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Never thought that my choice of banking service would be the death of me.

Tide, I hope you understand the negative impact you’re having on people’s lives by being so opaque and slow with your issual of bounce back loans.

My business was affected hugely by Covid and I really need these funds to pay for suppliers, staff and my own salary. Mortgage payment and bill payment holidays are now exhausted and I honestly don’t understand how Tide considers silence and pre-written genetic responses to be an appropriate response to this.

Messages that I sent over 4 days ago have not got a response yet and I’m not sure where to turn to.

I think it’s safe to say that everyone in this community will remember the way tide treated its customers, this is also proof that modern does not mean better. An emergency loan scheme that was introduced to help people in need is not very effective if you don’t treat it as such internally.

I believe in Karma, and hopefully what goes around comes around in your case.

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    May '20
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    Jun '20
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Hi @Chrisvj,

I’m sorry to hear about how this crisis has affected your business and that you haven’t heard back from us. We are experiencing a high volume of support requests right now but please rest assured that our Member Support team is working 24/7 to get back to our members as quickly as possible.

If you have joined our waiting list for Bounce Back Loans and haven’t heard from us, we are working our way through the list as quickly as we can. Unfortunately, we still can’t guarantee everyone who registers will be able to get a loan from us but we’re working hard to make the loans available to as many eligible members as possible.

We are also working to provide an automated solution for you to see your place on our waiting list as well as provide clearer timelines regarding when you can expect to gain access to a Bounce Back Loan with Tide.

However, we understand that if you need a loan very soon you might wish to take your application to another lender.

If you have any further questions about Bounce Back Loan, you can check our dedicated FAQ page here 4.

Thanks,
Valentine

@Valentine_at_Tide please stop telling us to go to another lender if we don’t want to wait. THERE ARE NO OTHER LENDERS. All but one of the Banks accredited for these loans are only lending to exisiting customers. That other bank has a long waiting list.

None of the other banks seem to be accepting new customers. They have all stopped opening new accounts so they can concentrate on servicing the customers they already have. Only Tide seems to be accepting new customers. Perhaps Tide should follow suit and stop accepting new accounts or the list will just keep growing.

So Tide IS our only hope at the moment. Telling us to look elsewhere, when there is no where else, just increases frustration. What might ease frustration though, is answers, answers to the questions I asked in another post.

Theres a saying in business. “Know your numbers.” Thats what we need, to know the numbers. You must have internal counts of how many loans were processed in a day. Sharing that number would massively increase confidence in Tide.

We don’t need radio silence, we don’t need the party line, we need information.

I understand you are all busy, but as I imagine board level management are not sat at a terminal doing data entry work, perhaps one of them could get the numbers together.

Valentine, can you clarify. You say you are working to make loans available to “as many eligible members as possilble”. But surely ALL eligible membes should get loans? There is a huge pot of loan money, and all guaranteed, so I do not understand where the constraints are coming in? Any clarification greatly appreciated.

I am so sorry to hear this Chris. I think many of Tides customers are headed the same way. We’re now entering Month 3 since lockdown started and not many businesses can withstand that pressure.

Tides communication is extremely poor. You only have to look at this article to see that Tide say all the right things, but struggle to execute well. I am going to be leaving and heading back to a traditional bank for future security.

Hi @Valtentine_at_Tide

I already joined your waitlist, I joined it on Day 1 that it was open and I don’t understand why the loan hasn’t been offered to me yet.

Re: your comment about approaching another lender, I think you and me both know that this is an extremely offensive suggestion to make. The only lender that is currently even accepting applications from new customers is HSBC, to open an account with them I need to get a hard credit check done in my name and it would take 10-14 working days according to HSBC customer service.

I think your suggestion should’ve been the following : “You made a mistake trusting us with being your business banker, we are just a prepaid card company at heart and there’s nothing we can do to help. You should either approach a real digital bank like Starling or go to a high street bank”

I would not have been this peeved off with Tide if you didn’t pretend like you are doing something while you’re not. There are a lot of fake reviews on trust pilot and then your CEO acts like he’s doing something to help small businesses as well while no actual help is visible from this end.

I don’t know what to tell you. You’ve really screwed me and a lot of others like me in this community. I appreciate that we are given a community to voice our opinion, but we really would like it if you can feed this back to your employers and let them know that your current system is flawed.

Thanks for reading

I registered on the e first day as well and they reckon they are going through them in order, they are obviously lying and could d be swindling the money to friends and family. Think we shouldrepirr them to the authorities.

Hi all,

We are listening and reading all your comments and questions. To answer the ones we have received the most over the past few days, we have published a new blog post here 1.

From this post I wanted to highlight a few points to answer your questions.

@markdicker, The Bounce Back Loan Scheme is a Government initiative open to all eligible small businesses . We believe it isn’t fair to discriminate against new customers so 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.

I also wanted to confirm that this week – the first week of June, three weeks since our accreditation to deliver Bounce Back Loans – Oliver, our CEO, will write to all members again with an update on our lending. We’ll continue to write these updates regularly.


@Jtreacher, I wanted to point you towards 2 FAQs on that post:

When will I get a loan from Tide? I need a loan right now.

We want to let you know exactly when you can expect to get a Bounce Back Loan from us. So far we haven’t been able to predict dates because offering these loans is completely new to us and there are many variables. Instead of disappointing you, we asked you to wait.

We know you need more certainty, but as with all other lenders, getting a Bounce Back Loan depends on a number of factors. These include:

  • Government rules on eligibility
  • checks including anti-fraud and Know Your Customer (KYC)
  • limits on lending set by the British Business Bank
  • raising money to finance the loans

When you look at this process as a whole, it isn’t as simple as flicking a switch. The Tide team is working round the clock to align these factors to offer loans to as many of you as possible, as fast as possible.

Because of these factors, we can’t guarantee that we’ll be able to offer a Bounce Back Loan to everyone on our waiting list. We stated this on the webpage where you registered your interest.

If you need a loan and can’t wait, you can also apply or join waiting lists with other lenders. This is because you don’t ‘apply’ for a Bounce Back Loan with Tide, you join our waiting list. (Remember, you can only have one Bounce Back Loan.)

How is Tide funding these Bounce Back loans? Isn’t it Government money?

The Bounce Back Loan Scheme is 100% guaranteed by the Government. ‘Guaranteed’ means that if the lender doesn’t collect the loan, then the Government has to reimburse the lender. It doesn’t mean the money is given to lenders by the Government.

All loans that we provide through the Bounce Back Loan Scheme are funded by Tide and not the Government. This means we have to raise the money we lend through the Bounce Back Loan Scheme. Then we lend it to members, up to a limit set by the British Business Bank.

Because the Government guarantees the loans, they need to have control over how much all accredited lenders are lending. When we reach our lending limit, we re-apply to the British Business Bank for an increase so we can continue lending.


@Dominicmccree, The waiting list works like a queue, everyone who registers is listed in the order you signed up. We’re working hard to get through the list as fast as we can and we’ll contact you when you can access a Bounce Back Loan. We’ll also let you know if you’re not eligible.

We’re building an online tracker so you’ll be able to easily review your status. We need to build and test this tracker system and we hope it will be live before mid June.

I hope this will answer all your questions.

Thanks for your patience,
Valentine

closed Jun 3, '20