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Effective URL: https://www.lloydsbank.com/business/coronavirus/bounce-back-loan/pay-as-you-grow.html?utm_source=outbound_marketing&utm_med...
Submission: On October 16 via api from GB — Scanned from GB
Effective URL: https://www.lloydsbank.com/business/coronavirus/bounce-back-loan/pay-as-you-grow.html?utm_source=outbound_marketing&utm_med...
Submission: On October 16 via api from GB — Scanned from GB
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* Cavan Bakery
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* Coronavirus
* Bounce Back Loan Scheme
* Pay As You Grow
PAY AS YOU GROW
Additional support for businesses with an existing Bounce Back Loan.
WHAT IS PAY AS YOU GROW?
The UK Government announced Pay As You Grow options for Bounce Back Loan
borrowers, giving you flexibility and more time to pay back your Bounce Back
Loan should you need it.
* For the first 12 months of your Bounce Back Loan, no capital repayments are
required and interest payments are covered by the UK Government’s Business
Interruption Payment. After this period, we’ll collect repayments and charge
interest.
* You don’t need to be in financial difficulty to choose any Pay As You Grow
options. They’re available to all customers with a Bounce Back Loan.
* You can select your Pay As You Grow options using Online for Business before
we take your first repayment. More than one option can be selected throughout
the term of your loan. We will email you when your options are available to
select.
* Using these options won’t affect your credit score, though we may use
requests for Pay As You Grow options to help us assess affordability in
future lending applications.
* If you decide to use any of the Pay As You Grow options, the overall cost of
your loan will increase.
* It is not possible to amend or cancel a Pay As You Grow selection once
submitted.
As a confirmed accredited lender of the Bounce Back Loan scheme, we’re here to
support our customers during the coronavirus outbreak.
If you require additional information about Pay As You Grow, please visit the
British Business Bank website.
Visit the British Business Bank
YOUR PAY AS YOU GROW OPTIONS
Your Pay As You Grow options
The simplest way to view and select your Pay As You Grow options is by logging
on to Online for Business on a web browser.
Not registered for Online for Business? Register now
PAYG options are not available via the mobile app.
Log on and view options
PAY AS YOU GROW OPTIONS:
* 1. 10 YEAR TERM EXTENSION EXPANDABLE SECTION
You can extend your 6-year Bounce Back Loan term to 10 years, at the same
interest rate of 2.5%.
You can use this option once over the lifetime of your loan.
* May be suitable if you want to reduce your monthly repayments for the
length of your loan.
* You can request an extension at any time during the term of your loan.
* You’ll pay back your loan at a slower rate, so the total amount you owe
will go up and you’ll pay more interest over a longer term.
* If you’re considering this option you should think carefully about your
ability to repay over a longer timeframe, taking into account things such
as if you intend to cease trading or retire within the revised term of
your Bounce Back Loan.
* If you select this option and you want to use a repayment holiday at the
same time, please allow 2-3 working days for this request to be processed
first. You can then choose another option.
* 2. CAPITAL REPAYMENT HOLIDAY (6 MONTHS) EXPANDABLE SECTION
You can choose to reduce your monthly repayments for 6 months by paying
interest only.
You can use this option up to 3 times over the lifetime of your loan.
* May be suitable if you need short-term support, but expect to be in a
better position to repay in the future.
* You can switch to interest-only repayments up to 3 times during the term
of your loan – this can be taken back-to-back (e.g. 18 consecutive months)
or on 3 separate occasions.
* By selecting this option, you can add 6 months to your loan term each time
you switch to interest-only repayments, unless you’ve already extended
your term to 10 years.
* Taking a capital repayment holiday will mean you are charged more interest
and your loan will cost you more overall.
* If you select this option, you’ll need to wait until the end of the
6-month period before you can use any other option.
* 3. FULL REPAYMENT HOLIDAY (6 MONTHS) EXPANDABLE SECTION
You can request a 6-month full repayment holiday (both capital and interest).
You can use this option once over the lifetime of your loan.
* May be suitable if you need short-term support, but expect to be in a
better position to repay in the future.
* If you select this option, you will pause monthly repayments (both capital
and interest) entirely for 6 consecutive months.
* You can also choose to add 6 months to your loan term, unless you’ve
already extended your term to 10 years.
