Questions you may have about Bounce Back Loans

You’ll be able to apply for the Pay as you Grow options 60 days before your first repayment. We’ll contact you closer to the time to remind you of your options and with information on how to apply.

Yes. Under Pay as you Grow (PAYG), you can apply for a 6 month Capital Repayment Holiday, up to 3 times during your loan term. During this repayment holiday, you'll only make interest payments.

You can also request a single 6 month Capital & interest repayment holiday. You won't make any payments during this time but interest will continue to accrue.

You can apply for multiple PAYG options, but we’ll process each request separately. Allow 2 working days after returning your loan documents for us to process your request.

Pay As You Grow options could provide flexibility for you to meet your repayment obligations.

If you’re still concerned about making your repayments, please visit our website.  You'll find help and support on what you can do if you're worried about finances. There's also a list of organisations who can give you free advice. 

Yes. Under Pay as you Grow (PAYG), you can extend your original 6 year term to 10 years.

Note that this will increase your repayments and the total amount you owe as interest costs increase if you repay your loan over a longer period.

If you've closed your loan servicing account or your business current account, you won't be able to apply for all PAYG options online.

Once you’ve returned your loan documents, allow 2 working days for us to process your request.

You'll be able to access an online service using your Digital Banking login details. We'll be in touch to let you know when this is available.

If you don't have Digital Banking, you'll be able to apply by completing an online application form.

If you've closed your loan servicing account or your business current account, you won't be able apply for all PAYG options online.

No, applying for a PAYG option will not change the interest rate of your loan. The interest rate will remain fixed at 2.5%. However, the total amount of interest you pay will increase if you choose to extend your loan term. Details of any increased interest costs will be provided if you choose to take a PAYG option.

If you have a Bounce Back Loan and your business is still trading you are eligible to apply.

If you have Digital Banking, you'll just need your login details to get started.

If you don't have Digital Banking, you'll need:

your email address and a UK mobile number

the account number and sort code for your main bank account or Bounce Back Loan account

 the balance on your Bounce Back Loan

details of any PAYG options that you have already taken

If we're unable to proceed with your PAYG request, we'll get in touch via email to tell you why, and what you can do next. 

If we are unable to proceed with your PAYG request online, we will show you a screen explaining why this is the case. If the reason requires us to get in touch with you, we will make contact by phone and/or email within 5 days of your application. You can also contact your Relationship Manager if you have one, or use the chat now button on this page. 

Details of your PAYG choices are shown in your Digital Banking account . You can see the status of any requests you have made and the options that are available to you. 

If you don’t have access to Digital Banking then please contact your Relationship Manager if you have one or use the chat now button on this page.

After you have signed and returned your loan documents and the option has been completed, log back in to Digital Banking see your loan and available options.

We’ve put in extra support if you have difficulty applying online due to a vulnerability. A vulnerability could affect you permanently or temporarily and may include:

physical disabilities

accessibility issues

cognitive difficulties

language barriers

life events (for example, domestic or financial issues)

When you begin your application online, you can tell us if you find it difficult to apply online. We’ll be back in touch within 5 working days to help. Or, contact your Relationship Manager or use web chat to ask for support.

Yes, these will be emailed to you from echosign@echosign.com. You’ll need to electronically sign and return these documents to us by email to receive your PAYG choice.

These will be emailed to you from echosign@echosign.com. You’ll need to electronically sign and return these documents by email to us to activate your PAYG choice.

You'll need to return your electronically signed documents within 14 days. After this we’ll cancel your request and you'll have to reapply.

After you submit your PAYG request, we'll send you your documents to electronically sign. This will be sent from echosign@echosign.com.

If you haven't received this email, please check your junk or spam folder.

If you think you may have provided the incorrect email address, please contact your Relationship Manager if you have one, or use the chat now button on this page.

To access your documents, you'll need to enter a unique passcode for additional security. We'll send this to the mobile number you provided. We'll give you the option to receive this as a text message, or via a voice call.

Check the phone number you supplied making your PAYG application. If it is correct, ensure you're connected to your mobile network.

If you still haven’t received it, please contact your Relationship Manager if you have one, use the chat now button on this page.

After you submit your PAYG request, we'll send you your documents to electronically  sign. This will be sent from echosign@echosign.com.

If you haven't received this, ensure you check your junk or spam folder.

If you think you may have provided the incorrect email address, please contact your Relationship Manager if you have one, or use the chat now button on this page. 

You can switch your Business Current Account to another provider while retaining your Bounce Back Loan with us.

When your repayments start, your interest charging frequency will change from monthly to quarterly. Interest will continue to accrue daily on the balance you owe, but we'll debit it from your loan account quarterly, instead of every month. 

This means you'll pay slightly less interest across the life of the loan and your final instalment will reduce as a result.

