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I Just Got Access To Fiverr's Cash Advance Feature


izah_moh
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I don't know how to feel about this one...

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It seems too good to be true, which is why I'm skeptical.

Any advice from other sellers who've used this feature? Did you love using it/having access to it? Or do you regret ever using it? I'd love to know!

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4 minutes ago, izah_moh said:

Any advice from other sellers who've used this feature? Did you love using it/having access to it? Or do you regret ever using it?

Do you want to get a loan and you're ok with paying interest for the money you received? Are you in dire need of money now? Then maybe it's worth it. The feature works, the only problem is that you shouldn't take a loan.. try to sort your financials and don't rely on third parties to offer you money as a loan. At least that's how I see it. 

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5 minutes ago, donnovan86 said:

try to sort your financials and don't rely on third parties to offer you money as a loan.

That the main crux for me. I don't really need it right now. (I desperately did a few weeks ago.)

I have a bunch of offers paying me out today and in 3 days times, so I'm good. I just find it odd Fiverr has this feature considering the type of sellers that roam around the platform. Also just wanted to have a casual conversation about it.

Edited by izah_moh
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57 minutes ago, donnovan86 said:
1 hour ago, izah_moh said:

 

Do you want to get a loan and you're ok with paying interest for the money you received?

No interest is charged on the cash advance. 

53 minutes ago, izah_moh said:

I just find it odd Fiverr has this feature considering the type of sellers that roam around the platform.

Fiverr Cash Advance is only available to selected sellers.

Eligibility criteria are automatically defined and are subject to change. Your eligibility can change, as it is based on your sales and performance history. 

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

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1 hour ago, lloydsolutions said:

No interest is charged on the cash advance. 

Something is. Fees? I never checked it out before so I did right now. If I take a $5000 cash advance, it says I pay back $5681. That's a pretty hefty fee or whatever the correct term is here.

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Well even if it's not interest, some sort of fee is added there, I don't think Fiverr would offer this service without any benefit on their side, and clearly you have to pay something extra. 

Anyway the service is not for me, I don't like the idea of dealing with any sort of debt.

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1 hour ago, melanielm said:

Something is. Fees?

 

23 minutes ago, donnovan86 said:

Are you sure?

 

There is no pressure to pay the cash advance, especially since no interest is charged. You pay with your future earnings, that is, for every sale you make as a Fiverr seller, 40% of its post-tax value is used to pay Fiverr until the cash advance is paid in full. If you don’t make any sales, you don’t pay anything on the cash advance. 

 Example: 

You completed an order for $10. See the Cash Advance breakdown below:

Item

$US

Order amount

10.00

Standard Fiverr commission

-2.00

Net income

8.00

Cash Advance payment
(40% of the pre-tax value on $8.00)

-3.20

Amount available for withdrawal

4.80

The above is from the article I posted which explains how this works.

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2 hours ago, lloydsolutions said:

There is no pressure to pay the cash advance, especially since no interest is charged. You pay with your future earnings, that is, for every sale you make as a Fiverr seller, 40% of its post-tax value is used to pay Fiverr until the cash advance is paid in full. If you don’t make any sales, you don’t pay anything on the cash advance. 

Well, that is one way to market it 😁

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2 hours ago, lloydsolutions said:

There is no pressure to pay the cash advance, especially since no interest is charged. You pay with your future earnings, that is, for every sale you make as a Fiverr seller, 40% of its post-tax value is used to pay Fiverr until the cash advance is paid in full. If you don’t make any sales, you don’t pay anything on the cash advance.

"If you don’t make any sales, you don’t pay anything on the cash advance. "

I can see someone, definitely not me, just taking the money and running. Quitting the platform altogether and saying they *technically* didn't get any more sales so they don't have to pay anything back.

Fiverr should really pick their words carefully here.

6 minutes ago, lloydsolutions said:

There is no such thing as a free lunch!

Unfortunately. That's why the economy is collapsing 🤧 😅 🤣

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  • 6 months later...
On 7/13/2022 at 4:43 PM, izah_moh said:

"If you don’t make any sales, you don’t pay anything on the cash advance. "

I can see someone, definitely not me, just taking the money and running. Quitting the platform altogether and saying they *technically* didn't get any more sales so they don't have to pay anything back.

Fiverr should really pick their words carefully here.

Unfortunately. That's why the economy is collapsing 🤧 😅 🤣

That person who will collect the money and run can't be eligible!!!  If you analyse, you will notice that the amount they give you is not enough for you to give up your account/profile for it.

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On 1/23/2023 at 4:35 PM, ndakena said:

That person who will collect the money and run can't be eligible!!!  If you analyse, you will notice that the amount they give you is not enough for you to give up your account/profile for it.

I've seen people do stuff like that irl for less.

Never underestimate the length a lazy person will go to for "free" money.

But I understand the point you are trying to make. They seem to screen the people they offer this feature to.

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