Frequently Asked Question About bounce Back Loan Scheme

 The bounce Back Loan Scheme was introduced in the year 2020 for small businesses to cope with the pandemic. However, multiple businesses are facing issues with the repayment of the Bounce Back Loan.




Here are the most common questions related to the bounce-back loan scheme?

How long does a bounce-back loan last?

Bounce Back Loan Last for nearly 6 years. However, the repayment can be made before the completion of the time as well without payment of the early repayment charges. There are No repayments due for the first 12 months and before you make your first payment you have the option of extending the term of your loan to 10 years. You can also move to interest-only repayments for six months.

What is the interest rate in Bounce Back Loan Scheme?

One need not pay any taxes for the first year of the six-year scheme. After the completion of the first year, an interest rate of 2.5% will be charged. This is considered to be very cheap compared to other personal loans.

Will the bounce-back loan ever be written off?

Your Bounce Back Loan will only be written off if your limited company evolves insolvent and enters into a formal liquidation process.

1. Are there any early repayment charges?

Bounce Back Loans don’t have any early repayment charges so you can repay what you owe at the earliest opportunity without financial penalty.

2. Am I able to make flexible refunds?

You can get flexibility for paying the charge if you have taken pay as your grow scheme. This will help to get some extra help.




3 Pay As You Grow options are available.


1. Request an extension of the loan term to 10 years from six years. It is calculated at a fixed interest rate annually of 2.5%.

2. Reduce your monthly repayments for six months by paying interest only. This option is available up to 3 times during the term of your Bounce Back Loan.

3. Take a repayment holiday for up to six months. This possibility is available once during the term of the Bounce Back Loan.


ACME Credit is one of the leading firms which provides the best and most effective solutions for Sole Trader’s Bounce Back Loan as well as the amount of Credit Card Debt Management. So, next time you are worrying due to your Credit Card Debt we can help you.

Location: United Kingdom

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