Heres everything you need to know about applying for a Bounce Back Loan with Santander.
(Checkout this video on applying for a Bounce Back Loan with Santander)
Let’s talk about everything you need to know if you are looking to get a Bounce Back Loan with Santander. You might have heard of the Bounce Back Loan scheme and decided you want a loan.
The scheme lets you borrow between £2000 and £50,000 at just 2.5% interest and spread the payments over 10 years. The loans are backed by the Government, so if your business does not succeed they will insure it for the bank.
This takes the risk and the stress away from business owners, it will help you improve your cashflow during these uncertain times.
So who should be applying for a bounce back loan with Santander?
Yes.
But only if you currently have a Business Bank with Santander. The fastest place to get a bounce back loan is your current provider. So if you bank with Santander currently they will be your first choice.
Simply log into your online banking and apply inside there. You will see some simple questions you need to answer, all related to your business so pretty easy.
When should you NOT be applying for a loan with Santander.
Time is running out for Bounce Back Loans, and currently Santander are NOT taking on new clients. If you do not bank with Santander you would do better to apply with one of the other lenders for speed.
I have been recommending Starling Bank and Metro Bank. Both are taking on new clients and funding Bounce Back Loans relatively fast.
Check out the Government website to find out all the current lenders. They are adding new ones all the time, I would apply with as many places at once as you can.
Check out the latest funding updates in this blog post.
