I Just Got Access To Fiverr's Cash Advance Feature

[bmcdesign]

2 hours ago, huzaifa311 said:

Cash advance is only available for Top Rated Seller

That's false, it's only invite only feature, not basically by level, because i'm a level 2 seller and i was invited to use the cash advance.

[adwordhridoy]

Please, tell me details about Fiverr loan

[ashanfernando93]

They will give you a loan and deduct it from your future orders ( with additional interest rate)

[erinbledsoe]

I took a cash advance over a year ago, paid it off quickly, but never received the option again. Did anyone else experience this? I don't know if I'd take it again, it's just really strange that the option never returned. I've read sellers get to take out future loans days after paying off their current loan. Some say the option is gone completely. Anyone have any insight? 

I've been a seller two years and nearly made a 100k with perfect stats across the board since day one. It can't be due to my own status/level/stats. 

Edited March 14, 2023 by erinbledsoe

[smashradio]

Cash advance is just another word for loan. In other words, Fiverr is offering this to people who they think needs it and can pay it back based on criteria I imagine is similar to what banks use. 

I've been a Top Rated Seller for years. I don't share my internal business figures on a public forum with random strangers, but safe to say, my financial situation indicates I could take out a loan with low risk to the lender. 

Yet, I've never had (nor would I want) the option to get an advance from Fiverr. If you have to take out what I'd call a micro loan to stay afloat, you're doing something wrong, financially speaking. 

As a freelancer, you should have at least one year worth of expenses set aside at any given moment, before you go into freelancing. Freelancing is just like any other business: you need to be able to operate at a loss. If you can't take that, you're not ready to be a freelancer. 

So, while I have a six-figure credit line on my credit card, I never use more than I can pay back in a month to avoid interest, and I use my credit card because of the miles I get. 

I never paid as much as a dime in interest. 

In my opinion, cash advance is a predatory practice by Fiverr to "hook" freelancers who shouldn't be freelancing into staying on the platform, trying to pay back their debt. As soon as it's paid, many will get to repeat the same cycle over and over again with no end in sight. Let's realize it; most who get the offer, don't take out the loan to invest it back into their business, but to pay their bills and put food on the table, instead of slowly and surely building a buffer. 

It's just sad. And you should probably take it as a sign that Fiverr don't think you're in enough financial trouble to take out the loan. That's most likely a good thing (not that I pretend to know your situation, though). But if you're in a tight corner, go to your bank and speak to them about it. Having a good line of credit with a serious financial institution and building a positive credit history, will do you much more good than taking up a loan from Fiverr. 

[visualstudios]

If you made 100k in your first 2 years, you're doing very well, don't worry about Fiverr loans. With that said, they seem to be a good option if you really need the cash, so I see it being useful for sellers who aren't making that much - apparently it's 0% interest, which is obviously great.

I'm generally very against paying for money, which is the case with most loans, but the truth is a 0% interest loan is incredible - money now is worth more than money later, due to inflation and opportunity cost. I find it very strange that Fiverr even offers that, I'm not very sure what the reason behind it is, seeing as they charge 1% for fast withdrawals, so logic would say a lump sum loan should have a much higher interest than that.

Hell, I would take it if I could, it's a no brainer. Give me a 100k loan at 0%, I'll take it and drop it straight into any savings account with interest, or treasury bonds, or any other guaranteed capital vehicle. If you can get 5% returns risk free, that's a free 5k you're making, with no risk. Too good to be true, actually, something must be up. I suppose that's why they don't offer it to me - I wouldn't need to touch that money to live, so I would do just that, I wouldn't be under any pressure to do extra work to make more money, I have enough on the side to go over a year with no income.

Edited March 15, 2023 by visualstudios

[williambryan392]

On 3/15/2023 at 7:47 AM, visualstudios said:

apparently it's 0% interest

it's not. $1500 advance will mean you need to repay $1704. Legally speaking it's not a loan, it's an advance on your earnings.

[visualstudios]

3 hours ago, williambryan392 said:

it's not. $1500 advance will mean you need to repay $1704. Legally speaking it's not a loan, it's an advance on your earnings.

https://www.fiverr.com/support/articles/360017972518-Anticipo

They never mention any cost, even a single time, other than "0% interest". If that's indeed the case, that you end up paying over 10%, they are being very dishonest. Shameful. They know a ton of sellers here have little to no financial literacy, and are trying to take advantage, while not even being transparent in the help materials.

