Amazon lending worth a shot?
Hi guys,
I have question regarding Amazon lending. Is it worth a shot? I saw a video stating that they increase lending amount for next time. Is it right?
Thanks
55 replies
Seller_7VbclcPFFRTnc
have you been offered a loan ?
if so, have you compared their rates to your own banks and other lenders ?
and the repayment schedules too ?
can you afford the repayments ?
and most importantly, would you ever have looked at / needed a loan if amazon were not offering one ?
Seller_lljyzgTxr5fgI
Not necessarily. It all depends on your performance. We have had a number of them over the years and they’ve worked pretty well for us. The first three were the same amount, then the fourth one was double. The next two were the same as the fourth. Not had any for a couple of years now.
They work absolutely fine providing you have a constant income from sales. If your sales are seasonal or can be erratic, you might not wish to accept. There is, however, a very useful benefit from taking a loan from Amazon Lending, which I won’t mention here, but which other sellers who have had loans will have noticed, I’m sure.
Seller_rQvQ81c4j1EhT
I think so, my 1st one was £1500, my last one was £98,000 but they always have to be paid back with 12months. When i took mine out I noticed my sales increase.
Seller_4EP71c7vPg4eY
I am indian in U.K. , please do not at fall for the scam
Seller_aovSrGTvHBnnz
I fully recommend it but ONLY if you actually need it.
The rate isn’t too bad either but the only thing is that you have to pay back in a very short period of time, 3, 6,9 or 12 months. If it’s your 1st loan, you’ll usually have to pay back in 3 months
If you can afford the repayments then it’s a no brainer and if your sales keep increasing, they will keep offering bigger loans and it’s usually deposited and available in your bank account within 2-3 days.
As long as you’re on top of your numbers then you are good.
Seller_sSxf9ltVoIMz9
‘Worth a shot’. Surely you either need the money or you don’t. Three reasons to do anything in business. 1 it increases sales, 2, it reduces costs, or 3, it’s a legal requirement.
If it’s 1, Increases sales, which is the one most people think (or hope) is going to happen then ask two simple questions, how much will my operating costs increase and what is the cost of the loan? Finally ask the third more complicated question. If I don’t sell more and make more profit what will happen then. Can I afford to repay the loan even if I’ve been too optimistic as most people generally are.
Seller_lljyzgTxr5fgI
Just for comparison, we have had six loans, starting with 13.39% for a 3 month loan to 8.00% for a 6 month loan. The interest payments were therefore not hideous.
