There are currently 3 options which business that are currently paying back their Bounce back loans to choose from. You can choose one at a time or combine them, but note you will be paying more if you combine them, to understand better click here for a video explanation.
Request an extension of their loan term to 10 years from six years, at the same fixed interest rate of 2.5%.
Reduce their monthly repayments for six months by paying interest only. This option is available up to three times during the term of their Bounce Back Loan.
Take a repayment holiday for up to six months. This option is available once during the term of their Bounce Back Loan.
It’s good to note that using pay as you grow will not affect your other finances in the future. For all the information above and more please click here.