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Hi there,

I am just wondering why your agents on social media are saying that like “all other accredited lenders, Tide have to source funds” for lending. The above is misleading, Tide not being a bank do, approved banks on the list do not have this issue.

In regards to some general feedback.

  1. It is genuinely very puzzling as to why you keep the waiting list open, when Tide has only fulfilled a tiny fraction of this.

  2. It is better to overpromise and under deliver. You knew the demand for loans before accreditation and so far have failed to meet even the lowest of expectations.

  3. Generally if you ask for the support of your customers in lobbying for accrediation, then the least those customers may expect is some kind of support. For example, we spent many hours using our networks at the Treasury, BoE, BBB and finance select committee.

  4. Your CEO was on live Radio stating that businesses were only a few days away from collapse and linking Tides application to this. A month later, does he hold the same view?

  5. Similar to point 2, do not say something will be ready “very soon” and then not be able to deliver it swiftly. The truth will suffice, something along the lines of “we messed up badly, we are not making this live yet, as it will show our lending volumes entirely static”.

You have expanded customer service support, yet they are not empowered to do any more than copy and paste.

  • created

    Jun '20
  • last reply

    Jul '20
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All excellent comments and all on point. All I can think is Tide thought (either on the basis of what some lenders told them or just due to “misplaced optimism”) that they could easily source money to lend. Or that the Treasury would buckle, as they still should do, and enable Tide and others similarly situated to access funds direct from BofE. But the plain fact is Tide has no money to lend and, unless they find some soon, they will NEVER have any. I think long overdue to dampen down expectations perhaps

But they have stated in a vast majority of their communication that they are close to securing 100s of millions more they have not said they have not been able to.
And they are still delivering BBLs as a Trust Pilot review has just posted about getting one :point_up:
I’m sure they will start delivering large volumes to us members.

Thank you for the positive replies.

My thinking and theory on the Trustpilot line, is that they may very well be asking those c1600 who have BBL’s or those who have just opened an account, directly for their views and TP review.

Nothing wrong with the above if those who already have BBL’s are happy with it. Good for them.

A final aspect I find particularly maddening is the combination of a focus on Dr. Prill (such a focus can go badly wrong, look towards Dick Fuld, Fred Goodwin, Jeff Skilling) and also the arrogance not to reply to genuine client emails of both support and complaint.

The contrast here with for example HSBC, NatWest and even Barclays, where the heads of these organisations (and their offices), support, guide and help you. With Tide, there has been silence.

We even offered to help with their customer service and tracker function…nothing back.


I have sent various messages in the app for support and there has been no reply so far.
Also sent an email to complaints and even that doesn’t work.

Have put an application through for Bounce Back Loan to ease the suffering of the Business and you are making it worse by not providing any support.

This is absolutely ridiculous, can anyone reply or at least hear out ?

Seriously why overpromise when you cant cope?

Hi @richardv9 , thank you for reaching out. We really appreciate your efforts in helping us become accredited.

We made the decision to apply to become an accredited lender because we are passionate about helping the SME community and wanted to help lend these much needed funds to our members. We knew that it may be difficult to raise these funds, but our leadership team are passionate about supporting small businesses and continue to work hard to secure these funding agreements.

We kept our waitlist open because we didn’t feel it was fair to discriminate against new customers. That’s why any small business owner can still apply for an account with us, and if they wish, register their interest in getting a Tide Bounce Back Loan.

We appreciate your thoughts about overpromising, but we do remain optimistic that we’ll be able to secure additional funding.

Regarding your query about lending, we’re sorry you find this misleading. Are you referring to the fact that banks can apply for funding from the Bank of England whereas Tide can’t? All accredited lenders have to source and secure funding, whether that’s from the Bank of England or other institutions.

I’m sorry you’ve experienced delays @MuhammadUsman. I can see that you’re speaking with my colleague Andy in the app - thank you for providing him with such a thorough breakdown. We’ve passed this on to the relevant team, who will respond within the timeframe Andy provided to you.

Thank you,

Hi Ali,
May l ask for you to expand on your message where you say you are “ optimistic of securing extra funding “ ?? I thought 3 weeks ago you had secured extra funding and are close to securing 100 of millions more ???
Every reply are always Slightly different.
Very concerned about this.

Hi @Ali-C_at_Tide,

Thank you for your reply. In terms of this funding, yes, I was specifically referring to the Term Funding Scheme from the BoE, and also the changes to capital ratio requirements, essentially making funding a fait accompli for any bank. (Tide are not a bank).

Laying it out on the table here, you are trying to get outside funding, for a very low margin loan (2.5%), which will have an exceptionally high default rate (albeit 100% govt backed). Good luck!

I do find it very disengenous that you keep taking on new customers and registrants, and speak of “hundreds of millions” of extra funding, as if this will be a panacea. Your waitlist…somewhere between 60-80,000 suggests funding needed in the billions, not millions.

This combined with the fact that securing just the hundreds of millions “soon” has still not been done in over a month, suggests that securing the billions needed will not be forthcoming.

You will either have to ration amounts to each customer (no,no,no!!) or ration by number of customers. Either way, you will end up with potentially 20-50,000 very dissapointed and cheesed off clients. (If you think now is bad, wait until this happens).

I also reiterate my point about Dr. Prill.

Another point, the customer service levels remain apallingly bad. Copy and paste answers after days of waiting and no phone lines available.

Finally, is the tracker due “soon” or not?

12 days later

Good morning, everybody.

Thank you again for joining the discussion here. As there are more recent threads that I’ll be addressing throughout the day, I’ll be closing this one down, I feel it best to keep the responses in one place so there’s no confusion.


closed Jul 7, '20