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HSBC& Santander in Banks Bad Loan Pain After Outbreak

by Byrne Anderson
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Are you interested in loans from traditional lenders? What about alternative business-funding opportunities and payment services? How HSBC and Santander are surviving the situation caused by the coronavirus pandemic? To get answers to these questions, just keep on reading the blog post.

HSBC & Santander With Bad Loan Pain

HSBC has decided to spend $3 billion on covering souring loans in the 1st 3 months. The bank anticipates doubling the mentioned amount even if things go well for the full year. HSBC expects to end up with ‘materially lower profitability.’

HSBC’s Chief Executive Officer Noel Quinn had a plan for profitability, but the COVID-19 pandemic is putting rocks on their way. After all, the banking industry around the globe is going through tough times.

Santander already had much higher provisions as compared to lots of other European banks. Now, the bank has put aside 1.6 billion euros to cover the losses caused by the pandemic.

According to the Bank of England’s deputy governor for monetary policy Ben Broadbent, the country’s economy has been shaken by the outbreak, and the recovery will require even more financial support.

Best Merchant Account and Loans UK

The number of small businesses having applied for the recently introduced loans by the UK government reached over 100.000 shortly after they became available. The government has launched a microbusiness Bounce Back Loans scheme for 12 months, without any interest fees, with £50.000 limit, and 100% guarantee.

What if you can’t get a state-backed loan? In fact, businesses in the UK are having a difficult time getting approved for these loans.According to BBC News, many business owners are complaining against Santander (SAN), HSBC (HSBC), and Barclays (BCS), as they couldn’t get access to the funding.

Thankfully, there’re reputable merchant-services experts in the country that can help you fast and easily get approved for alternative financing. Besides, they can help you find the best merchant account and the right payment-processing you need, thanks to the unbiased review of merchant-processing companies they provide.

So, as the British Office for National Statistics reports, Q1 of 2020 witnessed a 2% contraction in the UK economy. Small businesses are struggling to get access to £50k loans offered by the government. If you need alternative funding options and merchant services, turn to a reliable comparison expert in the UK.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can help you with the best merchant account in the UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.

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