Bounce Back Loan MSE Survey results – MSE News

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Bounce Back Loan MSE Survey results: HSBC, Starling & Tide worst service; new customers & sole traders struggle; delays common

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Lindalene

I have been on the list with Tide since May as I have a business account with them only to receive news yesterday that they have stopped lending. This isn’t fair on small
business. I have applied for a feeder account with HSBC but my credit rating on Experian is poor so not sure if my account will go through. I have read so many discouraging comments about HSBC. I am afraid i don’t know where else to turn to if they reject me. Starling bank rejected me yesterday.

paulshears

I have been waiting over 13 weeks for my HSBC Bounceback loan. I have a 999 credit rating. 
I finally got through to their bounceback loan help desk (Telephone numbers published on the internet and in received postal letters are all incorrect), who informed me that my loan was finally fully approved. 
No further action would be required from myself. 
However they still could not advise me on when the money would actually be available. 
This is utterly absurd and the government needs to apply pressure on these institutions who are benefitting from government underwritten business. 

davidrath

I have been waiting over 14 weeks now for a HSBC e.g. For the government's bounce back loan to help my limited company.(Ours has a  good credit rating), I got a letter to confirm the company address (sent ... still waiting). Phoned 3rd time... looking into it... "your portal will be updated". See image below (in progress same as day I logged in!)  still waiting....!
Come on HSBC its NOT even your cash that is at risk! The government backs the loan, Which my company will pay back what's the issue other than large numbers of applicants and some jokers hitching a ride,  but HSBC & HMRC  you have there address also!!!
 We need the bounce back funding to push new orders into production, as we have had to extend credit to some of our customers suffering from the lock down. Its all a false promise of recovery, the NHS are "heros"... and now better paid, but it will be business taxes past and future that has paid for it all! Hay! we might even get refused??... but we still pay the TAX to stay in business Covid 19 sound like a good wayout!

Trixielicks

Hi 

We have a Business that has been running for more than 3 years but have only used our personal accounts, Wanted to apply for the government loan scheme which I know we should be accepted for as fit the criteria any we tried opening up a business account with HSBC at the start of May as our personal account bank  Lloyds stopped taking on any new applications and have now been declined by HSBC with no reason given. Our credit score is excellent no ccjs or judgements. I smell a Rat here is the government deliberately stalling these banks as I'm told the deadline to claim is 2nd August. How do Business like myself claim the grant.

I can't find a bank that will help new business customers who have been trading for over 3 years. 

Kind Regards James 

guccininja

My business has one years of accounts, application took 3 days and they offered us £16,000 with the money in the account the next working day, from HSBC. This was last week, so can’t complain. The only negative is, that my financial advisor said that the mortgage companies will subtract this amount x3.5 from our mortgage offer, which is a little annoying but not the end of the world. 

HendrixHarvey2020

I have been approved and just digitally signed the agreement and ddm forms for an HSBC Bounce Back loan. I had to open a feeder account as I do not have a business account with HSBC. When I applied for my feeder account I provided my own personal bank account details and understand the loan will be paid into this. Does this happen automatically? So will the loan go into my feeder account and then immediately into my own personal account. I have no paperwork for the feeder. Just the account no and sort code. I just want to know what happens next as it’s taken nearly 2 months and I’m almost out of money. 

Spaceman450

Is it very hard to get a bounce back loan if you have a poor credit rating?

i thought the government is a guarantor

DCFC79

Spaceman450 said:

Is it very hard to get a bounce back loan if you have a poor credit rating?

i thought the government is a guarantor

I don't think credit ratings are taken into account, your credit history will definitely be taken into account.

tifosi

davidrath said:

I have been waiting over 14 weeks now for a HSBC e.g. For the government's bounce back loan to help my limited company.(Ours has a  good credit rating), I got a letter to confirm the company address (sent ... still waiting). Phoned 3rd time... looking into it... "your portal will be updated". See image below (in progress same as day I logged in!)  still waiting....!
Come on HSBC its NOT even your cash that is at risk! The government backs the loan, Which my company will pay back what's the issue other than large numbers of applicants and some jokers hitching a ride,  but HSBC & HMRC  you have there address also!!!
 We need the bounce back funding to push new orders into production, as we have had to extend credit to some of our customers suffering from the lock down. Its all a false promise of recovery, the NHS are "heros"... and now better paid, but it will be business taxes past and future that has paid for it all! Hay! we might even get refused??... but we still pay the TAX to stay in business Covid 19 sound like a good wayout!

Being a business myself I feel your pain, but the reference to NHS workers is in poor taste
I very much doubt you are putting your life on the line on a daily basis

ladyb2020

I'm so frustrated  - i have waited over 3 months to hear back from HSBC re bbl. Checked my online application to see i have been declined. I have received no other information / communication from them but was declined shortly after making a formal complaint. My company has been in business for over 5 years  - in live events - with steady income and there is no apparent reason I can fathom as to why i would be rejected. To add salt to the wound i know of at least two HSBC biz customers who received bbl immediately despite their companies being dormant while they are employed elsewhere. HOW IS THIS FAIR? I cannot get any answers from HSBC and don't know where to go next!