* Taking a full repayment holiday will mean you are charged more interest
and your loan will cost you more overall.
* Interest charged during your 6-month repayment holiday will be deferred
for 6 months and spread out over the remaining term of your loan.
* We’ll change your monthly payments at the end of the payment holiday and
the amount you owe will go up. That’s because even though you don’t make
payments during your repayment holiday, we will still add interest to your
loan amount and interest will be charged at the same rate (2.5% (fixed)
per annum).
* You can use a full repayment holiday once during the term of your loan.
* If you select this option, you will need to wait until the end of the
6-month period before you can use any other option.
* COMBINING YOUR OPTIONS EXPANDABLE SECTION
You can choose to extend the term of your loan to 10 years AND request either
a 6-month capital repayment holiday OR a 6-month full repayment holiday
before your first repayment is due.
* May be suitable if you need short-term support and need to reduce your
monthly repayments for the length of your loan.
* Please make sure you have read information about each option before making
your decision.
* This option will reduce your average monthly repayments, but the total
amount you owe will increase and you’ll pay more interest over a longer
term.
* If you choose to combine options, you will need to select the 10 year term
extension before requesting the 6-month repayment holiday via a separate
submission.
* If you’re considering this option you should think carefully about your
ability to repay over a longer timeframe, taking into account things such
as if you intend to cease trading or retire within the revised term of
your Bounce Back Loan.
PAY AS YOU GROW CALCULATOR
Use our calculator to understand the impact each Pay As You Grow option has on
your monthly repayments, and on the overall cost of your loan.
If you’re registered for Online for Business, log on to view your options in
more detail.
What is the current value of your Bounce Back Loan (including any top-up
amount)?
£
Term
Interest Rate
daysinyear
Term
Interest Rate
daysinyear
Term
Interest Rate
daysinyear
Term
Interest Rate
daysinyear
Term
daysinyear
Interest Rate
Get results
Option
First monthly repayment*
Monthly repayment 6 months later
Total loan term (months)
Total amount you will repay
Cost increase
OPTION
IF YOU DON’T USE ANY PAY AS YOU GROW OPTIONS
FIRST MONTHLY REPAYMENT*
£ 562.50
MONTHLY REPAYMENT 6 MONTHS LATER
£ 556.25
TOTAL LOAN TERM (MONTHS)
72
TOTAL AMOUNT YOU WILL REPAY
£ 31,906.25
COST INCREASE
£0.00
OPTION
1. TERM EXTENSION TO 10 YEARS
FIRST MONTHLY REPAYMENT*
£ 340.28
MONTHLY REPAYMENT 6 MONTHS LATER
£ 336.81
TOTAL LOAN TERM (MONTHS)
120
TOTAL AMOUNT YOU WILL REPAY
£ 33,406.25
COST INCREASE
£ 1,500.00
OPTION
2. CAPITAL REPAYMENT HOLIDAY
(FOR 6 MONTHS)
FIRST MONTHLY REPAYMENT*
£ 62.50**
MONTHLY REPAYMENT 6 MONTHS LATER
£ 618.06
TOTAL LOAN TERM (MONTHS)
72More about this optionProviding you haven’t already extended your loan term to
10 years, you can choose to extend the term of your loan by 6 months. This will
reduce your monthly repayments, but will increase the total amount you repay.
TOTAL AMOUNT YOU WILL REPAY
£ 32,093.75
COST INCREASE
£ 187.50
OPTION
3. FULL REPAYMENT HOLIDAY
(FOR 6 MONTHS)
FIRST MONTHLY REPAYMENT*
£0.00
MONTHLY REPAYMENT 6 MONTHS LATER
£ 625.82
TOTAL LOAN TERM (MONTHS)
72More about this optionProviding you haven’t already extended your loan term to
10 years, you can choose to extend the term of your loan by 6 months. This will
reduce your monthly repayments, but will increase the total amount you repay.
TOTAL AMOUNT YOU WILL REPAY
£ 32,117.31
COST INCREASE
£ 211.06
* Interest rate: 2.5% (fixed) per annum
* Your capital repayment amount will be the same each month, and you will
usually pay less interest each month as you repay the loan. Your first few
monthly payments tend to be the highest, and they’ll reduce each month until
the loan ends.
