Business loans, 100% government backed,

[farmerm]

Heard a bank executive talking about it earlier. He expected most of this money would go customers who the banks already has business account with. He doesn't expect many new customers with no history with a particular bank to turn up at the door and be given the cash.

 

[Still Farming]

Launching Moday

 

[RushesToo]

So after the year free credit you need to cover the outstanding loan - want to guess the repayment rate....
If you can lock in year 2-5 then great.

 

[Still Farming]

So after the year free credit you need to cover the outstanding loan - want to guess the repayment rate....
If you can lock in year 2-5 then great.

T&C look like but very low rates in extended years up to 6, think?

 

[JeepJeep]

Gone live this morning. Details from the Santander page.

 

[jendan]

Gone live this morning. Details from the Santander page.

View attachment 875659

Who lends the money,and what are the hoops you have to jump through?

 

[JeepJeep]

Who lends the money,and what are the hoops you have to jump through?

No idea.. I doubt I'll be applying to see the finer detail

Just saw the details when I logged onto business banking this morning.

 

[Greythundercloudys]

I take it you can't just turn up at your bank and say could l get a 20000grand loan, would they look at your bank balance to see if you could afford it?.

 

[neilo]

Gone live this morning. Details from the Santander page.

View attachment 875659

Fixed interest at 2.5% APR, no repayments due or interest in first year, and can be repaid at any time (like month 13, if you think 2.5% is too high).

What’s not to like?

 

[jackrussell101]

Fixed interest at 2.5% APR, no repayments due or interest in first year, and can be repaid at any time (like month 13, if you think 2.5% is too high).

What’s not to like?

I think because its APR it works out at 5% interest?

Can you repay at anytime then without early repayment penalty?

 

[Still Farming]

Done ours.
HSBC .
Easy straight forward .
No repayments first year.
Up to 6 years term.
Attach accounts,simple.

 

[jackrussell101]

Usually with standard Hire Purchase loans if you repay early you still have to repay the remaining interest that you would have had to pay for the remainder of the duration... so almost no benefit to repaying early?

 

[SilliamWhale]

How much cheaper do you think that loan is today than say a similar loan will be in 12-24 months time? Interest rates are not going to go haywire now.

 

[nelly55]

It says 100% backed by goverment yet HSBC email says they will recover 100% of debt etc if not repaid.So is the goverment backing it,or the banks still having assets to cover loan.Cant even get on to lloyds site

 

[glasshouse]

Usually with standard Hire Purchase loans if you repay early you still have to repay the remaining interest that you would have had to pay for the remainder of the duration... so almost no benefit to repaying early?

No you dont, you only pay the interest up to when you settle, its a big difference

 

[nelly55]

Looks like lloyds site has crashed

 

[neilo]

Just said on the radio news that Barclays had something like 20,000 applications in the first minute.
Is there a limit to how much is available?

 

[neilo]

No you dont, you only pay the interest up to when you settle, its a big difference

Iirc it’s usually somewhere between the two.

 

[Still Farming]

Just said on the radio news that Barclays had something like 20,000 applications in the first minute.
Is there a limit to how much is available?

No issues with HSBC

 

[neilo]

No issues with HSBC

Did you have to give a reason for taking it?