So far Shopify's Covid-19 response is terrible and completely self-serving. They announced an additional 200 million in small business funding. The average APR rate they're offering to merchants is at least 35% APR! That's loan shark territory. Thet's definitely NOT "We’re with you" it's more like "We’re %$#^ing you." I'm so so so disappointed. I expected more from Shopify.
35% loan...Where did u see that? Thank you
I am 100% with you on this!! I am FURIOUS & beyond disappointed in Shopify, after receiving a response to my request in adding an additional Capital Loan, while I have over halfway paid off my FOURTH loan, over 4 years. I have paid in full, to Shopify Capital over dozens of THOUSANDS of $$$, with each loan being paid off in approx 3-9 months, max! Never a day late- nothing. I’ve always overlapped my loans, no problem. As long as my original loan was paid off at approx 75% (I believe that’s what it used to be?) Now I am being denied until I meet the 95% paid mark. And then MAYBE, just MAYBE I’ll be accepted again, or rejected. Who knows!!
My biz has slowed to a hault, due to the Covid tragedy, like the majority of all businesses.
Which it’s simple math = no traffic or sales = no $ for Shopify to immediately scrape theirs off the top before we get a dime.. so how they’re expecting us to get the things paid up to 95%, so we can borrow another round (at a whopping 35% APR, 😡), to simply restock our inventories and pay our bills to keep on keepin on- blows my mind!!
Infuriating and disgusting to see their TRUE GREEEED!! Shame on Shopify! SHAME!
It’s just a matter of time before the bottom falls out on these guys.
They’re losing merchants right and left from this collapse.
Stay strong, fellow merchants! Prayers for you all that are taking such a huge hit!