied a few days later for BBL to which they declined. I then telephoned NatWest and asked what was happening and they told me that it was just in final stages and to now apply for BBL. All agreements and terms have been signed and basically looks like it’s all set. I’m waiting to find out how the Servicing Account shows on my banking but it’s set up just to manage payments etc for loan

did you applied as a solo trader or a Ltd Company? 

davetheraver

It seems LTD companies are getting accepted/agreements quicker, but the payouts do not seem to reflect this.

Bobsburgeman

davetheraver said:

It seems LTD companies are getting accepted/agreements quicker, but the payouts do not seem to reflect this.

Possibly due to their companies being listed on companies house and easier to verify?