* If you choose a Full Repayment Holiday we’ll change your monthly payments at
the end of the payment holiday and the amount you owe will go up. That’s
because even though you don’t make payments during your repayment holiday, we
will still add interest to your loan amount and interest will be charged at
the same rate (2.5% (fixed) per annum).
* The amounts shown are indicative and could vary from your actual repayment
amount.
* This calculator assumes no repayments have been made and you have not already
chosen any Pay As You Grow options
*Your first monthly repayment will be taken 13 months after you opened your
loan. For the first 12 months of your loan, no capital repayments are required
and interest payments are covered by the UK Government’s Business Interruption
Payment.
**Interest-only monthly repayment amount (no capital repayments for 6 months).
YOUR PAY AS YOU GROW OPTIONS
Your Pay As You Grow options
The simplest way to view and select your Pay As You Grow options is by logging
on to Online for Business on a web browser.
Not registered for Online for Business? Register now
PAYG options are not available via the mobile app.
Log on and view options
* FREQUENTLY ASKED QUESTIONS ABOUT PAY AS YOU GROW EXPANDABLE SECTION
CAN I APPLY FOR MULTIPLE ‘PAY AS YOU GROW’ OPTIONS AT A TIME?
Over the term of your loan you can utilise a Term Extension to 10 Years, 1
Full Repayment Holiday and up to 3 Capital Repayment Holidays.
For example, you could choose the repayment holiday options consecutively, or
you could choose a Term Extension (up to 10 years) alongside a repayment
holiday. Simply choose the term extension first and request a repayment
holiday separately.
You can only request one Pay As You Grow option at a time, using Online for
Business.
We advise you to wait at least four working days between submissions to
ensure they are processed correctly.
Register for Online for Business if you haven’t already
CAN I MAKE ADDITIONAL PAYMENTS TO MY BOUNCE BACK LOAN?
Yes you can make additional payments. Please note there is no minimum amount
required for any additional payments.
HOW DO I MAKE ADDITIONAL PAYMENTS TO MY LOAN?
* You can make additional repayments on a regular basis by logging into
Online for Business.
* There are no early repayment charges for making additional payments or for
paying off your loan early.
CAN I STILL SELECT A ‘PAY AS YOU GROW’ OPTION IF I HAVE ALREADY TOPPED UP MY
BOUNCE BACK LOAN?
Yes. If you have a Bounce Back Loan Top-Up, your original loan amount and
Top-Up amount will be treated as one consolidated facility.
WILL I BE WARNED BEFORE I RETURN TO REPAYMENTS ON MY BOUNCE BACK LOANS?
You will receive communications three, two and one month(s) before your first
repayment is due.
For example, if you had your loan on 4th June 2020, your first repayment will
be due on 4th July 2021 and you will therefore receive your 3-month
communication by 4th April 2021.
You will be informed when and how you can make ‘Pay As You Grow’ selections
in these communications.
CAN I CANCEL A ‘PAY AS YOU GROW’ OPTION IF I CHANGE MY MIND?
No, this will not be possible.
However, if you subsequently decide you no longer require the support
provided by the PAYG options, you can still reduce the interest you will pay
by making full or lump sum repayments.
More about making repayments
CAN I CHANGE THE DATE REPAYMENTS ARE TAKEN FROM MY ACCOUNT?
No, unfortunately this is not possible as the date will be based on when you
first opened your Bounce Back Loan.
DO I HAVE TO BE IN FINANCIAL DIFFICULTY IN ORDER TO SELECT A ‘PAY AS YOU
GROW’ OPTION?
No. Under ‘Pay As You Grow’, all borrowers – that is, any borrowers who
request it, whether you are in (or approaching) financial difficulty and
seeking forbearance or not – will be able to utilise the options.
CAN I ONLY EXTEND THE TERM OF MY LOAN TO 10 YEARS?
You can choose to extend the term of your loan to 10 years if required.
There is no intermediate option for this term extension, you are only able to
extend from 6 years to 10 years.
If you haven’t already extended the term of your loan to 10 years, you can
choose to extend your term by the same length of your Capital Repayment
Holiday or Full Repayment Holiday (if selected).
WILL USING THE PAYG OPTIONS AFFECT MY CREDIT SCORE?
* Using these options won’t affect your credit score, or negatively affect
your credit file.
