Bounce Back Loan Scheme

You can switch your Business Current Account to another provider while retaining your Bounce Back Loan with us.

When your repayments started, your interest charging frequency changed from monthly to quarterly. Interest continues to accrue daily on the balance you owe, but we debit it from your loan account quarterly, instead of every month.

This means you'll pay slightly less interest across the life of the loan and your final instalment will reduce as a result.

You are able to use another provider to manage your business banking while retaining your Bounce Back Loan with us.

If you've closed your loan servicing account or your business current account, you won't be able apply for all PAYG options online.

 Your Business Bounce Back loan statement is generated annually and will be shared with you via email or post depending on the preferences you have selected.

Loan repayments started 12 months* after you took the original Bounce Back. We sent you a repayment schedule outlining your options, around three months before your first repayment was due, unless you subsequently applied for/ were provided with PAYG support.

You can find your first repayment date and amount on your Bounce Back Loan documents.

If you have a Business Current Account or Loan Servicing Account with us, we'll have set up regular monthly repayments from your account. Repayments started on the first repayment date and will continue every month until the loan is repaid unless you take a PAYG holiday.

If you don't have a Business Current Account or Loan Servicing Account, you'll need to set up regular monthly repayments to your Bounce Back Loan. Please arrange this with your current bank.

Yes. You can pay in a lump sum at any time without early repayment charges.

If you have made a one-off repayment or any additional payments on a regular basis, we will keep your monthly repayments the same which means you'll pay the loan back sooner. If you want to make a one-off repayment and reduce your monthly payments, please contact us via webchat or get in touch with your usual bank contact.

Pay As You Grow options could provide flexibility for you to meet your repayment obligations.

If you’re still concerned about making your repayments, please visit our website.  You'll find help and support on what you can do if you're worried about finances. There's also a list of organisations who can give you free advice. 

Using the PAYG options won’t affect your credit score, though any missed payments and continued arrears WILL impact your credit score.

Late or missed payments will have a different impact on each person’s credit score depending on the situation. It's important to make your repayments on time and make efforts to catch up amounts that you have previously missed payments against.

If you hold a Bounce Bank Loan or other lending products with us and are struggling financially, you can find out more about the support available here. This page includes links to dedicated debt charities who you can contact for free and confidential advice.

Monthly repayments will include both capital and interest based on the original loan amount (plus any top-up) over the loan term. 

If you have made a one-off repayment or any additional payments on a regular basis, we will keep your monthly repayments the same which means you’ll pay the loan back sooner. If you want to make a one-off repayment and reduce your monthly payments, please contact us via your usual bank contact before you make the payment.

If you have applied for a Pay as you Grow (PAYG) option, the revised monthly repayment will be adjusted accordingly based on your outstanding loan balance, taking into account any one-off payment or additional payments you have made prior to apply for a PAYG option.

Your repayment amount can be found in your loan agreement. It is also detailed in the repayment communications that we send to you prior to your first repayment. 

The date of your monthly repayment cannot be changed. This must remain in line with the date originally set.

You can find your first repayment date and amount on your Bounce Back Loan documents.

You can use the tool below to help manage your repayments:

Create a cash flow forecast with our simple template

At the time you took out your Bounce Back Loan your loan had a 6 year term.

Any Top-Up amount received since your initial loan will expire on the same date as your original Bounce-Back loan.

The government announced Pay as you Grow (PAYG) options, which includes an ability to request an extension of your loan term from 6 years to 10 years.

PAYG  was made available from the end of your initial 12 month repayment holiday.

 Your Bounce Back loan has a fixed interest rate of 2.5%.

When you took out your Bounce Back Loan there was an initial 12 month repayment holiday.

The government announced Pay as You Grow (PAYG) options which included an ability to request further repayment holidays during the life of your loan. Two types of repayment holidays are available:

1. 6 month capital repayment holiday, where you would just pay interest costs during this repayment holiday. You can request this type of repayment holiday up to 3 times.
2. 6 month full repayment holiday where you would make no repayments (but interest would continue to accrue). You can request this type of repayment holiday once.

These PAYG options were made available at the end of your initial 12 month repayment holiday.

The interest rate on the Top-Up is 2.5%, the same as your existing Bounce Back Loan.

To pay the remaining balance of your bounce back loan, please contact us through your usual bank contact. Once you've paid the balance and any existing interest, we'll close the account and cancel any regular repayments. Please be aware that once you've paid the remaining balance, the money cannot be redrawn.

We'll automatically close your loan account once the loan balance and all interest has been repaid in full. This typically takes 3 weeks. If you think you've paid your loan in full and the account is still open after this time, please contact us through your usual bank contact. There  may be a small amount of interest to be paid.

You can extend the term of your Bounce Back Loan from 6 years to 10 years by applying for a term extension.  Please see further information  on how to apply for this option and how it will affect your loan by going to our PAYG pages.

You can apply for a 6 month Capital And Interest Repayment Holiday and up to three 6-month Capital Repayment Holidays at any time during the life of the Bounce Back Loan by applying for Pay As You Grow.  Interest will accrue during any repayment holiday, so it may take longer to repay the loan and cost more in the long run.

If you want to apply for a PAYG option then please see our Manage your Bounce Back Loan pages.

Under Pay as you Grow (PAYG), you can apply for a 6 month Capital Repayment Holiday, up to 3 times during your loan term. You must wait for your existing repayment holiday to end before you can apply for another one. Interest will accrue during any repayment holiday, so it may take longer to repay the loan and cost more in the long run.. If you’re still concerned about making your repayments, you'll find help and support on what you can do if you're worried about finances on our support hub.