Can I apply for a second Shopify Capital loan after paying off 88% of the first?

Aileenx
Tourist
4 0 1

Hi, I paid off 88% off my first loan about a week ago  and have passed the eligibility required amount. I was wondering when the option will appear to apply for the next one?

Replies 16 (16)

Nick_Marketing
Shopify Partner
1487 336 462

I recommend you to reach out directly to Shopify Merchant Support with your inquiry.
Contact page link: https://help.shopify.com/en/questions#/contact/email

Nick | Ecommerce & Marketing Technology Consultant | Toronto, CANADA
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Aileenx
Tourist
4 0 1

I have three times and not had a straight answer.

Shay
Shopify Staff
2778 440 566

Hi @Aileenx 

Thank you for reaching out to the community forums to get some more insight into when you might receive another capital offer for your business. I can understand the importance of having clarity around this topic as capital can be a huge boost for a small business. 

I know you mentioned that you have reached out a few times to get clarification on this and haven't really received a straight answer. I can help explain why that is. Each business is assessed to see if it meets the minimum threshold for capital financing, if the minimum threshold is met you may then receive a notification that your business may be eligible for capital funding. From there, if accepted, our team will provide a closer inspection of your business and use a range of tools to assess and come to a decision. 

In order to protect the integrity of this system our capital team is not able to share a lot of direct insight into what thresholds are needing to be met, this is to ensure that bad actors can't try and game the system for their personal benefit. I know that this does leave our merchants in the shadows regarding this process, but it is for the benefit of all in the long run. 

We can't guarantee that your business will be eligible for financing again and to protect our systems, we may not be able to tell you why that is. If you have reached the threshold of minimum payment and have not yet received a new offer, you most likely will not be eligible for capital at this time. 

Thank you,

-Shay

Shay | Social Care @ Shopify 
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ShavingTimeDave
Tourist
9 0 6

I was advised that I could re-apply for another loan, I applied having thought that it would be a quick process based on my last application and as my current loan is 71% clear. I committed to a massive stock purchase to extend my range. Since 15th August the deposit date has been moved forward 3 times and now it says that it's simply being reviewed. Had I known about the nearly 3 week delay , now with no success date, I would have probably approached Paypal or another organisation for funds. The Shopify Loan application process is simply not great for planning business continuity. The statement that the application will be dealt with in 5 days is false. If successful, it is likely that it will be my last.

Prettypinkpetal
Explorer
45 0 25

This is ridiculous. It hurts our businesses more than helps. Doesn’t help us in the long run whatsoever. 

Ciklonik
Tourist
4 0 1

Bro, you'll have to wait for some time, because they answer for a very long time, and it's not even about your clean credit history, but simply because they have such a service.

ShawnaRobbins
Visitor
2 0 0

Thanks all for the suggestions. 🙂

banned

Prettypinkpetal
Explorer
45 0 25

Did you ever get offered another? I’m in the same boat. 

Prettypinkpetal
Explorer
45 0 25

Did you get one? Cuz I’m also in the same boat 😞 

Prettypinkpetal
Explorer
45 0 25

Good luck. Been waiting for over 2 months. Paid it off extremely fast and still no offer 

Shay
Shopify Staff
2778 440 566

Hi @maerrychrih 

 

Shopify Capital is a service provided to eligible merchants. If your business is eligible to receive funding from us you will receive an email as well as an alert in your admin home letting you know. 

 

Shopify Capital is not something you can apply for though without first receiving an invitation for it. You can read more about what Shopify Capital is in our Help Center here: Shopify Capital · Shopify Help Center

 

@Prettypinkpetal I appreciate you sharing your feedback here about the capital funding process. I would love to hear more about how this has negatively affected your business. We care deeply about our merchants, and would only want to offer funding or capital as a means to help you grow and expand. Any feedback you are willing to share would be appreciated. If you prefer to keep it more private you can reply back to your most recent billing email with your feedback as well. 

 

Shay | Social Care @ Shopify 
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Prettypinkpetal
Explorer
45 0 25

Well when I reached out to shopify, I was told I would 100% receive one by a shopify agent on the phone. I had him repeat it just to make sure he said it correctly. Because I haven’t gotten one two months later, I haven’t been able to invest in anything I had planned. I paid it off way before my dates. Never had an issue once with shopify needing a payment for my loans. My business grew and the numbers are larger than ever before. Did I think I was going to get a loan after paying off 4 perfectly? YES! Did I plan to use it for the holiday inventory coming up and hiring an extra worker? YES! Now I can’t and I won’t make near as much money without the loan. Definitely can’t hire another worker like I wanted either. EVERYTIME I reach out, they say the same thing over and over again. It doesn’t help not knowing why we’re not getting one. It makes it worst. Some people thrive off loans because of extra inventory being in at all times. Because I can’t figure out why I haven’t gotten one yet, I lose. Not shopify, me. 

Prettypinkpetal
Explorer
45 0 25

I grew my business so fast and can easily make it double what I have now with a loan, and no one has helped me or reached out to me to try to figure out why I can’t get one. 

Prettypinkpetal
Explorer
45 0 25

Also about a month ago I got an email stating I was eligible again for a Shopify loan only to find out it was spam. So somehow someone got my information that I paid off my shopify loan and used it to try to lure me into giving my info. When I reached out to shopify because it wasn’t on my dashboard, shopify said it WAS REAL. Then asked me what the email was only to find out it was SPAM, and not real. So the emotions of the last two months has been insanely heartbreaking to me on shopifys part. It didn’t help me whatsoever. 

Shay
Shopify Staff
2778 440 566

@Prettypinkpetal thank you for sharing that with me. I can see that this has been a rollercoaster of emotions and experiences, combined with what sounds like some support interactions that were not up to our normal standards. 

 

I'm not able to review those tickets or interactions myself, but you can create a new support ticket where you flag those past conversations for any miscommunications that may have happened so that they are reviewed. We strive to always provide world class service and I am sorry if that was not the case in some of your past chats. 

 

It can be difficult to say the exact reasons why a shop is not being presented with new Capital offers as the calculation has many moving parts and the values of eligibility are not often black and white.

 

I did connect with our Capital support team and they were able to share some of the various factors that are taken into consideration; like changes in sales data in the long and short term and accountability factors such as frequent ACH transfer failures or increased chargeback rates.

 

The best thing to do is to keep sales consistent and we will continue to monitor your account for changes in eligibility. If your store becomes eligible for offers in the future, we will contact you by email and create a notice in your store admin HOME page. 

 

Shay | Social Care @ Shopify 
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 - Was your question answered? Mark it as an Accepted Solution
 - To learn more visit the Shopify Help Center or the Shopify Blog

Prettypinkpetal
Explorer
45 0 25

Good luck. Still waiting on a new one a year later after having 4 paid off. 🤬