Bounce Back Loan Repayment - Pay As You Grow

To assist businesses in returning to regular trading, the government has announced Pay As You Grow options for Bounce Back Loan debtors. Pay As You Grow may allow you to repay your loan over a longer period of time and with greater flexibility.

 

●     Pay As You Grow solutions do not require you to be in financial distress. Customers that have a Bounce Back Loan are eligible for them.

 

●     No capital repayments are required for the first 12 months of your Bounce Back Loan, and interest payments are covered by the UK Government's Business Interruption Payment. We'll collect repayments and levy interest when this time period has passed.

 

●     Before we accept your first payment, you can choose your Pay As You Grow alternatives utilizing online for business. Throughout the term of your loan, you can choose from a variety of options.

 

Some repayment options are available for Bounce Back Loan under Pay As You Grow

 

Option 1: Request an extension of your loan term from 6 to 10 years at the same 2.5 % interest rate.

 

●     Extending your loan for another ten years would lower your monthly payments.

●     Unless you pay yearly, you'll accrue more interest, increasing the total amount owed.

 

Option 2: You could take a six-month payment break.

 

●     You'll pay more interest in total, and you'll have to repay a larger sum overall.

●     This can only be utilized once during your Bounce Back Loan's term.

 

Struggling with bounce back loan repayment? Get instant help from Acme Credit Consultancy to repay your bounce back loan. Acme Credit is a leading provider of debt management services. We have a team of experienced professionals who can help you consolidate your debts, reduce your interest rates, and develop a plan to get you out of debt. For more information, please contact us.

 

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