I took a LOAN from Amazon last month, NO SALES! what is going to happen?
Does anybody know what will happen to my loan payment when there are no orders/sales? I need to pay it within 6 months and no sales at the moment. My first payment is due on the 1st of April. Amazon might charge my credit card and I am a bit worrying. Hope someone can offer any thoughts?
Thanks in advance…
I took a LOAN from Amazon last month, NO SALES! what is going to happen?
Does anybody know what will happen to my loan payment when there are no orders/sales? I need to pay it within 6 months and no sales at the moment. My first payment is due on the 1st of April. Amazon might charge my credit card and I am a bit worrying. Hope someone can offer any thoughts?
Thanks in advance…
Seller_ovQaquDIQinnO
Hi guys, This is the positive news I got from Amazon (Amazon LOAN).
Hello from Amazon Selling Partner Support,
I understand that you have queries relating to your current loan.
Effective 26 March, 2020, we will be pausing repayments on your outstanding loan with Amazon Lending. Your loan will not accrue interest during this period. Loan repayments will restart from 1 May, 2020. Your next loan statement will be on the same day of the month as you have now. You will have the same number of remaining payments once repayment resumes.
Please note, it will take time to implement this change throughout our tracking systems, so you may still receive a loan repayment notice issued after that date. You can disregard the notice.
If you have questions, please reach out to amazon-lending@amazon.co.uk.
Sincerely,
Amazon Capital Services (UK) Ltd.
Frequently Asked Questions
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How long will the loan repayments be paused? Loan repayments for loans from Amazon Lending will not be collected between 26 March, 2020 and 30 April, 2020. During this period, Amazon will not initiate any collections and the loan will not be considered past due. This will not impact your future loan eligibility.
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Will my loan repayments start again after 30 April? Yes. After 30 April, 2020, your ordinary loan repayments will restart and the remaining loan term will be extended automatically to account for this period.
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Will the loan continue to accrue interest? During the period that loan repayments are paused, they will not accrue any interest.
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What if loan repayments were still withdrawn from my account between 26 March through 30 April, 2020? We’re working on implementing this pause in loan repayments throughout our tracking systems, but there’s a chance funds may still be collected from your account for your payment. Please contact us and we will refund your payment.
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What if I want to continue paying off my loan? You can learn how to make a bank transfer payment by accessing the Amazon Lending page on your Seller Central Account (REPORTS > Payments > Lending > click on active loan). From this page, select the option to “Learn how to make a payment from your bank account” and follow the steps described onscreen. You will be given a reference number to use in your transfer and will be given the account number and sort code where to send the funds.
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What if I have additional questions regarding my loan? If you need more assistance, email amazon-lending@amazon.co.uk with your questions.
Thank you for taking the time to read this.
Should you have further queries please do not hesitate to contact us at any time via support@amazoncapitalservices.co.uk and we will be more than happy to assist you at any time.
Have a nice day.
Please let us know how we did.
96 replies
Seller_f5cnodyVjLD4S
Nobody knows yet, hopefully Amazon will come good. If not, there is help out there.
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
Seller_L3E8iknKXqZNV
check terms and conditions
with paypal working capital if your sales are not enough, you are still obliged to pay in a minimum sum
Seller_WDhdcjDfu6Z4g
I would strongly suggest you contact the lending team, and be open and honest and explain your predicament. Their email is: ‘support@amazoncapitalservices.co.uk’
Good luck
Seller_RIznebYAZmQDk
I emailed amazon asking what is their policy in light of lenders giving payment Holidays. They said they will accept inquiries on a case by case basis to see how they can help.
But really in view of the restrictions on selling they should give an automatic payment holiday.
They have not offered any information on if they have a policy.
Seller_z5IIdzraU6omK
Running a business in any climate can be tough with ups & downs along the way. A well run and well planned business should cope quite easily with a downturn in trade, it happens.
Meanwhile supermarket and Amzn profits are soaring.
Just to confirm the up to 10k grant from ‘Lord Boris’ and his cronies is for businesses who receive a business rate bill from the the local council every year.
Seller_L3E8iknKXqZNV
Nobody is getting handouts
they are getting government guaranteed loans
Seller_YhVpuyNJnTnUw
amazon probably will give you a break, email them and ask.
Seller_dotUZJUB3ccs1
You normally get 30 days to pay after your due date.
Seller_W3X7ltbdEm2Dq
I think this is a little wake up call for us all to try and build up a rainy day fund, if and where possible.
Also, someone on here once said (and I thoroughly agree) that amazon should never be considered a main source of income. Sort of make hay while the sun hypothetically shines. Other avenues of income such as own websites I think should ideally be the main source.
Just my thoughts. I am also seeing a cliff-fall in sales on all platforms the last week or so. Not a lot we can do other than hit the red wine and gin in the evening.
Seller_iwDZC5h1MCUbw
In reality you will need to pay this loan on time, the government help / grants won’t clear or come in time for you to make your first payment.
Contact Amazon lending explain your situation they might be able to extend your loan meaning smaller monthly payments or give you a payment break BUT this is Amazon your account would go minus and you would owe Amazon and if you can’t clear the balance they will try charge the payment method. If the payment method does not cover it your account will be suspended.
