Review Time
this by far was the easiest loan application i have ever done, the process was direct and smooth, as far as you have a good business plan, every other thing is easy, they have a good business manager to help you out at stage 3, they respond well without delay. and finally stage 4, that 10 days wait for the panel to make a decision is well worth it. so happy to have gotten the loan needed for my business.
Spent many, many hours obtaining paperwork and filling things out. Resubmitting, changing things (dumbing down projected sales to look "more achievable" - they are based on existing sales!?).To have a rejection for something that was known, disclosed and submitted week's prior. I was still asked to send in additional bank statements and even my c.v. after the reason for rejection was known.I actually think even if they know you will be rejected they are still gathering information. For what I'm not sure, but the reason given for rejection should have meant my application and Data gathering stopped week's prior. They now have a huge amount of my financial and business information. This was all requested after the reason for rejection was known and the approval would not have been given.Incredibly disappointing experience.
This is an honest review…If you enjoy being stuck in and pointless endless loop of paperwork even after submitting a fabulous business case that contained all the information they needed…constant repeated requests for the same information, and waiting months for any kind of decision, then go right ahead with this bank!!!! I provided all the evidence they asked for—multiple times—only to be met with more forms and more delays about my startup business. Communication is very slow, and even vague, and unhelpful, leaving you constantly unsure where you really stand or when the questions will end!Meanwhile, other lenders offered me straightforward, loans at better rates within a few days. I initially considered British Business Bank for the business mentoring support, but after this drawn-out, frustrating experience, I secured a loan in 2 weeks and never looked back!
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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.
