Bounce back loan stress!

v_ric

I applied for a bounce back loan with HSBC nearly 4 weeks ago and have heard nothing from them other than an email to say my application had been received. I have since called them...been on hold on 3 separate occasions for over an hour. They said sole traders bounce back loans are taking longer as they have to do ‘checks.’ When asked what checks these were, the business advisor couldn’t really tell me. I’m really frustrated and worried about this loan. Has anyone got experience of cancelling their loan to move to a different lender? 

macman

Do you already have a business a/c with HSBC? If not, you will require a feeder a/c first, and it takes time to do the credit and ID checks in order to set that up. 
Only then can you actually apply for the BBL, which is by far the quickest part of the whole procedure.

Grumpy_chap

You cannot apply for two BBL at the same time.  To do so will void both applications.

Why did you apply via HSBC?
Who do you hold your business bank account with?

The checks are up to the bank, but you can reasonably guess they are checks around identify and that you genuinely have a business that is established and trading before the qualifying date.