You are able to use another provider to manage your business banking while retaining your Bounce Back Loan with us.

You'll be able to access an online service using your Digital Banking login details. We'll be in touch to let you know when this is available.

If you don't have Digital Banking, you'll be able to apply by completing an online application form.

If you've closed your loan servicing account or your business current account, you won't be able apply for all PAYG options online. 

Your repayments will start when the repayment holiday on your existing Bounce Back Loan ends – 12 months after you took the original loan amount and will include both capital and interest repayment. 

You can find your first repayment date and amount on your Bounce Back Loan documents.

If you have a Business Current Account or Loan Servicing Account with us, we'll set up regular monthly repayments from your account. Repayments will start on the first repayment date and continue every month until the loan is repaid. We'll send you an SMS message once we've set these up.

If you don't have a Business Current Account or Loan Servicing Account, you'll need to set up regular monthly repayments to your Bounce Back Loan. Please arrange this with your current bank.

Yes. You can pay in a lump sum at any time without early repayment charges.

Pay As You Grow options could provide flexibility for you to meet your repayment obligations.

If you’re still concerned about making your repayments, please visit our website.  You'll find help and support on what you can do if you're worried about finances. There's also a list of organisations who can give you free advice. 

Using the PAYG options won’t affect your credit score, though any missed payments and continued arrears WILL impact your credit score.

Late or missed payments will have a different impact on each person’s credit score depending on the situation. It's important to make your repayments on time and make efforts to catch up amounts that you have previously missed payments against.

If you hold a Bounce Bank Loan or other lending products with us and are struggling financially, you can find out more about the support available here. This page includes links to dedicated debt charities who you can contact for free and confidential advice.

The Bounce Back Loan scheme is a government initiative to support small and medium-sized businesses struggling with the impact of coronavirus. The government provides banks like Royal Bank of Scotland with a guarantee for 100% of the loan. 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.

The government has announced the Bounce Back Loan Scheme will close on 31 March 2021. You must have started your application by 31 March 2021 to be considered for lending under this scheme.

With a Bounce Back Loan, you can apply for lending from £2,000 up to £50,000 (to a maximum of 25% of your annual turnover). It's offered over a fixed 6 year term, though there are no fees if you want to repay the loan early. The loan is 100% guaranteed to the lender by the government, with no personal guarantees needed. However, the loan holder remains 100% responsible for the debt.  You will need to self certify affordability.

The Bounce Back Loan Scheme is provided through a government scheme and does not benefit from the same level of consumer protection as our other loans. If you are in any doubt about whether this loan is right for you, you should take legal advice.

Under CBILS, you can apply to borrow between £50,001 and £5m over a term of up to 6 years. No early repayment fees apply. The government guarantees 80% of the loan to the lender. However, the loan holder remains 100% responsible for the debt and security may be required. Loans are subject to our affordability criteria.

Both offer an initial 12 month repayment holiday (this may mean you pay more interest over the loan term).

At the time you take out your Bounce Back Loan it will have a 6 year term. 

Any Top-Up amount will expire on the same date as your original Bounce-Back loan.

The government has announced Pay as You Grow (PAYG) options, which includes an ability to request an extension of your loan term from 6 years to 10 years.  

This PAYG option will be available at the end of your initial 12 month repayment holiday.  

 Your Bounce Back loan has a fixed interest rate of 2.5%.

When you took out your Bounce Back Loan there was an initial 12 month repayment holiday. 

The government has announced Pay as You Grow (PAYG) options which includes an ability to request further repayment holidays during the life of your loan. Two types of repayment holidays are available: 

1. 6 month capital repayment holiday, where you would just pay interest costs during this repayment holiday. You can request this type of repayment holiday up to 3 times
2. 6 month full repayment holiday where you would make no repayments (but interest would continue to accrue). You can request this type of repayment holiday once 

These PAYG options will be available at the end of your initial 12 month repayment holiday. You can apply for PAYG options from 60 days before your first repayment date.

We have recently sent out a communication to impacted customers advising of a correction to the State Aid amount outlined in your Bounce Back Loan agreement. 

The latest British Business Bank guidance states the State Aid should include the Bounce Back Loan facility amount and the calculated Business Interruption Payment paid by the Government. 

These corrections do not affect your Bounce Back Loan repayments. 

Please retain your records of any State Aid arising under this measure. 

The Bounce Back Loan Scheme (BBLS) is now closed to new applications, including applications for Top-Ups.

BBLS applications received by 23.59 on 31 March 2021 can be processed through to 14 April 2021.  Check the expiry date on your application form to submit your documents online in time to be considered for lending under this scheme.

