Bounce back Loan

What’s going on with this Monzo wise? Since Monzo don’t do business loans.
I applied for a loan under CBILS and the funding exchange offered me a paltry £1200 with shocking interest rates. I would end up paying them nearly £400 for a loan. They can stick that where the sun don’t shine.
If Monzo use them again for the Bounce Back Loan I won’t be impressed.

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I doubt they’ll onboard anyone else to provide business loans anytime soon.

Have you tried elsewhere to see what they can offer you?

I have a personal account with Barclays and both personal & business accounts with Monzo. Not sure how I could apply through Barclays since I don’t use it for my business.

What about funding circle? There’s a long list you could try

Although it’s probably worth waiting for more details on the bounce back loan since you can’t have both

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I turned down the CBILS loan as the interest to be charged was too high.

I found this too…article was saying some lenders won’t be participating because they lend large amounts eg OakNorth or Paragon.
Funding Circle, which provides loans starting out at £10,000, was also unavailable for comment.’

According to the below article, HSBC and RBS seem to be the two banks willing to consider bounceback loans to non-customers

Hi all,

I am wondering if Monzo Business is considering providing Bounce Bank loans to it’s customers any time soon or is this out of scope maybe?

If your business is currently struggling, you are better off approaching HSBC as they are accepting applications from businesses who don’t bank with them (they can pay it into a loan feeder account or a personal account if you have one with them) or open an account with NatWest, my loan was disbursed within 48 hours of applying it was a really simple process although my account has been opened with them for a while. I wouldn’t wait for Monzo…

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I see. I think Tide might be a better option and nearer to the Monzo model than HSBC and Natwest, but let’s see.

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I am close to leaving Monzo altogether. I am disgusted I was virtually forced to open a business account with Monzo due to T’s & C’s and now I can’t access a loan that is backed by the government and intended for businesses such as mine which have been severely damaged by this lockdown.

In what way were you forced, virtually or otherwise?

Why cant you access it? You may not be able to take it out with Monzo but you should be able to have it paid into Monzo?

Personally, I wouldn’t wait if I felt that strongly. Your bank is one of your most important allies when you are in business, and if you’ve lost confidence in them, it might be time to look elsewhere.

You don’t have to be be a customer of any of the banks that offer a bounce bank loan.

You aren’t eligible for the bounce back if you have CBILS

I haven’t got a CBILS loan. I looked into it & I was offered a tiny amount with a high APR. So I didn’t accept.

Yes you are - if you plan to replace the CBILS with the bounce bank scheme - as the terms of the bounce back are more advantageous.

Only if the amount is under 50,000, I missed that bit

Yes, if it’s under £50,000 as that is the maximum under the bounce back scheme.

It still means your answer was wrong though - and I was simply pointing out that you can be eligible for a bounce back loan if you had been given a CBILS.

Hence why I said I missed that bit :wink: