Review Time
A complete waste of time and resources. They ask for extensive documentation and waste your time:1. Credit check before anything else, which will dramatically reduce your credit ASAP!2. They ask for the following: - Survival budget - Business plan - Financial projection - Bank statements - Proof of ID - Proof of incomeThen they start communicating with you, which takes more than 3 months. Sometimes, they don't respond for over a month. Then they ask for ANOTHER CREDIT CHECK!!! This means your credit is already destroyed. Plus your business idea with full documentation is exposed, god knows how many people will have acees to it.Then they will say no and ask you to prove this and that, etc. THEIR LOAN IS IN YOUR NAME, NOT FOR YOUR BUSINESS, SO IT IS A PERSONAL LOAN!!If you have good credit, just go to your bank’s mobile app and ask for a car loan. It takes 5 minutes, and the money is in your bank within 24 working hours. Then loan your business yourself.They just collect data for their subsidiary company or the advisors to use these data and ideas. God knows how they monetize these ideas. They are looking for individuals who have good credit.
As expected with any government backed organisation and scheme, this is such a waste of time. You spend valuable time creating an A+ business plan with tons of market research, backed up theory and existing performance data. End up waiting weeks for a response to your case and get feedback requesting 'additional information' that could be found on page 1 of the business plan.... Extremely poor evaluation of your hard work and seriously lazy case handlers asking numerous pointless questions that you've extensively covered. BEST ADVICE - Don't waste your time applying for this loan. Take out a personal loan using your credit score instead!
According to my personal experience, this is the most unhelpful loan company, I must agree with other people who has got bad experience with them, don't waste your time, they are very keen to take all your information (ID, bank statement, savings account even CV), once they have all the information, they stop contact you and let you wait for weeks, then question you what you have put down on business plan, cashflow, etc. I read the review, I do believe these one star reviews were true, these 5 stars review were fake, probably their own employee left it. Please do not dealing with this company. The lady dealing with my case is call Victoria Fox, no reply from her for weeks, then drop me an email saying they are extremely busy, then ask me for more information. Telling me the loan is designed for people find it difficultly to obtain loan from somewhere else, they told me according to my financial situation, I don't need the loan from them, I can just use my savings. If people find it difficult to get a loan, you (as Start up loan company) will not lend any money to these people, don't go there, just wasting your time. Use your time better to focus on your business, rather then these time wasting people.
I made an application for a £20,000 start up loan to fund my new business venture’s cash flow in the first instance. The process was very quick to begin with and having passed the credit check I wrote a very detailed business plan, cash flow forecast and personal budget sheet at their request. This took me around 3 full working days to complete and proof read.It’s now 4 weeks since my application was submitted and I haven’t had one single bit of correspondence from the company. I’ve called twice for an update and on both occasions was advised I’d receive a phone call and email shortly, neither of which materialised. I’m now looking at other options not through choice but that I have none. Very disappointed with the experience, I can see others are providing positive reviews but I have received the polar opposite experience. Absolutely no explanation whatsoever for the lack of contact either. Very strange. I wouldn’t recommend this route if you’re keen on putting your own time to good use.
Very slow in processing the application, took 2 months to get the second stage of the process and still haven't finalised the process. They are making it difficult for beginner start ups to get the loan, which does not meet the needs of the start up companies. Also requested same documents 3 times and asking to much personal information on the what the loan is going to be spent on, at the same time the loan can't be used for multiple things related to growing a business. Not happy with how they run the process.
I was very impressed with the pace and quality of the decision making. There was a small change between the initial loan request and final result - moving to a tranched loan, but there was a clear logic behind this which was explained clearly.I also appreciated the genuine interest in my business - thank you!
I asked for additional support during the application process, and requested a phone conversation, but this was not offered. After they responded to one of my emails, I replied within a few minutes, only to receive a notification that the person had gone on holiday. By the time they returned, my credit check had expired. I really trusted that they would help me, but I am very disappointed. I spent time working on the business plan and meeting all their requests. I don’t understand the purpose of all this if they did not support me when I asked for it.
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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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