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Ive been in the tide waiting list now for weeks. I can bet im one of the very first that got on the waiting list as i registered within seconds of recieving the email tjat tide is now accredited .

Anytime i send them an email to find out ejat is going on i get the standard we are working hard . Ive been a tife customers for over 12 months . Yes cant get thjs loan .

I have friends with tide that say .this is a stategy from tide as they would rather you take out their personal loan which comes with a higher interest rate . If that is the case it leaves a very bad taste in tne mouth. Other companies were providing this loan within minutes of the govt making ot available.

Have we done sowthing wrong by choosing tide as our bank over others ?

We need a firm date when this loan will be available

  • created

    Jun '20
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    Sep '20
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Tide is NOT a Regulated bank. Hence it does NOT have customer deposits it can lend out nor can it get cheap money from Bank of England. Tide has to go into the market, borrow money itself and then lend that money on. And it does not have any money currently to lend - but I understand is out actively searching for some. Tide have lent circa £50m, but then ran out of cash to lend. Other institutions (banks) have lend billions. No one could have forseen Covid or BBL so I do not think one made a “wrong choice” with Tide in terms of “banking type” services. But for BBL they are definitively the wrong choice as they are unlikely to ever get enough money to meet customer demand.

But why are they still allowing customers to register there interest for a BBl ???
One member is 74000 on the waitlist !!!
They need to close down the portal !!
Unfair to give hope to customers and knowing there is no hope they will ever get a bbl,
Just misleading in my opinion.

Who are these people that tide has leaned the 50M too? As i said i was on the waiting list within seconds of getting the email that they are now accredited .

I do not believe and i’m yet to be convinced that Tide used a first come first serve to administer the loan . This is a loan guaranteed by the govt so it shouldn’t be up to Tide to decide who should get it first .

it will be interesting to know when those thst has gotten the loan got on the waiting list . it’s really not fair .

To be honest with you, I feel like Tide just assigned random numbers on the list upto a certain point when people started questioning them.

For eg. I have 2 business accounts, one of them was registered on the list on the day the email came and the position is 19,000*, another business was registered about 5 days later I’ve got confirmation that the position for that business is 7000*.

So yeah I haven’t really got any faith in Tide.

How did you check what number you were on the waiting list . i’ll like to check mine too. i’ve asked Tide for this and all they keep saying is that they can confirm i,
m on the list .

Theyll first respond with a long copy paste saying you’re on the list. On the same response thread just say “All I asked for is my waiting list position number, please give me a number”

ok thanks i’ll send them a message now to find out what that number is . it will be interesting since i registered to get on their list within seconds of getting the email .

@Anthony They allowed people to register before they became accredited. I went on the list on the 11th of May and I am still 16000+ on the waiting list. they have lent the first batch to members who have been with when tide started or within the first year of tide trading as a “Bank”.

I also registered on 11th May - as soon as list opened - prior to accreditation- and I’m 30,000+ to 45,000+ depending on which message I believe - so figure that out??? Existing customer of year plus - limited company - turnover £500,000 k plus- So how that equates? Who knows - just fingers crosses they access enough funds soon - construction is starting to pick up now- but there will be an eight week plus lag before invoices are paid - so cash flow is tight -

If you send them an email they will tell you . Although i registered to get on the waiting list a few seconds after they sent out the email they are now accredited . Tide told me yesterday that i’m number 21,850 out of 50k people on the waiting list .

i did ask them hoe they came to that number they could not answer . i think they just give out random numbers to get you to go away .

Thanks for taking time to help …suppose its irrelevant… they just need to get loans moving again … to help us before its to later

Hi all,

I wanted to address your concerns and confirm that the waiting list works like a queue: everyone who registers is listed in the order you signed up.

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 members who may not have been able to source this loan elsewhere.

I understand there’s frustrations around timelines and thats you’d like us to confirm when we’ll get further funding. We share updates with our members when we have meaningful news, and at the moment, while we raise funding, our position has not changed. We hope you can understand that funding agreements of this magnitude take time - as soon as we have an update we will share this with our members.

In regards to your position on the waiting list, we’ve been letting people know their place on the list, however this was a manual short-term solution and many members have been asking for daily updates which is causing delays in our response times and leaving members frustrated that we’re not going as fast as they’d like.

Our waiting list tracker is launching very soon, so you’ll be able to easily review your status.

I also wanted to reply to the question about closing down the waiting list. The Bounce Back Loan Scheme is a Government initiative open to all eligible small businesses so we believe it isn’t 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.

That said, almost 90% of the businesses on our waiting list are existing rather than new members.

Thanks for your patience,
Valentine

3 months later

closed Sep 15, '20

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