Those that are asking me, Conister appear to still be processing applications, even those they sent the “we have run out of money” type emails too. Yesterday I also saw proof that they had paid a few people that had applied and had been approved.
However, the convoluted way that they are processing applications by hand means that it is going to take them some time to work through the applications, and I have also seen people initially approved after they have signed the additional loan agreements they have been sent then go on to be declined for a Bounce Back Loan with Conister.
I would therefore suggest you concentrate on a bank that has a solid track record and more money than Conister have, instead of worrying and hoping if Conister are going to approve you, as they have made a complete mess of the way they are running their Bounce back Loan scheme.
But you will already know that if you have applied or tried to apply with them or have been reading the previous day’s news updates.
Metro Bank
Metro Bank have now re-opened their online bank account application system as you are probably aware, I remember way back when it was open previously before demand forced them to close it.
You can apply for a business bank account with Metro Bank by clicking here, and if all is well they will approve your new account in seconds and if so that then means you can immediately go on to apply for a Bounce Back Loan, and could be approved for one just as quickly as you were approved for a new account.
If all goes well, dependent on when you apply for the BBL with your new account details, payment can be in 24 hours.
Just so you know, these are things to keep in mind about applying for a new account or a BBL with Metro Bank:
Not everyone is instantly approved:
I ran a quick poll yesterday on my Twitter account, (worth following or lurking around if you are on Twitter). The poll and the results are below:
As you can see 22.5% of applicants were able to open a new account and get a BBL all sorted out in minutes.
Now, not everyone is going to be approved, and as you can see there is a 22% decline rate too, so keep that in mind. However, be aware when it comes to which type of businesses Metro Bank will accept, they have said the following:
I am aware however of some single director LTD’s having problems applying, and I am looking into that, as I expect Metro Bank are trying to fix that problem too.
You will also see from the results of that poll some 37.3% have applied for a business bank account with Metro Bank OR have opened an account and have applied for a BBL and been told the bank needs to review their application and will get back to them in 3 to 5 days.
If you have received such a message online when applying for an account or a BBL, then just hang in there, they can take less than 3 to 5 days, and it simply means the bank needs to confirm or double check one or two things. Once they have done so they will either approve you for an account or a BBL or not.
I did see some people who had received that message go on to get an account opened within 24 hours yesterday and also heard from people who had received that message when applying for a BBL and then once reviewed were told they would get one, however there is the chance you could be declined at that stage too.
Finally, some 18.2% have been getting an error message when applying, the most common one is a white screen when applying for a BBL, the white screen is where the next message on the BBL application should be displayed.
If you get that one workaround that has been discovered is to grab a mobile device turn off the Wi-Fi and use your data allowance to get to that part of the application form again, just load up the application page and log in again using the “resume application link”, the white screen is usually then replaced with the message. It may also help to change the browser you are using if you have not got a mobile device at hand.
Metro Bank are aware of that problem by the way.
Payments are usually in 24 hours as mentioned above or at the end of the next working day, just keep in mind they often miss that deadline if you apply late in the day for example and as such it may be an additional 24 hours you have to wait for payment.
If you get any other type of error message, then wait a bit and try again, they are being swamped with applications as you would imagine.
Applying for a Bounce Back Loan
If you are new here and are looking for a list of banks that are accepting new customers then click HERE.