The, lets call them, shady Bounce Back Loan Lender for want of a better name, who I mentioned in my previous article, that is harassing very vulnerable customers who are struggling to repay their BBL and hitting them with huge fees and threatening them with court action if they do not bung them those fees, covered in this article
Well, that BBL Lender is laughing all the way to the bank, for shockingly, anyone who has been refused for example a Government Back Recovery Loan by RBS, Lloyds, HSBC, Barclays, Santander, Clydesdale, Yorkshire Bank and Danske Bank will be asked do they want to be referred to a “Government Approved Portal”.
Well, would you believe that one of those Government Approved Portals is owned by that shady BBL Lender who offer via their Portal, loans at disgustingly high interest rates.
Those portals offer rip off, loan shark interest rates on business loans to those sadly unable to secure finance from those big banks. It’s all part of a scheme introduce by the Government in 2016, that being the Bank Referral Scheme.
Bank Referral Scheme
In 2016 HM Government set up a very shady/seedy little scheme whereby anyone declined a business loan would be asked, by the bank that declined them, would they like their details passed over to one of three “Government approved portals” who may help them get a business loan.
Those three portals are:
- Funding Xchange
- Business Finance Compared
- Funding Options
Those declined customers then search a range of “wonga-esq” type lenders to find a “deal”, the portal owners then get paid a nice healthy commission from those, let’s call them loan sharks for want of a better name.
The interest rates and terms of those loans are outrageous, however do not take my word for it go take a look, one follower on Twitter told me the following take it as you will:
I asked around a while back and low and behold what told stories like this…
NatWest Doing the Same
Mp’s Who Were Giddy with Excitement About the “HM Government Approved Loan Shark Portals”
Banks Which Gleefully Can Refer You to that Shady BBL Lender
- RBS
- Lloyds
- HSBC
- Barclays
- Santander
- Clydesdale
- Yorkshire Bank
- Danske Bank
Good news if you are a millionaire with one of the BBB accredited Lenders and bank with their “rich peoples” arm of the bank, you will not be pushed into the grubby open arms of the loan sharks if your Loan is declined. No, we would not want that.
From the British Business Bank Website
So there you have it, those big banks should hang their heads in shame.
I did cover this way back in 2021, you will find that older article on the website. But it seems even more apt now, that the BBL Lender involved in the disgusting fees and charges scandal, owns one of those portals.
Obviously, I have checked and Mrs Sunak’s wife didn’t need to use one of those portals for any of her “investments” as those “investments” did manage to bag Government backed funds, and as you will know sadly several of them went belly up, and the money was lost and you the taxpayer have to pay it back.
But still, she is winding up that “investment” company. But I digress……
Oh, and if you look on the Evelyn Partners website they are Rishi Sunak’s Accountants and are handling winding up his wife’s Company, in the section they call the “Hall of Fame”, you will find a glowing article on the boss of that dodgy BBL Lender!
Go Look…. https://www.evelyn.com/entrepreneurs/hall-of-fame/
You couldn’t make it up my lovelies, you couldn’t make it up.