Sellers loans companies

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United Kingdom United Kingdom
kazz
Kudos: 20
Joined: Oct 13, 2013
Sellers loans companies
13 Oct 2013
Im doing ok selling on Ebay and Amazon, but spend all the profits so thinking about a loan to grow a bit quicker.

My bank manager would laugh at me so have been looking into iwoca, Kabbage etc. for a loan to buy bigger stock quantities. Are these companies decent I dont want to take a 10k loan and find it I owe them 50k after a month?

Cheers

[Last edited: 13 Oct 2013]
Supplier
London United Kingdom
iwoca
Kudos: 30
Joined: Apr 26, 2013
Re: Sellers loans companies
14 Oct 2013
Hi Kazz,

This Lisa from iwoca. Well done on running a fast growing business - it's not easy to get it right at the beginning.

I can see your concerns, however our costs and nowhere as high as what you might thing. We don't charge set-up fees, early repayment fees of any other hidden fee, just an interest rate that ranges from 3% to 7% per month depending on the business. You also get all the flexibility you require, as you can pay back early at no extra cost to save on interest or you can get a top-up if you need extra funds.

Have a look at our "how it works" page www.iwoca.co.uk/how_it_works/ to get a better understanding of our loans or see a worked-out example of how repayment works. And if you want to get an impartial opinion about us have a look at what our customers think on our Trustpilot review page www.trustpilot.co.uk/review/iwoca.co.uk . We are also available over the phone if you have any questions, you can reach us on 020 3397 3375 - we are based in Fulham, London.

Cheers!
Lisa

[Last edited by moderator: Fixed link — 14 Oct 2013]
United Kingdom United Kingdom
kazz
Kudos: 20
Joined: Oct 13, 2013
Re: Sellers loans companies
14 Oct 2013
Cheers Lisa, really useful calculator on that page.

How do you decide what rate I get?
Supplier
London United Kingdom
iwoca
Kudos: 30
Joined: Apr 26, 2013
Re: Sellers loans companies
15 Oct 2013
I can't really tell without looking at your business as it's based on how your business has been going. I would advise you to apply on our website - it's completely obligation free and then you have a clear idea of what we could do to help. I'm happy as well to introduce you to our head of account management, so you can chat with him and see for yourself if you like it or not. Just drop me a line - lisa.starita@iwoca.co.uk

Cheers,
Lisa
Supplier
Manila Philippines
2nd Office
Kudos: 550
Joined: Aug 19, 2012
Re: Sellers loans companies
22 Dec 2013
The loan companies like iwoca, Kabbage, ezbob and the others are pretty legit. They are useful if you need extra cash to buy inventory that you know will sell fast. They do exactly what they say they'll do.

Some tips:

1. Only take out an amount you are comfortable paying back
2. Don't take out a loan thinking all of your inventory will sell quickly, because sometimes it doesn't and this is a risky move
3. Choose the loan company that will give you a good rate and the best payment terms that will work for your business

If possible, start creating those listings before the inventory even gets to your door. Once the inventory arrives get them listed so you can start paying that loan back right away!
eCommerce Staffing Solutions. Expand your team with us, so your current team can focus on innovation and save up to 70% off labor costs www.2ndoffice.co
Poland Poland
john199
Kudos: 98
Joined: Sep 20, 2016
Re: Sellers loans companies
21 Sep 2016
I would also consider using p2p bitcoin lending platforms like BTCJam or Bitbond. The cool thing about that is deff a cross-border access to investors and huge, international community contributing to the platforms.

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