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Seller_WtOwWhtSrFjva

Talk About Loan Sharks!

I received my yearly invite to borrow money, which I do not need.

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

I was shocked: 18%, 20% and 30% interest rates with a 2% origination fee and other fees.

When did Amazon get into the loan sharking business?

If you borrow money at these rates, you will quickly lose your business.

The Fed is at 5%. They borrow from the Fed at 5% straight and loan back to you at 18% compounded.

Look at the banks. You loan them your money for about 2% and they loan it back to you at 22% through credit cards and such.

I am not a financial wiz so my figures may, probably off a bit.

We do not borrow money any more except above. We were selling our home so we knew we would be able to pay it back really quick.

Our policy is no cash no fun.

And in the current economy, we have not been having a lot of fun,

3 k visualizaciones
36 respuestas
Etiquetas:Amazon Business
872
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user profile
Seller_WtOwWhtSrFjva

Talk About Loan Sharks!

I received my yearly invite to borrow money, which I do not need.

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

I was shocked: 18%, 20% and 30% interest rates with a 2% origination fee and other fees.

When did Amazon get into the loan sharking business?

If you borrow money at these rates, you will quickly lose your business.

The Fed is at 5%. They borrow from the Fed at 5% straight and loan back to you at 18% compounded.

Look at the banks. You loan them your money for about 2% and they loan it back to you at 22% through credit cards and such.

I am not a financial wiz so my figures may, probably off a bit.

We do not borrow money any more except above. We were selling our home so we knew we would be able to pay it back really quick.

Our policy is no cash no fun.

And in the current economy, we have not been having a lot of fun,

Etiquetas:Amazon Business
872
3 k visualizaciones
36 respuestas
Responder
36 respuestas
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Seller_LVZcgxAgZ2xBv
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

18%, 20% and 30% interest rates with a 2% origination fee and other fees.

Ver publicación

Might as well run up debt on a credit card. Same rates and you'll get points or cash back.

441
user profile
Seller_0xdtD36hDLHBC
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

Ver publicación

Amazon is out of the lending business. They are outsourcing it to companies that are looking for desperate people who are willing to pay these (frankly) stupid rates.

320
user profile
Seller_9vW7z7iS199uk
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Amazon lending used to be a pretty good deal, we used them many times. Recently, they just dumped everyone with no advance warning at all. We found out that they had closed the program from an article online, not even an email from them. Those lenders that are now taking advantage of everyone know that people borrowed amazon money to try to expand their business and likely aren't liquid to pay the whole loan back in a few months. What amazon lending did was a disgrace, hurting many accounts who were essentially working for them, trying to build the platform and their own businesses.

150
user profile
Seller_PIYN6z6kWpV6M
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Those who truly need it are too miserable

213
user profile
Seller_y7K2usRrDUAe8
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I mean, a payday loan isn't a new concept in this country, so are we really surprised by a 3rd party loan with a 30% interest rate lol. Granted, as bad as it sounds - sharks love feasting on the desperate.

60
user profile
Seller_oDXVaydIpi3Hi
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I'm going to guess that was something "lost in translation" from their name.

user profile
Seller_cBPHuFR3Qsbms
what kind of human being are you to say such a thing
Ver publicación
30
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Seller_WKQcxV8GJk5T7
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Totally Agree!! You have some sound advice, hope someone listens.

30
user profile
Seller_NzEmZKTEdcpPZ
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I agree. Amazon Lending and Marcus by Goldman Sachs that Amazon used to offer had reasonable rates. Parafin and the other lender that Amazon now outsources this to are predatory lenders. That's a real shame for a company like Amazon to get mixed up with businesses like this.

100
user profile
Seller_pTj1n4z2Twkii
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I would personally avoid taking out a loan for our business under any circumstances. However, given the unpredictable nature of Amazon, relying solely on this platform (for your business) poses significant risks. Taking on a loan would be riskier than paying interest unless Amazon provides assurances (unlikely) that no adverse events will affect our business until the loan is repaid along with all associated obligations.

