Always look at the interest rate. Interest rates is what takes your money. My advise, try to stay away from loans and keep reinvesting your sales into your business to get it to grow. Might be slower but your not giving your hard earned money away for free.
I'm on my 4th Shopify Capital loan and it's been super helpful each time. My shipping is cheap because my products are very lightweight. Also, I only ever pick the smaller loan that takes out 10% of my daily revenue. I don't think I'll ever accept the 2nd or 3rd offer with larger daily percentage repayment. Hope this helps!
Use it smartly …I used it to stock my warehouse with candle deals and the cost was well worth the savings especially as inflation increases the cost of candle supplies especially if you can pay it off quickly.
You definitely have to take these with caution, it's a great resource but people need to be aware your monthly payback amount could be more than you really want some months. :)
We are averaging 20k a month and struggling. These loans have helped out alot. I recommend not using all the money and put some aside for emergencies or to pay back on your loan.
@@StandleyHandcrafted I’ve paid off 63% of my second loan which was for $17k use that money to buy my current supplies and now after 65% they should offer me another loan but I’m going to wait this one out until I absolutely need it but I definitely recommend not blowing the loan money and putting some aside
Paypal working capital loans repayments vary between 10% and 30%. The higher the loan you take, the higher the percentage repayment they take. A 30% repayment rate can really hurt.
Yikes. Unless one really REALLY needs the funds, try not to take out loans, especially when you’re just starting out! The man in the video is an experienced candle business person so he can recover and pay off the interest rate quickly, but someone newer to a candle business may become financially OVERWHELMED by having to pay back the loan(s)! BEWARE, newbies!
Question 🙋♀️ I’m being offered 11-17k. Let’s say I go with the 10% which would be 11k, but I really only need less than half of that at the moment to get me though the holidays and what not, could I pay them off faster with the same money I borrowed so I won’t have to pay the extra $880 on top of the 11k? Hope that makes sense.
@@StandleyHandcrafted so basically the faster you pay them off the less they take from you? Or are they only pocketing the amount they show which for me is the $880 for the 10% option?
The only problem I had with the Shopify Capital loan is that if I have a cancelled sale and I need to make a refund back to my customer, Shopify STILL takes the money out of my account for the loan payment based on the sale amount.
Always look at the interest rate. Interest rates is what takes your money. My advise, try to stay away from loans and keep reinvesting your sales into your business to get it to grow. Might be slower but your not giving your hard earned money away for free.
Very true!
I'm on my 4th Shopify Capital loan and it's been super helpful each time. My shipping is cheap because my products are very lightweight. Also, I only ever pick the smaller loan that takes out 10% of my daily revenue. I don't think I'll ever accept the 2nd or 3rd offer with larger daily percentage repayment. Hope this helps!
I ship something that weighs less than 3oz and usually pay about $4.20 for shipping on pirate ship have you found something cheaper?
Agreed. This is my last round of Shopify Capital. I had an amazing month in April, and paid 5 figures back to Shopify Capital 😔😔😔😔😔😔
I just stick to the 10% tier. The loans have saved me so much because it has allowed me to start purchasing items in bulk.
Im on my 3rd one, and with my credit, and where I am at in my business it has really helped me out. Thanks for the video, love the info.
Use it smartly …I used it to stock my warehouse with candle deals and the cost was well worth the savings especially as inflation increases the cost of candle supplies especially if you can pay it off quickly.
You definitely have to take these with caution, it's a great resource but people need to be aware your monthly payback amount could be more than you really want some months. :)
I wish they just deducted the amount from your payout rather than your bank account. Either way, they’ve been super helpful for me.
I’m surprised it doesn’t come out this way too.
You nailed it! That 2 days later take out sucks. Lol
I’ve got a few loans from Shopify and I felt like it was worth it.
I don’t think it was for me! That daily deduction is hurting me. I took off three
Me too
We are averaging 20k a month and struggling. These loans have helped out alot. I recommend not using all the money and put some aside for emergencies or to pay back on your loan.
Absolutely great advice! Definitely keep money aside for possible down months.
@@StandleyHandcrafted I’ve paid off 63% of my second loan which was for $17k use that money to buy my current supplies and now after 65% they should offer me another loan but I’m going to wait this one out until I absolutely need it but I definitely recommend not blowing the loan money and putting some aside
Thank you for this explanation 🎉
Off subject but can we get a close up of the Naomi jar please?
I’ll get some pics
@@StandleyHandcrafted thank you so much!
Thanx for this, great information.
Thanks so much for this info
Paypal working capital loans repayments vary between 10% and 30%. The higher the loan you take, the higher the percentage repayment they take. A 30% repayment rate can really hurt.
I saw the Paypal rates too, that 30% is steep!
Yikes. Unless one really REALLY needs the funds, try not to take out loans, especially when you’re just starting out! The man in the video is an experienced candle business person so he can recover and pay off the interest rate quickly, but someone newer to a candle business may become financially OVERWHELMED by having to pay back the loan(s)! BEWARE, newbies!
Question 🙋♀️ I’m being offered 11-17k. Let’s say I go with the 10% which would be 11k, but I really only need less than half of that at the moment to get me though the holidays and what not, could I pay them off faster with the same money I borrowed so I won’t have to pay the extra $880 on top of the 11k? Hope that makes sense.
Yes you absolutely can, they will always take their cut though. 😁
@@StandleyHandcrafted so basically the faster you pay them off the less they take from you? Or are they only pocketing the amount they show which for me is the $880 for the 10% option?
@@amandamotacrystal10 They take their cut upfront and then the 11% is just your pay rate until it’s paid off.
@@StandleyHandcrafted thank you for your help! I appreciate it ❤️
The only problem I had with the Shopify Capital loan is that if I have a cancelled sale and I need to make a refund back to my customer, Shopify STILL takes the money out of my account for the loan payment based on the sale amount.
You can still write it off on your taxes as a loss. You can write off the portion where it was refunded. That'll break you even in the end.
With all that is going on in the world, I hope people dodge loans with this. (Yikes)
sounds like a loan shark.