T304 – Standard Business Loans Questions & Answers (Q&A)
We recently wrote to some customers about their business loan. When these customers applied for a business loan with us, we provided them with a Base Lending Rate (BLR) Loan, but we should have made the standard business loan available to them.
The BLR rate has increased and as a result of being on the BLR Loan, we have charged a higher rate of interest on their loan account compared to the interest we would have charged had they been on the standard business loan. Therefore, we are now providing these customers with a refund.
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