70
user profile
Seller_3FXAl4uehXWDl
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I heard Amazon themselves is no longer in the business of Lending. They are now sending you off to others for loans. Hence high interest lending companies. In the past you actually borrowed from Amazon directly. I saw a message a few months ago that said they were getting out of Lending. Please see below

​Amazon's decision to discontinue its lending program marks a significant shift for Marketplace sellers. While existing loans will be serviced, new sellers will need to explore alternative financing options.

March 6, 2024

Amazon Loan Program Discontinued

This change applies to sellers in the United States and the United Kingdom, and took effect on March 6, 2024.

50
user profile
Seller_WtOwWhtSrFjva

Talk About Loan Sharks!

I received my yearly invite to borrow money, which I do not need.

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

I was shocked: 18%, 20% and 30% interest rates with a 2% origination fee and other fees.

When did Amazon get into the loan sharking business?

If you borrow money at these rates, you will quickly lose your business.

The Fed is at 5%. They borrow from the Fed at 5% straight and loan back to you at 18% compounded.

Look at the banks. You loan them your money for about 2% and they loan it back to you at 22% through credit cards and such.

I am not a financial wiz so my figures may, probably off a bit.

We do not borrow money any more except above. We were selling our home so we knew we would be able to pay it back really quick.

Our policy is no cash no fun.

And in the current economy, we have not been having a lot of fun,

3 k visualizaciones
36 respuestas
Etiquetas:Amazon Business
872
Responder
user profile
Seller_WtOwWhtSrFjva

Talk About Loan Sharks!

I received my yearly invite to borrow money, which I do not need.

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

I was shocked: 18%, 20% and 30% interest rates with a 2% origination fee and other fees.

When did Amazon get into the loan sharking business?

If you borrow money at these rates, you will quickly lose your business.

The Fed is at 5%. They borrow from the Fed at 5% straight and loan back to you at 18% compounded.

Look at the banks. You loan them your money for about 2% and they loan it back to you at 22% through credit cards and such.

I am not a financial wiz so my figures may, probably off a bit.

We do not borrow money any more except above. We were selling our home so we knew we would be able to pay it back really quick.

Our policy is no cash no fun.

And in the current economy, we have not been having a lot of fun,

Etiquetas:Amazon Business
872
3 k visualizaciones
36 respuestas
Responder
user profile

Talk About Loan Sharks!

por parte de Seller_WtOwWhtSrFjva

I received my yearly invite to borrow money, which I do not need.

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

I was shocked: 18%, 20% and 30% interest rates with a 2% origination fee and other fees.

When did Amazon get into the loan sharking business?

If you borrow money at these rates, you will quickly lose your business.

The Fed is at 5%. They borrow from the Fed at 5% straight and loan back to you at 18% compounded.

Look at the banks. You loan them your money for about 2% and they loan it back to you at 22% through credit cards and such.

I am not a financial wiz so my figures may, probably off a bit.

We do not borrow money any more except above. We were selling our home so we knew we would be able to pay it back really quick.

Our policy is no cash no fun.

And in the current economy, we have not been having a lot of fun,

Etiquetas:Amazon Business
872
3 k visualizaciones
36 respuestas
Responder
36 respuestas
36 respuestas
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user profile
Seller_LVZcgxAgZ2xBv
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

18%, 20% and 30% interest rates with a 2% origination fee and other fees.

Ver publicación

Might as well run up debt on a credit card. Same rates and you'll get points or cash back.

441
user profile
Seller_0xdtD36hDLHBC
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

Ver publicación

Amazon is out of the lending business. They are outsourcing it to companies that are looking for desperate people who are willing to pay these (frankly) stupid rates.

320
user profile
Seller_9vW7z7iS199uk
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Amazon lending used to be a pretty good deal, we used them many times. Recently, they just dumped everyone with no advance warning at all. We found out that they had closed the program from an article online, not even an email from them. Those lenders that are now taking advantage of everyone know that people borrowed amazon money to try to expand their business and likely aren't liquid to pay the whole loan back in a few months. What amazon lending did was a disgrace, hurting many accounts who were essentially working for them, trying to build the platform and their own businesses.

