srarifuzzaman Posted February 16, 2021 Share Posted February 16, 2021 What is this? Is Fiverr give loan to the sellers? 38 Link to comment Share on other sites More sharing options...
mateusbl Posted February 16, 2021 Share Posted February 16, 2021 Yes exactly, and the sellers pay 13.63% fees. I received this message now… looks like that every sell instead of charge 20% will be charged 40% to give back the loan. 24 Link to comment Share on other sites More sharing options...
gwyneth_galvin Posted February 16, 2021 Share Posted February 16, 2021 *** No need to comment explaining this to me - it’s been explained below multiple times! 🙂Am I reading this right? I just got offered to take part in Fiverr’s advance-pay thing, where you can withdraw money not yet in your balance under the condition that you will pay it back from your future earnings.But… Fiverr takes 40% of your future earnings instead of 20%??? Is that correct?As a condition of your participation in the Fiverr Cash Advance Program, you agree to:Authorize Fiverr, including Fiverr’s Payment Services Providers (as defined in the Fiverr Payment Terms) to deduct, as agreed, the 40% Take Rate from the Future Receivables owed to you in connection with your completed Gigs on the Fiverr Site;it also says that if I withdraw 5,000 now, I’ll have to pay back 5,681 later. So what’s the 40% about?I’ve read the fine print but it’s a lot of legal jargon and I don’t really get it.EDIT Thank you @cynicalking for explaining, this is what I was confused about and it makes sense to me now 🙂 It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance. I see it more like credit. 26 Link to comment Share on other sites More sharing options...
imagination7413 Posted February 16, 2021 Share Posted February 16, 2021 Don’t do it. Not worth it.(Is this in the Payment part of the ToS?) 15 Link to comment Share on other sites More sharing options...
gwyneth_galvin Posted February 16, 2021 Share Posted February 16, 2021 Don’t do it. Not worth it.(Is this in the Payment part of the ToS?)Don’t do it. Not worth it.Yeah not to be dramatic but I wouldn’t really trust Fiverr with this kind of contract haha! I’m not tempted. I just would like to understand it bc if they’re taking 40% of people’s earnings in exchange for advance pay that’s wild.I haven’t searched the main ToS for this yet but I’ll prob do that. I found the info I posted in the Terms and Conditions in the advance pay page. 17 Link to comment Share on other sites More sharing options...
imagination7413 Posted February 16, 2021 Share Posted February 16, 2021 That’s debt. And credit.If Fiverr wants to turn into a ‘payday lender’ (loan shark), I’ll be leaving immediately. 16 Link to comment Share on other sites More sharing options...
enunciator Posted February 16, 2021 Share Posted February 16, 2021 Sounds sort of like those payday-in-advance businesses that seem to be conveniently located next to tobacco and liquor stores… 15 Link to comment Share on other sites More sharing options...
gwyneth_galvin Posted February 16, 2021 Share Posted February 16, 2021 Sounds sort of like those payday-in-advance businesses that seem to be conveniently located next to tobacco and liquor stores…Yeah. Seems gross and predatory for me. Some of the decisions Fiverr makes make me really uncomfortable. 19 Link to comment Share on other sites More sharing options...
cynicalking Posted February 16, 2021 Share Posted February 16, 2021 Don’t do it. Not worth it.Yeah not to be dramatic but I wouldn’t really trust Fiverr with this kind of contract haha! I’m not tempted. I just would like to understand it bc if they’re taking 40% of people’s earnings in exchange for advance pay that’s wild.I haven’t searched the main ToS for this yet but I’ll prob do that. I found the info I posted in the Terms and Conditions in the advance pay page.It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance. I see it more like credit. 16 Link to comment Share on other sites More sharing options...
enunciator Posted February 16, 2021 Share Posted February 16, 2021 It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance. I see it more like credit.I would have excepted more cynicism from the cynical king! 14 Link to comment Share on other sites More sharing options...
imagination7413 Posted February 16, 2021 Share Posted February 16, 2021 Debt is dumb. This kind of debt is even more foolish.ALL of us regulars here on the forums have heard EVERY possible story of cancellation, sudden removal of gigs, and plummets in ‘rank’.This is a terrible, horrible, rotten, no good, very bad idea. 20 Link to comment Share on other sites More sharing options...
cynicalking Posted February 16, 2021 Share Posted February 16, 2021 On 2/16/2021 at 4:21 PM, enunciator said: I would have excepted more cynicism from the cynical king! lol, actually my username is from the music band cynic. Big fan lol. On 2/16/2021 at 4:23 PM, imagination7413 said: Debt is dumb. This kind of debt is even more foolish. ALL of us regulars here on the forums have heard EVERY possible story of cancellation, sudden removal of gigs, and plummets in ‘rank’. This is a terrible, horrible, rotten, no good, very bad idea. Being from a country with hyperinflation where credit is inexistent, I’m finding it pretty tempting. Don’t find it a bad deal at all. 14 1 Link to comment Share on other sites More sharing options...
