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Tide, i hope you’re reading this. Tideans are very angry and you need to do something asap. Even if it’s just a message to your customers.
This is from the Money Saving Expert website yesterday:

Martin’s analysis: ’ For many, bounce back loans have been a speedy lifeline, but for others the story has been VERY different

MSE’s founder Martin Lewis said: "For many, bounce back loans have been - as they were touted by the Chancellor - a speedy lifeline to support businesses and their owner’s incomes. Yet for a substantial number of people the story has been very different with a catalogue of problems.

"One in five have faced delays of over a month. Sole traders, in particular, have suffered being over three times as likely to be rejected as limited companies. Similar is true of small businesses which didn’t have business accounts with a firm offering one of these loans, as they’ve struggled to get any help.

"A significant number cited credit checks as a reason for rejection, even though the loans were touted as ‘available to all - no credit checks needed’.

"And of course while the loans were meant to be lender-agnostic as all banks were offering the same product, the experience certainly hasn’t been. While Lloyds has 81% net positive feedback, its major competitor HSBC scored a shocking -45%. It was only beaten by challenger bank Tide at -90%, which has failed to give virtually any loans yet. Tellingly, both these two invited new customers to apply – many of whom have had poor experiences.

“We will be sending a dossier of our findings to the Treasury, the FCA and the British Business Bank to hopefully improve the process going forward.”

HSBC, TSB and Starling hand out most rejections

While Lloyds Bank and RBS top the acceptance league with 95% or more of total applications given loans, not all banks were as keen to say yes.

Starling only accepted 62%, and TSB (72%) and HSBC (80%) also had significantly lower figures, though many of the HSBC rejections were for new customers.

Unfortunately we can’t give you a full picture of the likelihood of rejection from challenger bank Tide, as a staggering 97% of applications are still stuck in its system awaiting a decision.

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    Jul '20
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    Jul '20
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It is growing increasingly clear that Tide were either:

  1. Incompetent and did not know the scale of loan demand (unlikely, given the volumes signed up).

  2. Using the waitlist as an account opening strategy and to gain leverage for funding (“look how much demand we have, please lend”).

I just hope Tide realise the damage they have caused businesses through giving them false hope. Simply put, if you did not bank with Tide and had chosen a mainstream bank, you would in all likelihood have access to these loans.

By being with Tide, businesses willl close, livelihoods will be lost. Sorry just doesn’t cut it when playing with people’s future.

Interesting survey. I find the “credit check” point confusing. As the survey states, loans were supposed to NOT require any credit checks. That said, if there were real issues with the borrower companies (fraud markers, for example) then no doubt a proper reason for rejection

The credit check is the excuse that many of the Banks were declining people for citing fraud markers on their credit report even though a credit check shouldn’t have been done in the first place ( Unless a new customer applying for an account)

Got it. And surely fraud marker should be on the company itself? Or just one of the directors? I am sure banks are not clear or transparent and giving people accurate information to challenge any mistakes

Part of the government’s lending criteria was to do a soft credit check to eliminate an fraud but not to look at the applicants personal or business credit worthiness… an thats the furstrating thing … banks are basically trying to cover there arses even though theres no risk on there part theyve only been put in place to broker the arrangement… but its only because they’re to lazy to do the leg work if a customer defaults an they have to chase the gov for the money … in reality they are incontrol not gov an there are dictating to us… which is so wrong because its are own tax money anyway … they didnt give a shit when we had to bail them all out … maybe we should of had the right to check there credit worthiness …an we know there all crooks …

I stated last week. Tides luring people in not with a promise but a hope of getting a bbl. While they do this another company sets up the new accounts and sends out the cards etc. Tide then has more people s money to play with. So every transaction you make I believe they have to leave 10% in there the rest they loan out etc. As everyone at onpoint will not remove all there funds. Every bank does it. What annoys me is tides approach to this… 70000 people will not get a bbl from tide. 10000 at a push. 12 staff in Bulgaria and a handful in London it’s not going to happen also a bank with no money to lend is the biggest shambles in the history of banking. Hopefully the government will see what’s happening if they want the economy moving things need to happen. In construction I’m due to start my biggest contract to date but il be on 60 day payments. Il need to pay people weekly. Or fortnightly some I’ve known for years might get away with monthly. Without the bbl not going to happen. Hsbc just as bad I’m still halfway through there process and heard nothing for 2 weeks.
Good luck everyone. I’m still 28800 in tides que if you believe them


U.K. is going to be disproportionately bad from the fallout from this virus… take a wander into your local towns, restaurants, shops, cafes all closed for good, probably around 50% where I live.

Staff being laid off by the big stores, top shop, harrods etc…

It’s only the beginning.

You’re right Government need to step in and stop tapping themselves on the back For doing a good job, we are going to end up worse off than any other country and we still have brexit to come. If we don’t push for the help we need now, through loans, grant, wage assistance etc we’ll never get it !!