150
user profile
Seller_PIYN6z6kWpV6M
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Those who truly need it are too miserable

213
user profile
Seller_y7K2usRrDUAe8
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I mean, a payday loan isn't a new concept in this country, so are we really surprised by a 3rd party loan with a 30% interest rate lol. Granted, as bad as it sounds - sharks love feasting on the desperate.

60
user profile
Seller_oDXVaydIpi3Hi
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I'm going to guess that was something "lost in translation" from their name.

user profile
Seller_cBPHuFR3Qsbms
what kind of human being are you to say such a thing
Ver publicación
30
user profile
Seller_WKQcxV8GJk5T7
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Totally Agree!! You have some sound advice, hope someone listens.

30
user profile
Seller_NzEmZKTEdcpPZ
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I agree. Amazon Lending and Marcus by Goldman Sachs that Amazon used to offer had reasonable rates. Parafin and the other lender that Amazon now outsources this to are predatory lenders. That's a real shame for a company like Amazon to get mixed up with businesses like this.

100
user profile
Seller_pTj1n4z2Twkii
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I would personally avoid taking out a loan for our business under any circumstances. However, given the unpredictable nature of Amazon, relying solely on this platform (for your business) poses significant risks. Taking on a loan would be riskier than paying interest unless Amazon provides assurances (unlikely) that no adverse events will affect our business until the loan is repaid along with all associated obligations.

70
user profile
Seller_3FXAl4uehXWDl
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I heard Amazon themselves is no longer in the business of Lending. They are now sending you off to others for loans. Hence high interest lending companies. In the past you actually borrowed from Amazon directly. I saw a message a few months ago that said they were getting out of Lending. Please see below

​Amazon's decision to discontinue its lending program marks a significant shift for Marketplace sellers. While existing loans will be serviced, new sellers will need to explore alternative financing options.

March 6, 2024

Amazon Loan Program Discontinued

This change applies to sellers in the United States and the United Kingdom, and took effect on March 6, 2024.

50
user profile
Seller_LVZcgxAgZ2xBv
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

18%, 20% and 30% interest rates with a 2% origination fee and other fees.

Ver publicación

Might as well run up debt on a credit card. Same rates and you'll get points or cash back.

441
user profile
Seller_LVZcgxAgZ2xBv
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

18%, 20% and 30% interest rates with a 2% origination fee and other fees.

Ver publicación

Might as well run up debt on a credit card. Same rates and you'll get points or cash back.

441
Responder
user profile
Seller_0xdtD36hDLHBC
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

Ver publicación

Amazon is out of the lending business. They are outsourcing it to companies that are looking for desperate people who are willing to pay these (frankly) stupid rates.

320
user profile
Seller_0xdtD36hDLHBC
En respuesta a la publicación de Seller_WtOwWhtSrFjva

user profile
Seller_WtOwWhtSrFjva

I borrowed a few years ago from Amazon for about 4% interest and paid it off within a couple of months.

Today I opened the email just to see what was being offered.

Ver publicación

Amazon is out of the lending business. They are outsourcing it to companies that are looking for desperate people who are willing to pay these (frankly) stupid rates.

320
Responder
user profile
Seller_9vW7z7iS199uk
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Amazon lending used to be a pretty good deal, we used them many times. Recently, they just dumped everyone with no advance warning at all. We found out that they had closed the program from an article online, not even an email from them. Those lenders that are now taking advantage of everyone know that people borrowed amazon money to try to expand their business and likely aren't liquid to pay the whole loan back in a few months. What amazon lending did was a disgrace, hurting many accounts who were essentially working for them, trying to build the platform and their own businesses.

150
user profile
Seller_9vW7z7iS199uk
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Amazon lending used to be a pretty good deal, we used them many times. Recently, they just dumped everyone with no advance warning at all. We found out that they had closed the program from an article online, not even an email from them. Those lenders that are now taking advantage of everyone know that people borrowed amazon money to try to expand their business and likely aren't liquid to pay the whole loan back in a few months. What amazon lending did was a disgrace, hurting many accounts who were essentially working for them, trying to build the platform and their own businesses.

