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Showing posts with the label Bounce Back Loans

GMK | Dealing with Covid-19

Starling Bank Bounce Back Loans demand surges prompting backlash

The digital bank has so far received over 18,000 applications for the Bounce Back Loan scheme that officially opened last Monday. Starling Bank    has found itself facing hurdles with its Bounce Back Loans (BBL). Anne Boden’s bank first began facing backlash after it stopped accepting new sole trader business accounts  because of  “record demand”  on 14 May 2020. In a  thread  on Twitter,  Starling  announced that it would reopen the sole trader account process on 1 June 2020 so that it could “focus on better serving our existing sole traders.” Since then,  Starling  has been met by a host of  complaints  from   customers  claiming to have been rejected for a BBL with the bank—although many have pointed out that this is because the customers likely failed the necessary fraud checks needed to receive a BBL. In a  tweet  on Friday,  Starling  said it had processed 99.7 per cent of BBL appli...