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Bounce back loan borrowers can delay repayments by extra six months

Tue 9 Feb 21

Businesses that took out government-backed Bounce Back Loans will now have greater flexibility to repay their loans.

The UK government announced the Chancellor's Pay as You Grow repayment flexibilities yesterday, which now include the option to delay all repayments for a further six months, meaning businesses can choose to make no payments on their loans until 18 months after they originally took them out.

The option to pause repayments will now be available to all from their first repayment, rather than after six repayments have been made.

Pay as You Grow will also enable borrowers to extend the length of their loans from six to ten years (reducing monthly repayments by almost half) and make interest-only payments for six months, in order to tailor their repayment schedule to suit their individual circumstances.

For more details, please click here.
 

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