Pay As You Grow - Application Form
Below is our form if you wish to apply for a Pay As You Grow option on your Bounce Back Loan.
Key Features of Pay As You Grow
If you expect to be in a better position to repay in the future you may want to consider the following options under Pay As You Grow:
- Reduce your monthly repayments for six months by paying interest only
- Take a payment holiday for six months
If you're only able to repay a smaller amount, you may also want to consider the following option under Pay As You Grow:
- Request an extension of your loan term from six years to 10 years
You will only be allowed to select one option from either 'Interest Only', 'Payment Holiday' or 'Term Extension'. Additionally, depending on your scenario, you might also be able to take out a 'Term Extension' alongside an Interest Only or Payment Holiday.
For full details about Pay As You Grow or Bounce Back Loans, or to find out more about making your repayments visit the Pay As You Grow page. You may also find it useful to use our repayment calculator (Excel file), which allows you to see how your monthly repayments and total loan cost may change.
Please consider the financial circumstances of your business when reviewing and selecting Pay As You Grow options below and ensure you have read and understand the implications of accepting the declarations prior to submitting the form.
If you are worried about your finances, you can contact us at any time to discuss your individual situation. Your dedicated Relationship Manager or Small Business Advisor are available to support you. If you don't have a Relationship Manager or Small Business Advisor you can contact us on 0800 633 5783.
You can also review our webpage on financial difficulties for further information & support.
Please note: You can apply for a Pay As You Grow option 30 days before your 12 month repayment holiday ends. Please do not apply before this as we will be unable to process your request. Information on your repayment dates and amounts are included in the Pay As You Grow communications we have issued.
If you have received a BBLS Top-Up Loan, the Pay As You Grow options will be applied to both the original BBLS Loan and the BBLS Top-Up Loan. You only need to complete this application form once.
Please complete the details below for the business on behalf of which you are applying for a Pay As You Grow.
Please enter your Danske Bank Business Sort Code & Account Number:
So that we can contact you if there are any issues with this application, please fill in your personal contact details.
SMS messages will be sent to you to keep you informed of the progress of your application and will be sent to the mobile number we currently hold for your account. If you would like to update your contact information or if you don’t receive these messages please contact us.
You could reduce your monthly repayments for six months by paying interest only.
- The total amount you owe will go up. This is because your interest costs increase as a larger amount of your loan is outstanding for longer and you're repaying your loan over a longer period.
- This option is available up to three times during the term of your Bounce Back loan.
Sorry, an 'Interest Only' can only be applied for three times during the term of your Bounce Back Loan, therefore you can't continue with this application. Please consider the other options available to you.
You could take a payment holiday for six months.
- You'll make no capital repayments or interest payments during this time.
- The total you owe will go up. This is because your interest costs increase as interest accrues during the payment holiday, a larger amount of your loan is outstanding for longer and you're repaying your loan over a longer period.
- This option is available once during the term of your Bounce Back Loan.
If you're only able to repay a smaller amount each month you could request an extension of your loan term from six years to 10 years at the same interest rate.
- Extending to 10 years would reduce monthly payments on your loan.
- You'll accrue more interest, so the total amount repayable on your loan would increase.
- If you're considering this option, you should think carefully about your ability to repay over a longer timeframe, taking into account such things as if you intend to cease trading or retire within the revised term of your Bounce Back Loan.
It is important for us to understand your current circumstances. The information you provide below will help us to process your application.
Pay as You Grow Options are open to all Bounce Back Loan borrowers. You do not have to be in financial difficulty to apply for a PAYG option.
Please select either yes or no to the statement and questions below:
In order to progress with a Pay As You Grow application you must select 'Yes'. If you are unsure and would like to talk to us please contact your Relationship Manager, Small Business Advisor or call us on 0800 633 5783 for further assistance.
When you click 'Send' you also agree to send your information to us at Danske Bank.
To find out how we process your data please view our privacy notice.
As you will be aware the Bounce Back Loan Scheme ("BBLS"), is a Government initiative to support businesses which have been impacted by Covid-19. The Covid-19 Loan Schemes are managed by a subsidiary of the British Business Bank plc ("BBB") on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy ("BEIS").
Certain information about BBLS including customer data must be shared with the UK Government and the European Commission who may publish details on their respective transparency websites. Customer data is information which you provided to us for the purpose of obtaining your BBLS Loan and/or TopUp and/or PAYG Option, as well as information about the BBLS loan. Your information ("Customer data") will be used under the BBLS for data analytics; and also for meeting reporting obligations to the European Commission and the UK Government.
For information about how your data may be used, please refer to the BEIS Privacy Notice and the BBB Privacy Notice. The Privacy Notices can also be found on the BEIS website (see publications - COVID-19 loan schemes) and the BBB website. For further information about data reporting to the European Commission and the UK Government please see the BBEIS Q&As and the BBB Q&As.
Once you click submit, if the details included in your application are correct we will begin to process your request. If we need further information we may contact you to discuss your application.
SMS messages will be sent to you to keep you informed of the progress of your application. These will be sent to the mobile number we currently hold for your account. If you would like to update your contact information or if you don't receive these messages please contact us. Notifications sent by SMS messaging will only be sent between the hours of 8am and 10pm. Any applications received outside of these hours will receive updates when normal operational hours resume.
We will send you a letter confirming the outcome of your application and if successful to confirm your new repayment details. This will be sent to you to be signed and then returned to us, either digitally if you are registered for Digital Signing or to the registered address for your business.
You should sign this document in line with your usual signing process and return it to us no later than 10 days before your first repayment date, which you can find on the Pay As You Grow communications we have sent to you.
Please ensure that you meet all of your payment responsibilities for your Bounce Back Loan until you receive confirmation that your Pay As You Grow option has been applied.
(If you experience any issues submitting the form, please ensure you have completed all fields above. Any incomplete fields will be highlighted in orange)