In an attempt to stop any criticism of Lloyds Bank not accepting new business account customers for the duration of the Bounce Back Loan scheme, the CEO of that bank has come out and said that by taking that decision he is confident that any fraud surrounding that scheme will be negligible, well at his bank that is.
Quite a bold statement it does have to be said, for I do recall many people sneaking in through the back door back in the early days by applying for a Halifax personal account, which they could do instantly then onboarding with Lloyds bank for a Bounce Back Loan, which could have left Lloyds wide open to fraud.
However, that loophole has of course been closed for quite some time now, however it does have to be said that Lloyds have in all fairness processed £8.4billion of BBL’s since they opened their door to applicants, and whilst only accepting Sole Traders and not LTD’s, many of those who did apply and were approved got paid rapidly, often within 24 hours.
Starling Bank Invitees
As for any other news this week, well no new lenders have come onboard obviously, but Starling Bank have been sending out a slew of invites to those on their waiting list.
If you are one of those who have applied, you are probably sat there now waiting for them to get back to you and hoping your application will be approved.
Based on figures from my followers, those who are invited have around a 91% chance of being approved, and Starling Bank have been known to pay out Bounce Back Loans the same day to those approved. Those figures as I say are based on feedback from my Twitter followers and not official figures from that bank.
Those of you waiting for news, keep in mind Starling Bank will let you know whether you have been approved or declined once they have processed your application, and as such no news is not bad news, even though the wait to hear back from them once your application is in can be nerve wrecking.