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Tide Bounce Back Loan

Has anybody been pre-approved with Tide yet? It states on the app that they will contact us once pre-approved but no idea when this process will begin or if it has already begun?
Tired of getting ‘good news’ just to wait around until a Monday to be yet again disappointed and have to wait and wait over and over each week. 

Comments

  • twister24
    twister24 Posts: 13 Forumite
    10 Posts Name Dropper
    edited 18 May 2020 at 11:04AM
    I’ve signed on the waiting list so now when I log into the account it’s says you’r on the list we will let you know when Your loan is available!!!don’t  know if I have to wait to pre-approval or ? On the same boat here
  • ctf123
    ctf123 Posts: 6 Forumite
    First Post
    twister24 said:
    I’ve signed on the waiting list so now when I log into the account it’s says you’r on the list we will let you know when ready to apply! I don’t  know if I have to wait to pre-approval or ? On the same boat here
    Yes, I have the same message. I am just tired of waiting around at this stage - I wish they would get on with it. 
  • I applied through tide, they told me to open an account with them before applying for the loan
  • ctf123
    ctf123 Posts: 6 Forumite
    First Post
    I applied through tide, they told me to open an account with them before applying for the loan
    I already have a Tide account, just waiting for them to open the applications or ore-approve us. 
  • sam8787
    sam8787 Posts: 57 Forumite
    Third Anniversary 10 Posts Name Dropper
    edited 18 May 2020 at 2:31PM
    Asked the chat on the app if their was a time and i got a response saying "thanks for waiting and all that. Plus that they are trying to raise the funds 
  • The_Flump
    The_Flump Posts: 14 Forumite
    10 Posts
    edited 18 May 2020 at 6:20PM
    sam8787 said:
    Plus that they are trying to raise the funds 
    I would have thought that having the capital to service the loans would have been a prerequisite of BBB accreditation? I guess not.
    I had assumed that was why it was taking Metro Bank so long to get approved.
  • sam8787
    sam8787 Posts: 57 Forumite
    Third Anniversary 10 Posts Name Dropper
    It does seem strange
  • ctf123
    ctf123 Posts: 6 Forumite
    First Post
    Has anybody been pre-approved or do you know of anyone?
  • jaipal2010
    jaipal2010 Posts: 10 Forumite
    First Post
    ctf123 said:
    Has anybody been pre-approved or do you know of anyone?
    Allegedly saw a guy on Twitter who's applied via TIDE but not sure how true it is. They are opening applications in batches according to their social media response / FAQ so I can only assume this guy was one of the first people in the first batch ? 

    Can't understand the whole capital required thing either as surely the funds are coming from central government? Or are they expecting banks to lend from their funds??
  • sam8787
    sam8787 Posts: 57 Forumite
    Third Anniversary 10 Posts Name Dropper
    The funds are from each individual bank. The Government just gaurentee the loans
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