The Bounce Back Loan Scheme (BBLS) is Government-backed, but not Government funded. This means the organisations that offered the BBLS had to provide the funding for the loans themselves. For banks, this was straightforward, as they have access to the Bank of England’s funds, but for non-banks, like Tide, we had to raise our own funds to lend.

The same principle applies to the Pay As You Grow Scheme (PAYG), Tide would have to finance the extension of BBLS repayment terms itself, without access to Bank of England or other Government funding. For this reason, the provision of the PAYG is down to the discretion of the lender.

Due to the nature of the way the BBLS and PAYG are funded, Tide has taken the difficult decision to not offer PAYG, as we would be unable to fund an extension for all BBLS members.

If you have more questions, tap Support in the Tide app to send us a message – we’ll be happy to help.

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.