* We may use requests for Pay As You Grow options to help us assess
affordability in future lending applications, for example we will take
into consideration incomings and outgoings, including existing debt
repayments such as the Bounce Back Loan, and also your total debt
exposure, which will include the outstanding Bounce Back Loan.
WHEN IS THE LATEST I CAN SELECT A PAY AS YOU GROW OPTION BEFORE MY NEXT
REPAYMENT?
You should allow at least two working days for your PAYG selection to take
effect before your next repayment is due.
If you want to select a PAYG option but your next monthly repayment is due
within 2 working days, then you will need to make the monthly repayment in
full before the option takes effect.
We’ll automatically collect your repayments. Please ensure you have enough
money available in your nominated account.
If you still want to progress and select a PAYG option, the chosen option
will take effect before the following month's repayment date.
* IF YOU NEED EXTRA SUPPORT WITH YOUR REPAYMENT OPTIONS EXPANDABLE SECTION
DO YOU NEED TO UNDERSTAND YOUR OPTIONS BETTER?
* If you feel like you’d prefer to talk to someone about these options, call
us on 0345 600 4610 (+44 207 477 2423 from outside the UK). Lines are open
Monday to Friday 9am to 5pm (excluding bank holidays).
* If you have a hearing or speech impairment you can use Relay UK. Visit the
Relay UK website for more information on their services.
WE’RE HERE TO HELP
You do not need to contact us in advance. We will send you a repayment
schedule outlining your options, around three months before your first
payment is due.
However if you’re worried about your finances, call us on 0345 600 4610 (+44
207 477 2423 from outside the UK). Lines are open Monday to Friday 9am to 5pm
(excluding bank holidays).
WHAT ARE YOUR OTHER OPTIONS?
Debt Management Services are available to assist you with establishing a debt
management plan through one of their advisors. Visit the Debt Management
Service website for more information.
In addition, the British Business Bank has a range of guidance and resources
available to all businesses, including content on managing your cashflow and
a list of independent advice services.
A REMINDER OF YOUR BOUNCE BACK LOAN TERMS AND CONDITIONS
When you applied for your Bounce Back Loan, you declared that you understood
that:
* You are fully liable for all repayments, and if you are unable to meet these
obligations, this could negatively affect your credit score.
* The 100% government guarantee is provided to cover any losses the lender
makes and does not cover any losses that you might suffer if you are unable
to meet your payment obligations.
* We would not carry out any affordability checks on your application.
REPAYING YOUR LOAN EARLY
If you’re able to, you can pay back some or all of your loan early with no early
repayment charges.
More about repaying early
SUPPORT WITH PAYG OPTIONS
If you need to understand your options better, call us on 0345 600 4610 (+44 207
477 2423 from outside the UK).
Lines are open Monday to Friday 9am to 5pm (excluding bank holidays).
MANAGING BUSINESS COSTS AND UNCERTAINTY
Support, guidance and financial options to help you build financial resilience
and manage the impact of rising costs and economic factors on doing business.
Help managing business costs
The Bounce Back Loan Scheme is not subject to the usual consumer protections
that apply to business lending, and as such will not have the benefit of the
protection and remedies that would otherwise be available under the Financial
Services and Markets Act 2000 or the Consumer Credit Act 1974.
The Bounce Back Loan Scheme is managed by the British Business Bank on behalf
of, and with the financial backing of, the Secretary of State for Business,
Energy & Industrial Strategy. British Business Bank plc is a development bank
wholly owned by HM Government. It is not authorised or regulated by the PRA or
the FCA. Visit british-business-bank.co.uk.
Calls may be monitored or recorded in case we need to check we have carried out
your instructions correctly and to help improve our quality of service.
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN.
Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the
Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority under registration number 119278.
We adhere to The Standards of Lending Practice which are monitored and enforced
by the LSB: www.lendingstandardsboard.org.
Eligible deposits with us are protected by the Financial Services Compensation
Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please
note that due to FSCS and FOS eligibility criteria not all business customers
will be covered.
While all reasonable care has been taken to ensure that the information provided
is correct, no liability is accepted by Lloyds Bank for any loss or damage
caused to any person relying on any statement or omission. This is for
information only and should not be relied upon as offering advice for any set of
circumstances. Specific advice should always be sought in each instance.
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