MSE to refer Starling bounce back loan complaints to regulator – MSE News

MSE_Kelvin

MoneySavingExpert.com is to ask the financial regulator to investigate after scores of complaints from sole traders who've been rejected for 'bounce back loans' with challenger bank Starling.

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MSE to refer Starling bounce back loan complaints to regulator

filfib

I applied as a sole trader having put £400,000 through the account with Starling, having been delighted with every aspect of their online service I applied for a bounce back loan of £50,000. Eight days later I was refused without explanation. 

I had an account with Santander, largely unused, I applied for a loan - because I thought I’d done something wrong and in an attempt to mitigate risk I merely asked for £15,000. I was approved and received the funds within 4 hours. I am devastated I consider that Starling Bank owes me £35,000. The extra money would have made my life so much easier!!! I’m 62, I don’t deserve this - needless to say Starling no longer has my money.
regards
Phil Lye
p.s I am so angry !

poggles

filfib said:

I applied as a sole trader having put £400,000 through the account with Starling, having been delighted with every aspect of their online service I applied for a bounce back loan of £50,000. Eight days later I was refused without explanation. 

I had an account with Santander, largely unused, I applied for a loan - because I thought I’d done something wrong and in an attempt to mitigate risk I merely asked for £15,000. I was approved and received the funds within 4 hours. I am devastated I consider that Starling Bank owes me £35,000. The extra money would have made my life so much easier!!! I’m 62, I don’t deserve this - needless to say Starling no longer has my money.
regards
Phil Lye
p.s I am so angry !

Maybe they were concerned about your current IVA?
https://forums.moneysavingexpert.com/discussion/comment/77204794#Comment_77204794

bengalknights

Not comparing like for like, had you asked Santander for £50k they probably would have said no and asked Starling for £15k they probably would have said yes.

tifo

Someone said "RBS declining customers because their business is not based in Scotland. No mention of this on British Business Bank website, no mention on RBS website, not mentioned by RBS staff advising me to open business account".

I had this also, i'm a long time personal account customer of RBS (+15 years) and was told I need to apply for a business account for the BBLS. The application was made then declined because i'm not in Scotland !! Thought it'd be easy enough declining the application when a non Scottish address is used before submitting.

clairev

does anyone know what starling mean by ‘established customers’ who they are giving priority for a BBL please. I started trading last September and opened a personal account with starling on 4th March this year converting it to a business account a few weeks later   Someone has told me that if I didn’t have a business account open by 1st March this year and am only in my first year of trading then I would eventually be turned down. Would like to know sooner rather than later if this is the case. TIA 

J_B

Duplicate post here https://forums.moneysavingexpert.com/discussion/6157932/starling-bbl-for-business-in-first-year-of-trading#latest   🤔

We've only had a Starling business a/c since the end of September, we had Nat West before. (Ltd Company since 2016)

We enquired about a BBL on 12/6/2020 and were invited to apply on 17/6/2020, which we have done ... watch this space!