Pay as You Grow : Bounce Back Loan Repayment Solution
If you’re a Bounce Back Loan scheme borrower and you’re struggling to make your repayments, you can apply for the Pay as You Grow scheme. Once you’ve been approved for the scheme, you’ll be able to take advantage of repayment holidays and reduced repayments. Pay As You Grow is a new repayment system for Bounce Back Loans, giving you more time to repay your loan and making your monthly repayments more manageable.
There are several options available under the Pay as You Grow (PAYG) plan if your company is having trouble making the required monthly payments. These solutions are planned to manage cash flow and provide your company with a greater chance of returning to growth.
Businesses that have begun repaying their bounce back loans have three options:
- Ask to have your loan term increased from 6 years to 10 years at the same fixed interest rate of 2.5%.
- Paying interest just for 6 months will lower your monthly repayment obligations. During the duration of their Bounce Back Loan, they get a total of three chances to choose this option.
- Take up to six months off from repaying. During the duration of your Bounce Back Loan, this option is available just once.
If you’re struggling to repay your Bounce Back Loan? Take Bounce Back Loan repayment help from Acme Credit Consultants Ltd. For further information please get in touch with our debt specialists at 0777964801.