Shopify Capital Eligibility review

[BoutiueBabe]

Hey Guys!

I have utilized shopify capital to build my business and it's been booming. I've had about 8 shopify capital loans and currently stand at 89% completion of a current loan. My eligibility was at 85%. I haven't heard anything about new offers. I call and all I'm told is that I'm still in review with no time frame. Sometimes I'm told there is a backlog issue and I'll receive an email when offers are ready. I've never had this issue, I normally see my offers within about 3 days of meeting my eligibility. it's been about a month and the eligibility has now changed to 51%. is anyone else out there having this issue? How long was it before you seen offers pop up?

[YandM]

I'm in New York and haven't received an offer since November 2021 after routinely receiving them and efficiently paying them off for 4 years. My last offer was paid off 7 months ago and still nothing. It's all a bunch of BS. They left a lot of businesses high and dry. I've been a Shopify retailer for 7 years now and recommended so many other businesses to also use their services. They don't give a s#!+ about us.

[jrn]

I am sorry to hear it!
This is how I ended up in a really bad spot financially.  Shopify wouldn't extended me an offer after I paid off 89% of my balance.  It started snowballing on me.  I applied for other loans and found out that it takes 2-3 months for SBA loan to be processed, some other business loans take  month or so... In the range of 4 months I've applied for least to 4 other loans. While waiting on a loan, my credit score started to go lower and lower. Now I've been told that I am doing not too bad it just if I paid off some debts, than I should get a loan with no problems. Thing is, currently I am not able to pay down my loans ... I am so stressed out that finding myself waking up in the middle of the night being stressed out because of finances...My husband died of Covid on the end of September of 2021. So I am a widow with children and sole provider for our family.  It is so hard.

What I've learned is:  Shopify Capital isn't reliable. We always have to have a backup. 
I

[Prettypinkpetal]

Whooo almost a year and still no offers. I guess giving thousands in fees a month for transactions makes it so shopify doesn’t care to make more money off a loan. There’s no way shopify checks these stores everyday for offers. 

[BreezyGirl]

Right! ITS BEEN A YEAR AND NO OFFERS, just say the money ran out at this point and you can't help our businesses lol. Its just insane how shopify really snatched the program away from us and it really helped at one point.

Ive given up. I'm over it.

[Prettypinkpetal]

But they are still giving loans to people. I don’t get it. 

[FTurner]

I was wondering if you ever got your Shopify Capital offer? I'm in the same boat as you. My business is doing really well. I've had five capital loans and paid all of them off early. Never a chargeback. Never an issue with payment. And yet, I've had no offer for further capital, and no one seems to be able to tell me anything except, "your shop is being reviewed" which is what they've been saying for the past three months. I was really hoping this would be settled so I could open up a new line for the holidays, but that doesn't seem likely now. I'm STRONGLY considering moving to Squarespace, or at least somewhere that appreciates me as a customer. I pay so many fees for my shop (and the additional apps that should be included). This is so ridiculous.

[BreezyGirl]

Nope 😞 nothing yet! Itsssss so frustrating!!! Im at 94% paid off and still NOTHING. Smh

[daveom66]

same here

[FTurner]

I'm 100% paid off and Shopify couldn't care less. It's incredible to me. Over $100K in loans paid off early since 2017 to not even being offered a loan at all. I don't understand the logic of alienating those customers who are your bread and butter, especially when there are other eCommerce options out there.

[BreezyGirl]

Exactly!!! Maybe they ran out of funds or something because this is so weird. So many businesses are struggling and the capital helped keep my inventory up to date. Its just so annoying. Makes me want to leave Shopify for good honestly!!! Why keep using a platform that could care less about their customers/loyal members. JUST WEIRD.

[daveom66]

the program is run by webbank, who also do paypal WC. From my experience with paypal WC they aren't out of funds. Maybe tightened their criteria for who they lend to? (incl me)

[holymtn]

odds are they were taking low interest rate loans and loaning the $ out to
us at a higher equivalent rate. with interest rates hitting 7% there's no
room for profit til the fed adjusts back down (don't hold your breath)

[Prettypinkpetal]

Nope. A whole year later and zero offers after paying off 4 easily. I wouldn’t hold your breathe. Seems like they only help a few times and then tell everyone to eff off. I would move somewhere else but my website is too cool. 😂

[FTurner]

LOL...I was thinking of revamping my site, so the move would be pretty easy! I think this is so stupid on the part of Shopify. At least I could work with a bank that supported my loyalty!

[YandM]

Still nothing for me and my store has seen record sales for the last 2 months. I haven't received an offer since November 2021 after efficiently paying off multiple offers. All of the Shopify support techs that I have chatted with all say they're really confused as to why I'm not receiving an offer. It's the same song and dance since I started questioning them last December. I've given up on it. And at this point, I'm so angry with them for doing this to their long-time loyal retailers when we needed them most, that even if I do get an offer, I'm not doing it/giving them the money. They don't deserve anything.

[Prettypinkpetal]

Same. I literally think the system doesn’t check all businesses and overlooks a ton. I’ve had them say the same thing to me. Identical. 

[daveom66]

exact same here. What bugs me is the fact they are like we can't tell you why, but your business is reviewed daily, check back blah blah, like they are protecting some kind of black box underwriting code. I can't see why they can't give us specific feedback like your monthly revenue needs to be X or your chargebacks need to be Y or issue Z needs to be fixed. It's not that bad to be transparent is it?

[FTurner]

This. Tell me, "we can't give you a loan because you made $29,000 rather than $31,000 last month." I can deal with that, and that's concrete information I can understand. But to keep saying that everything looks great and the system is just reviewing my information daily--that makes no sense at all. What's the difference between today, tomorrow and yesterday?

[daveom66]

Same. If they give you something concrete, you can plan around it. Rather than just check back tomorrow. Completely useless with regard to planning a business. There's a real gap in the funding market between the banks and the MCA people, which they should be filling but aren't. I'm contemplating big commerce headless, but given we just moved to shopify, I don't know if i have the energy. Wish i'd never moved tbf.

[FTurner]

That's actually the reason I'm looking to move my site, though it will be a pain and Shopify is the eCommerce king. I really dislike the fact that I'm paying some pretty high fees and I don't have a platform that is willing to invest in me. ESPECIALLY since they've come out with this banking thing now, or whatever.

[YandM]

Coming up on 2 years (November) with zero Capital offers. Same song and dance every month from them. I was just pre-approved for Capital with OnRamp. They connect through your Shopify sales the exact same way that Shopify Capital works. Has anyone utilized them yet? Want to be sure they're good before I accept an offer from them.

[YandM]

Nevermind on that. They only offer capital to stores that do mostly e-commerce not in-store sales. Sales are sales! Ugh the frustration continues.

[Megancox26]

Has anyone found anywhere else that are giving working capital? I’m really suffering right now just can’t seem to get ahead. We had a hard summer and I just really need some help. I tried on-ramp but because I didn’t have $3000 of sales in the last 30 days they would offer me. So frustrating. Last month was awful and I typically do about 6,000 a month which they could see but said that didn’t matter. Ugh 

[craftedby]

https://help.shopify.com/en/manual/finances/shopify-capital/united-states#request-a-loan

Found this link, will let you state how much you'd like to request and it will notify you when "you are eligible" 

[tennisracket]

Hey, did you end up getting an offer? We have the same thing. We used it 3 times and now there is no offer. Did you find a way to get it again if you did get an offer? We use it to do lump inventory purchases and boost creator content.