150
Responder
user profile
Seller_PIYN6z6kWpV6M
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Those who truly need it are too miserable

213
user profile
Seller_PIYN6z6kWpV6M
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Those who truly need it are too miserable

213
Responder
user profile
Seller_y7K2usRrDUAe8
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I mean, a payday loan isn't a new concept in this country, so are we really surprised by a 3rd party loan with a 30% interest rate lol. Granted, as bad as it sounds - sharks love feasting on the desperate.

60
user profile
Seller_y7K2usRrDUAe8
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I mean, a payday loan isn't a new concept in this country, so are we really surprised by a 3rd party loan with a 30% interest rate lol. Granted, as bad as it sounds - sharks love feasting on the desperate.

60
Responder
user profile
Seller_oDXVaydIpi3Hi
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I'm going to guess that was something "lost in translation" from their name.

user profile
Seller_cBPHuFR3Qsbms
what kind of human being are you to say such a thing
Ver publicación
30
user profile
Seller_oDXVaydIpi3Hi
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I'm going to guess that was something "lost in translation" from their name.

user profile
Seller_cBPHuFR3Qsbms
what kind of human being are you to say such a thing
Ver publicación
30
Responder
user profile
Seller_WKQcxV8GJk5T7
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Totally Agree!! You have some sound advice, hope someone listens.

30
user profile
Seller_WKQcxV8GJk5T7
En respuesta a la publicación de Seller_WtOwWhtSrFjva

Totally Agree!! You have some sound advice, hope someone listens.

30
Responder
user profile
Seller_NzEmZKTEdcpPZ
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I agree. Amazon Lending and Marcus by Goldman Sachs that Amazon used to offer had reasonable rates. Parafin and the other lender that Amazon now outsources this to are predatory lenders. That's a real shame for a company like Amazon to get mixed up with businesses like this.

100
user profile
Seller_NzEmZKTEdcpPZ
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I agree. Amazon Lending and Marcus by Goldman Sachs that Amazon used to offer had reasonable rates. Parafin and the other lender that Amazon now outsources this to are predatory lenders. That's a real shame for a company like Amazon to get mixed up with businesses like this.

100
Responder
user profile
Seller_pTj1n4z2Twkii
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I would personally avoid taking out a loan for our business under any circumstances. However, given the unpredictable nature of Amazon, relying solely on this platform (for your business) poses significant risks. Taking on a loan would be riskier than paying interest unless Amazon provides assurances (unlikely) that no adverse events will affect our business until the loan is repaid along with all associated obligations.

70
user profile
Seller_pTj1n4z2Twkii
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I would personally avoid taking out a loan for our business under any circumstances. However, given the unpredictable nature of Amazon, relying solely on this platform (for your business) poses significant risks. Taking on a loan would be riskier than paying interest unless Amazon provides assurances (unlikely) that no adverse events will affect our business until the loan is repaid along with all associated obligations.

70
Responder
user profile
Seller_3FXAl4uehXWDl
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I heard Amazon themselves is no longer in the business of Lending. They are now sending you off to others for loans. Hence high interest lending companies. In the past you actually borrowed from Amazon directly. I saw a message a few months ago that said they were getting out of Lending. Please see below

​Amazon's decision to discontinue its lending program marks a significant shift for Marketplace sellers. While existing loans will be serviced, new sellers will need to explore alternative financing options.

March 6, 2024

Amazon Loan Program Discontinued

This change applies to sellers in the United States and the United Kingdom, and took effect on March 6, 2024.

50
user profile
Seller_3FXAl4uehXWDl
En respuesta a la publicación de Seller_WtOwWhtSrFjva

I heard Amazon themselves is no longer in the business of Lending. They are now sending you off to others for loans. Hence high interest lending companies. In the past you actually borrowed from Amazon directly. I saw a message a few months ago that said they were getting out of Lending. Please see below

​Amazon's decision to discontinue its lending program marks a significant shift for Marketplace sellers. While existing loans will be serviced, new sellers will need to explore alternative financing options.

March 6, 2024

Amazon Loan Program Discontinued

This change applies to sellers in the United States and the United Kingdom, and took effect on March 6, 2024.

50
Responder