If a bank has rejected your application for a loan, you can appeal that decision. Your appeal will be considered by a member of bank staff who is completely separate from the original decision making process.
What do you do if the bank turns down your loan application? You can appeal.
This is courtesy of the government’s appeals process, which was introduced in 2011 with the cooperation of the major UK banks.
In order to qualify to make an appeal you must have been turned down by a bank which is participating in the appeals process scheme. The participating banks are RBS, Lloyds, HSBC, Barclays, Santander, Bank of Ireland, First Trust Bank and Northern Bank.
It was very much worth appealing In the first two years of the scheme, 40% of decisions to refuse loans were overturned on appeal, showing that the system does work for businesses.
If you want to make an appeal, or simply want to learn more about the appeals process visit the website here.