Edited March 16, 2023 by visualstudios

[newsmike]

2 hours ago, visualstudios said:

They know a ton of sellers here have little to no financial literacy,

Yeah, but who's fault is that?  Damned near every store I shop in asks if I want to save 5% on today's purchase by applying for their credit card...which is 22% apr.  

 

[williambryan392]

It could definitely be clearer that there’s a fee in the help centre. They allude to it with ‘the amount you’ll pay’ but I think people may think this is just the amount you borrowed, and not the fee. This post shows screenshots of the process. At least it’s super clear when actually going for it that it comes with a fee

 

Edited March 16, 2023 by williambryan392

[nickj2013]

I've used it. And had no problems. Put the money to good use, paid it back through earnings. Seems to be a copacetic system.

[visualstudios]

Lmao, a copacetic system. The thesaurus strikes again!

Anyway, wanna know what's truly copacetic? Not paying 13%+ on money.

Edited March 19, 2023 by visualstudios

[nickj2013]

4 hours ago, visualstudios said:

Lmao, a copacetic system. The thesaurus strikes again!

Anyway, wanna know what's truly copacetic? Not paying 13%+ on money.

Which is why I wouldn’t advise using it habitually. 

[visualstudios]

7 hours ago, nickj2013 said:

Which is why I wouldn’t advise using it habitually. 

Or ever, unless it really can't be avoided.

[ranahassan7755]

Fivver give you a loan with very little interest. Let say for for $3500 you have to return $3900. Loan amount will be deducted from your future earnings, just 40% of your earnings. 

[srahamedraju200]

Fiverr loan is basically a loan that you can get through Fiverr platform. They will pay you upfront and then deduct it from your future earnings on the site.

[shalsamonkey]

On 1/15/2023 at 7:06 PM, intermezzo9 said:

unfortunately after fiverr applied the new earning page, some of the feature are disable or not available, 2 month ago i'm losing the early payout feature, i already contacted fiverr customer and they reply i'm not eligible for the feature, which is weird since i don't have any issue before the new earning page applied.

and also after i pay all of the cash advance bill, the page stuck like in screenshot, not go back to the cash advance option.

maybe fiverr change some terms of service, but right now i'm losing 2 of those key feature for my business.

did you get the cash in advance option again? 
I finished paying off my loan yesterday but the option no longer appears.

[josepepitojr]

I am not sure if this is just a coincidence, but I notice if I don't have an existing Cash Advance loan I get lesser inquiries and orders. Anyone who is experiencing this as well or is it just me?

[donnovan86]

Why would you take a loan anyway? Work hard with the resources you have. I understand taking a loan at first to buy some of the stuff you need for your business. But relying on Cash Advance? That doesn't sound like a good business decision to me. It has nothing to do with the loan, for example a month ago you had a 3 star review that might also have a negative private review attached to it. That alone will generate a lot of problems so.. it's most likely that and not the loan.. 

[shalsamonkey]

you can write to CS and ask them to review your account to see if it is eligible or not for a new cash advance, I paid my cash advance a week ago, the cash advance option appears on the earnings page, but there is no longer a button to request a new one, I wrote to support and they told me that at the moment my account is not eligible, so I just have to wait.

[shalsamonkey]

In my case it was the opposite, when I applied for the last cash advance I had less orders in general, my gigs were no longer promotable and the Early payout option disappeared. Once I finished paying the Cash Advance, I got the above mentioned benefits again.

[bethany_scraper]

I also have same problem with me, I think Fiverr removed cash advance option now, let me know if any one else know the exact reasone.

[shalsamonkey]

2 hours ago, bethany_scraper said:

I also have same problem with me, I think Fiverr removed cash advance option now, let me know if any one else know the exact reasone.

I finished paying my cash advance on April 18 and the option to request a new one disappeared until yesterday when it reappeared and I was able to request a new cash advance. At the moment I am just waiting for fiverr to finish processing the Cash Advance to have it available in my fiverr balance.

[mohd_bilal]

I remember seeing that loan option but can't seem to find it now. Can anyone help me?

[carolngugi]

On 7/25/2022 at 11:02 PM, annaroze said:

I am a level 2 seller and I haven't yet got the option of Cash advance and how and when will I get this ?

@annaroze  this might be because of your earnings. 

 

since its a loan, they need to ensure you can pay back without difficulties.. so you need to ensure your profile has orders following in at a constant rate. 

also, the bigger the orders, the better your chances as you can receive huge loans upto 5000k 

hope it helps 

Edited June 12, 2023 by carolngugi
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