Can someone explain advance pay to me?

[itfusionbd]

Great Idea!

[i_top_graphicx]

On 2/18/2022 at 7:26 AM, nonontech said:

Yes, we can withdraw. And we pay it back from our future earnings. 40% from every order is automatically deducted as repayment. I have paid 98%, but for some reason, there's still about 2% that I still need to pay back though I have had enough matured balance. I have contacted CS to get this problem resolved. This is a nice feature, it helped me achieve a lot of things.

Can you please tell me how much interest did you pay? If I get loan of $2000 (because I also have this option), then how much interest I'll have to pay in addition to borrowed amount? 

[lloydsolutions]

34 minutes ago, i_top_graphicx said:

Can you please tell me how much interest did you pay?

No interest is charged on the cash advance. The total amount to pay is paid to Fiverr from your future earnings.  When you don’t have earnings, you don’t pay on the cash advance. 

The above is from here: Fiverr Help and Education Center (Cash Advance)

 

[sanjidasmrity]

Not a good option to take lone. It's getting worst for your hole life.

[art_designer4]

Hello, i am level two seller, but there is no cash advance option on my earning page, anyone let me know what's requirements for the loan

[best_cv_guru]

YOU'VE ALL GOT THIS ALL WRONG!

Sellers don't pay anything extra back with the cash advance.

It is not a loan with interest.

It is a CASH ADVANCE. They are just advancing you money in a lump sum so that you don't have to wait for the same amount of money earned in pieces.

The 40% out of future orders is 20% for their regular fee and 20% to go towards paying back the cash that they advanced you. NO EXTRA and NO INTEREST is charged.

Great Idea! I can hardly wait until this pops up in my account. I haven't had it yet.

What I plan to do to help pay it back quicker is raise my prices. There's nothing to lose!

It is stated clearly in the FAQs.

 

[nonontech]

On 5/17/2022 at 11:44 PM, i_top_graphicx said:

Can you please tell me how much interest did you pay? If I get loan of $2000 (because I also have this option), then how much interest I'll have to pay in addition to borrowed amount? 

I don't think it's a kind of interest, but as a fee because this cash advance amount has to be paid from your future earnings. So, if you took $2000 as cash advance, your total payable amount would be around $2272. This amount would be deducted from your future earnings. If you could repay it in 1 month, that's great. But if it took one year or longer for you to repay, that's pretty fair as long as you can make more money using the cash advance. $272 for $2000 is about 13.6%.

From my experiences, I would recommend to take it if you can invest it somewhere else or if you can do another more profitable business with that amount. I have taken cash advance two times and I have used the money in another more profitable business, so for me, it helps a lot. I am waiting to get it again.

If you just want the money and have nothing profitable to do with it, I won't recommend taking it.

 

Thanks.

[premiumedit]

It's a very useful feature. I've took "Cash Advance" twice in one year. Once of $2500 and once for $2000 and it took me about 2 months to pay them back the full amount so it's a pretty handy feature if you have a good cash flow on Fiverr or else you'd be paying them back for years.

And, it's not a "loan". It's a credit and there is no pressure on you to pay back to them in a certain time. They only deduct from the sales you make so if you make no sales - no problem. No pressure.

But, still, it's never good to be in debt and I won't recommend to avail this feature for any specific reason.

[williambryan392]

On 9/15/2022 at 10:40 PM, best_cv_guru said:

YOU'VE ALL GOT THIS ALL WRONG!

Sellers don't pay anything extra back with the cash advance.

 

Respectfully you're mistaken @best_cv_guru, you do pay extra back.

It is not 'interest' though as interest payable is linked to the time a loan is outstanding, and with Fiverr it doesn't matter how long it takes you to pay it back.

So there is no 'interest' to pay but there is a cash advance fee.

For example, if I want to get a cash advance of 5K, ill repay a total of $5681, therefore the fee is $681.