What you need to know when applying for a Bounce Back Loan with Barclays.
(Watch this video on applying for a Bounce Back Loan with Barclays)
If you are looking at Barclays Bank to get a Bounce Back Loan, in this post I lay out everything you need to know.
Barclays have been one of the top lenders when it comes to Bounce Back Loans. Currently they are taking on new accounts, although there can be a bit of a wait until your account is opened.
Who should be applying for a bounce back loan with Barclays?
You should definitely apply to Barclays for a Bounce Back Loan, if you already have a business account with them. The fastest way to get a bounce back loan is to go to the bank you currently use.
If you have a Barclays account, then simply log into your online banking and apply for the loan in minutes. They will ask you a few simply questions related to your business. Normally you will get the money into your account within 24 hours which is insane.
The reason these loans are so fast to get is they are backed by the UK Government. So the bank is fully insured, if you can’t make the payments the Government will pay the bank back.
When should you NOT be applying for a loan with Barclays.
Time is running out for Bounce Back Loans, at the time of writing this the deadline to apply is 31st March 2021. That means you need to work quickly to get a loan, Barclays can be slow if you dont have an account.
If you don’t have a Barclays account you need to get as many options as you can for a loan.
The two banks I recommend are Starling Bank and Metro Bank. Both are taking on new clients and can get you set up pretty quickly. You should look on the Government website and see who are current lenders (New ones are being added fairly often).