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1. • No personal guarantees

     • The BBB confirmed that a Bounce Back Loan was not a personal loan: A loan under the Scheme is a business loan. The terms of the loan are covered by the Scheme. The BBB also said that for a Bounce Back Loan that “ no personal guarantees ” could be required: No recovery action can be taken over a borrower’s main home or primary personal vehicle.
     www.oliverelliot.co.uk/insolvency-guides-and-information/personal-liability-for-bounce-back-loan/

     Personal Liability For Bounce Back Loan - Oliver Elliot

2. People also ask

   Can you get a personal guarantee on a bounce back loan?

   • "Lenders are not permitted to require personal guarantees for the Bounce Back Loan Scheme. "For sole traders or small partnerships, who often risk their personal assets when borrowing, the terms of the Bounce Back Loan Scheme mean no recovery action can be taken over a principal private residence or a primary personal vehicle."

   Bounce back loans: the background - MoneySavingExpert.com

   www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/

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   Can a government bounce back loan be repaid?

   • Because the Government Bounce Back Loan is unsecured debt, this means the 29 accredited lenders including the high-street banks cannot ask you for personal guarantees. This means the lender cannot come after your house or personal vehicle if you default. However, the Government Bounce Back Loan must be repaid and is not a grant.

   Government Bounce Back Loan for your small business

   smallbusiness.co.uk/government-bounce-back-loan-for-your-small-business-2552197/

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   Can a government bounce back loan be used for personal expenditure?

   • You can only use the loan for the benefit of the business and not for your personal expenditure or other purposes. However, some lenders allow you to use your Government Bounce Back Loan to repay existing finance. What fees and interest will I be charged? The Government has set the interest rate for this facility at 2.5 per cent per annum.

   Government Bounce Back Loan for your small business

   smallbusiness.co.uk/government-bounce-back-loan-for-your-small-business-2552197/

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   How do bounce back loans work?

   • Bounce back loans are 100% state-backed, worth up to £50,000, and with no interest charged or repayments needed in the first 12 months. Here we take you through how the loans work and what your options are if you're struggling to repay – plus the Treasury answers your questions.

   Bounce back loans: the background - MoneySavingExpert.com

   www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/

   See all results for this question

   Should I talk to a lender about a bounce back loan?

   • A. "You should talk to the lender if you are experiencing financial difficulties and they will have standard processes in place to support customers in those circumstances. "Lenders are not permitted to require personal guarantees for the Bounce Back Loan Scheme.

   Bounce back loans: the background - MoneySavingExpert.com

   www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/

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   Can You top up a bounce back loan?

   • Yes, you can “top-up” your existing Bounce Back Loan if you originally borrowed less than the maximum amount available to you. However, as of November 10 2020, you cannot apply for a second, separate Bounce Back Loan either from your existing lender or another lender. How many Bounce Back Loans can I have?

   What happens if I can’t repay my Bounce Back Loan? - Small Business UK

   smallbusiness.co.uk/what-happens-if-i-cant-repay-my-bounce-back-loan-2552188/

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3. www.gov.uk › fact-sheet-bounce-back-loansFact sheet: Bounce Back loans - GOV.UK

   www.gov.uk › fact-sheet-bounce-back-loans

   • Cached

   Mar 31, 2022 · The Bounce Back loan scheme helped small and medium-sized businesses to borrow between £2,000 and £50,000, at a low interest rate, guaranteed by the Government.

4. smallbusiness.co.uk › what-happens-if-i-cant-repayWhat happens if I can’t repay my Bounce Back Loan?

   smallbusiness.co.uk › what-happens-if-i-cant-repay

   • Cached

   Yes, you can “top-up” your existing Bounce Back Loan if you originally borrowed less than the maximum amount available to you. However, as of November 10 2020, you cannot apply for a second, separate Bounce Back Loan either from your existing lender or another lender.

5. Videos

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     Have you taken a bounce back loan?

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     5 options if you can't pay your bounce back loan

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6. www.moneysavingexpert.com › news › 2020'Bounce back loans' – help for small businesses and income ...

   www.moneysavingexpert.com › news › 2020

   • Cached

   Apr 1, 2021 · Bounce back loans are 100% state-backed, worth up to £50,000, and with no interest charged or repayments needed in the first 12 months. Here we take you through how the loans work and what your options are if you're struggling to repay – plus the Treasury answers your questions. Bounce back loans now CLOSED to applications.

   • Occupation: Senior Money Writer-Mortgages Expert

7. www.moneysupermarket.com › loans › bounce-back-loansRepaying A Bounce Back Loan | MoneySuperMarket

   www.moneysupermarket.com › loans › bounce-back-loans

   • Cached

   Nov 9, 2021 · Like personal loans, Bounce Back Loans are unsecured which means assets such as your property and vehicle are not put at risk. Instead, the government provides security by guaranteeing 100% of the amount you borrow. However, it is important to realise that you are liable for the debt.

8. www.gov.uk › guidance › apply-for-a-coronavirusApply for a coronavirus Bounce Back Loan - GOV.UK

   www.gov.uk › guidance › apply-for-a-coronavirus

   • Cached

   Apr 27, 2020 · The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. The scheme is open to...

9. www.natwest.com › bounce-back-loan-supportSupport with Bounce Back Loans | NatWest - NatWest Online

   www.natwest.com › bounce-back-loan-support

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   With a Bounce Back Loan, you could borrow from £2,000 up to £50,000 (to a maximum of 25% of your annual turnover). It was offered over a fixed 6 year term, though there are no fees if you want to repay the loan early. The loan was 100% guaranteed to the lender by the government, with no personal guarantees needed.

10. smallbusiness.co.uk › government-bounce-back-loanGovernment Bounce Back Loan for your small business

    smallbusiness.co.uk › government-bounce-back-loan

    • Cached

    Because the Government Bounce Back Loan is unsecured debt, this means the 29 accredited lenders including the high-street banks cannot ask you for personal guarantees. This means the lender cannot come after your house or personal vehicle if you default.