Review Time
If you don't have a job with a regular income then don't bother applying. Despite being a startup loan you will need a job / steady income to prove affordability. Despite being profitable because I'm not taking a salary and don't have a fixed income every month they declined me. Like most Government schemes this is a shambles. My business advisor was either fired or resigned half way through (Os Morgan) and I didn't even receive any updates on my application progress. Communication was poor and the overall experience was negative. Don't waste your time.
X-forces are beyond a joke. The rate is good because its back by the business bank but these clowns are not bankers. Now at 4 months, still asking for the same information over and over again. in all honesty if you are a veteran don't disclose this as you will be diverted here to an offshored company. in the last 2 weeks since i have have had a new "account manager" i have provided the same documents but updated. Going to complete the journey to write about it. but thus far going to a high street would have taken 2 days.
I had an unbelievably frustrating experience with this company that I feel compelled to share as a warning to others. Avoid this company at all costs. They wasted 3 months of my time with endless, redundant requests for information. Despite my excellent credit score, never missing a payment, and my business invoicing over 100K in just 6 months, they still refused to grant a measly 15K loan for essential equipment and licenses we needed to grow.The entire process was a nightmare. Daniel Hughes, who was handling our case, was an absolute disaster. He was disorganized, incredibly difficult to communicate with, and kept asking for more and more information until it became unbearable. Even worse, when trying to call Daniel we kept speaking to a guy called Nathan, the situation deteriorated further. Nathan's attitude was disrespectful, unprofessional, and showed zero respect for us as clients.We are now in the process of filing a complaint with the Financial Conduct Authority (FCA) because this company should not be allowed to provide such terrible service. They market themselves as providing "start-up loans," but even if your business is thriving, they will still find an excuse to deny you.Trust the poor reviews you see about this company. I wish I had. There are plenty of better options out there. Save yourself the frustration and avoid this company at all costs. Absolutely awful experience—never again.
I can not fault how all this was dealt with. Always in contact with me and if anything was needing attention , it was advised before the process moved any further. Yes I was approved. Very thorough and took some work to upload all documents, but all worth it in the end. Very pleased and can not thank Akshat Garg enough for sticking with me. Thank you. 😊
Total waste of time and effort I applied with them they initial said that everything looked good just to be asked to provide additional paper work time and time again. It went on for months. Even went out to rent a place just to give them everything that they required. All to be met with a no. Complete waste of energy and time.
Letitia business adviser was very rude and picky. Avoid this government backed company like the plague. Absolutely disgraceful customer service from Letitia and no suggestions or advice was given. Simply ruined my chance to get a start up loan. What an absolute kick in the face. Am now going to Barclays!!!!!
hello this company is funded my GC finance which ive left a lenthy review too so ive got a loan through start up loans it took about 3 months to complete going back and forth but what was worring about it was that they seemed more worried about my staff who had a loan out with them but recently lost his small business due to there family member dying pretty much using me to get to them as if im a debt collector which is extremely unprofressional but i pushed it aside and carried on got the loan couple months go by and i missed a few payments and ive been going back and forth trying to pay them back this is through GC finance for about 2 week ive been ringing them daily on hold for 1hr each day that is 14hrs wasted trying to pay it back
Today I received an automated email stating:"Your Start Up Loan application has now expired, as we were unable to make a full assessment of your application in 90 days"Credit checked were passed and after two weeks the business plan had no outstanding information.The irony is that one month ago I asked the business partner about updates and that I was concerned about reviews of applicants waiting 3-6 months for a decision. They told me that they have never had an application take that long. I was told to take assurance that they are a senior underwriter and that things will move quickly after a meeting with credit team that they are waiting to hear from.Surprise, surprise, my application has no lapsed and all previously submitted information are invalid.I would encourage anyone to apply but set extremely low expectations. Have a plan B. If you apply with the view to capitalise on a opportunity in the next 3-6 months, pursue other avenues as well.It's shocking that applications for small amounts of funding that are not grants or business loans but personal loans take lots of paper work and months to receive a decision. Either the credit team is under recoursed or have ancient and slow business processes.
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The Start Up Loans Company was established in September 2012, with a mission to help new and early-stage UK businesses access affordable finance and mentoring support.
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