If you’re waiting for us to open your loan servicing account to service a Bounce Back Loan, we’ll be in touch shortly with your first stage loan documents when we’ve opened your account. There’s no need to get in touch at the moment.

If you have a query about BBLS, or wish to discuss an outstanding application, please contact us using your usual bank contact.

After you complete stage one of your application, we'll send you two emails.

The first is a confirmation of the submission. We'll send this from no-reply@mail.olafs.natwest.com. The second email contains your application reference, and a link to complete your documents online. This will be sent from echosign@echosign.com.

Ensure you check your junk or spam folder.

If you still haven't received these emails, it's possible that an incorrect email address was entered. If this is the case, you'll need to resubmit your application.

To access your documents, you'll need to enter a unique passcode for additional security. We'll send this to the mobile number you provided. You'll be given the option to receive this as a text message, or via a voice call.

Check the phone number you supplied when submitting your initial application. This will be in the summary of your application, which you can find in the first email we sent you. We'll have sent this from no-reply@mail.olafs.natwest.com.

If this is incorrect, you'll need to resubmit your application. If it's correct, make sure you're connected to your mobile network. If it's still not come through, please get in touch.

After you complete the first stage of your application, we'll send you two emails.

The first is a confirmation of the submission, sent from no-reply@mail.olafs.natwest.com. The second email contains your application reference, and a link to complete and submit your documents online. This will be sent by echosign@echosign.com.

The application reference starts with 'CS'. Please keep a note of this reference, you'll need it to access your completed secure application documents later.

Once you've signed your loan agreement and returned this to us online, we'll aim to send the funds to you within 3 working days.

With unprecedented demand we're currently prioritising existing customers. Bounce Back Loans are available to existing Royal Bank of Scotland customers on or before 4 May 2020. If you opened a Royal Bank of Scotland Business bank account after this date, you will not be able to apply for a Bounce Back Loan with us.

To access a Bounce Back Loan, please contact your current bank. If they are unable to assist, a list of accredited providers is also available on the British Business Bank website.

If you hold a personal current account with Royal Bank of Scotland and operate a business through it, you can apply for a Bounce Back Loan by using a fee-free loan servicing account. A fee-free Loan Servicing Account is not a Business Current Account. This account will only be used as a feeder account to facilitate your loan and will be free of any transaction charges.

To open the Loan Servicing Account, apply for a Bounce Back Loan and we'll help you to set up your feeder account. We'll prioritise your application for this account. Once open, you then need to apply for a Bounce Back Loan.

To help us process your request as quickly as possible, record in business description comments that your application is for BBLS Feeder.

Log in and check the status of your application in our online application centre. Use the same details that you created when you applied for your business account.

If you haven’t already set up access to your online application centre, you can create a login now.

Yes, simply proceed through the normal application process.

Yes, you can still apply for a Bounce Back Loan providing you meet the criteria for this loan type. See our Bounce Back Loan page for details.

If you’ve been approved for up to £50,000 under CBILS, we'll be in touch with you about switching to the Bounce Back Loan scheme.

You don’t need to do anything at this time and we’ll be in touch soon.

The Bounce Back Loan Scheme replaces CBILS for loans up to £50,000.  If you've applied for up to this amount, we’re planning to complete your application under the Bounce Bank Loan Scheme instead. 

You'll receive an email asking you to confirm that you're happy for us to progress.

You can borrow up to an overall amount of £50,000 across the original Bounce Back Loan and the Top-Up combined. You won’t be able to borrow any more than 25% of your annual turnover (stated on your original Bounce Back Loan application). For example, if you originally were entitled to £50,000 but only applied for £40,000, you could apply for the remaining amount of £10,000. The minimum amount you can borrow for a Top-Up is £1000.

The Top-Up term will end on the same date as the term of your original Bounce Back Loan.

You don’t need to make capital repayments until the date that your repayment holiday on your existing Bounce Back Loan ends – 12 months after the initial draw-down of the original loan amount.

The government covers the interest on the Top-Up to the date where your original interest-free period on your existing Bounce Back Loan ends – 12 months after the initial draw-down of the original loan amount.

The interest rate on the Top-Up is 2.5%, the same as your existing Bounce Back Loan.

You’re only able to apply for one Top-Up, so think about what funds you’re likely to need.

You will have entered your turnover in "Section 3 - Loan" of your original Bounce Back Loan application form. 

To review this, you will require the CS ID, which was included in the email request to complete your application. 

This email was sent from echosign@echosign.com and contained a link to complete and submit your documents online.

Even if your annual turnover has changed since you made your original Bounce Back Loan application, you can only apply for a Top-Up of up to 25% of the turnover you stated on that original Bounce Back Application form.

A new turnover figure can’t be used or considered. This is a requirement set by the government as part of the Bounce Back Loan scheme and is not something we can change.