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BBLS - My bank doesn't offer it!

Hi all, 
I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. I didn't need the loan originally so held off for not wanting to get it for the sake of it, now feel like I am being punished.
Does anyone have any information that could help me access the funds? I have been a sole trader for 3 years now. I have no lending accounts with any of the lenders, only a newly open Personal account with HSBC but still cannot apply with this. 

Comments

  • You are not being punished for not taking out a BBL.
    If you do not need it you do not need it - end of.
    You would have to repay it and eventually pay interest of 2.5% on it.

    If you want to persist -  then you must find a bank that will open you a business account - even then there is no guarantee that you will get the loan.
  • Thanks JonesMUFCforever. I merely meant punished for not looking at getting the loan earlier. I stated I originally didn't need the funds, I do now. Now I do, I cannot get the loan because banks/lenders are making it difficult/impossible if you don't bank with them.
  • Well if you have a business account with Nationwide then my complaint would be going to them - for not providing an essential service.
    You don't state if you have a business account - do you?
  • MEM62
    MEM62 Posts: 5,043 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 20 November 2020 at 11:41AM
    I your bank doesn't offer it you need to change bank. My wife faced a similar issue with her business, although in her case a Limited company with a long trading history.  In her case they went to one of the progressive banks - Metro - and had the money in their account in a matter of days.  Bear in mind though that this is not money that is available under any circumstances.  Your business has to be viable and meet the lending criterion.       
  • Sandtree
    Sandtree Posts: 10,628 Forumite
    10,000 Posts Fourth Anniversary Name Dropper
    I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. 
    Unless I am reading their website incorrectly, Nationwide doesnt offer business bank accounts and so they naturally wont offer the BBLs... who is your sole trader account with?

    I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences. 
  • Sandtree said:
    I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. 
    Unless I am reading their website incorrectly, Nationwide doesnt offer business bank accounts and so they naturally wont offer the BBLs... who is your sole trader account with?

    I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences. 
    Try this,
    https://www.nationwidecommercial.co.uk/help-and-support/opening-an-account
  • Sandtree
    Sandtree Posts: 10,628 Forumite
    10,000 Posts Fourth Anniversary Name Dropper
    Sandtree said:
    I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. 
    Unless I am reading their website incorrectly, Nationwide doesnt offer business bank accounts and so they naturally wont offer the BBLs... who is your sole trader account with?

    I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences. 
    Try this,
    https://www.nationwidecommercial.co.uk/help-and-support/opening-an-account
    Is a savings account option, so remains to be seen who the current account is with
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