donnovan86 Posted February 16, 2021 Share Posted February 16, 2021 It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance. I see it more like credit.It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance. I see it more like credit.However, this is money you already earned. So it’s not credit if it’s already yours. 14 Link to comment Share on other sites More sharing options...
imagination7413 Posted February 16, 2021 Share Posted February 16, 2021 From what’s said in the OP, this sounds like credit. I would need to see the details. (Help center doesn’t have anything yet, as far as I can see. I’ll look in the ToS next.) 13 Link to comment Share on other sites More sharing options...
cynicalking Posted February 16, 2021 Share Posted February 16, 2021 It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance. I see it more like credit.However, this is money you already earned. So it’s not credit if it’s already yours.I’m not following you? They’re giving sellers money in advance, which they have not earned, to be paid back with future earnings from sales. How is it already mine? 12 Link to comment Share on other sites More sharing options...
donnovan86 Posted February 16, 2021 Share Posted February 16, 2021 I’m not following you? They’re giving sellers money in advance, which they have not earned, to be paid back with future earnings from sales. How is it already mine?You’re talking about Early Payout, right? 11 Link to comment Share on other sites More sharing options...
imagination7413 Posted February 16, 2021 Share Posted February 16, 2021 OP showed “Fiverr Cash Advance Program” in the quoted section.And I’m not finding anything in the ToS or Payment page. 13 Link to comment Share on other sites More sharing options...
cynicalking Posted February 16, 2021 Share Posted February 16, 2021 On 2/16/2021 at 4:36 PM, donnovan86 said: You’re talking about Early Payout, right? No, this is a new feature appearing on the earnings page, named Cash advance. Anyway, I don’t know if there’s an issue with my account or if they jumped the gun with the new feature, because I cannot check the box to accept the terms and conditions to proceed with the cash advance. 11 Link to comment Share on other sites More sharing options...
imagination7413 Posted February 16, 2021 Share Posted February 16, 2021 Nothing in my page. Maybe you have to have an order in progress? 11 Link to comment Share on other sites More sharing options...
donnovan86 Posted February 16, 2021 Share Posted February 16, 2021 Anyway, I don’t know if there’s an issue with my account or if they jumped the gun with the new feature, because I cannot check the box to accept the terms and conditions to proceed with the cash advance.I don’t have that. They just added Early Payout for me today.Anyway, I don’t see why would you get a loan from Fiverr. I mean, some might, I guess. 10 Link to comment Share on other sites More sharing options...
gwyneth_galvin Posted February 16, 2021 Share Posted February 16, 2021 It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance. I see it more like credit.It’s not like they’re taking 40% on top of what they’re “loaning” - it’s being used to pay back the advance.thanks for explaining, that’s what I was confused about 🙂 12 Link to comment Share on other sites More sharing options...
blavaro Posted February 16, 2021 Share Posted February 16, 2021 It could work for people who might not get loan in a bank. :thinking:It would need to be expensive considering the risk.It would be much clearer if terms are available.By the way, there´s ToS update February 2021. 13 Link to comment Share on other sites More sharing options...
vovkaslovesnyy Posted February 16, 2021 Share Posted February 16, 2021 It could work for people who might not get loan in a bank. :thinking:It would need to be expensive considering the risk.It would be much clearer if terms are available.By the way, there´s ToS update February 2021.It would need to be expensive considering the risk.It looks expensive, but everything depends on the situation.You receive $5,000 now, but you have to return $5,681.So, Fiverr takes the amount of $681 for this service (~12%).And every time you receive $100 for an order, Fiverr will cut $40 (40%) until you repay $5,681. 16 Link to comment Share on other sites More sharing options...
ggarg96 Posted February 17, 2021 Share Posted February 17, 2021 It would need to be expensive considering the risk.It looks expensive, but everything depends on the situation.You receive $5,000 now, but you have to return $5,681.So, Fiverr takes the amount of $681 for this service (~12%).And every time you receive $100 for an order, Fiverr will cut $40 (40%) until you repay $5,681.Yeah, this is simple enough for the explanation.Interest is 13.6% that I am able to calculate. And from each order 40% will be deducted - 20% is their usual fees and 20% is used to repay the loan. 11 Link to comment Share on other sites More sharing options...
vovkaslovesnyy Posted February 17, 2021 Share Posted February 17, 2021 Yeah, this is simple enough for the explanation.Interest is 13.6% that I am able to calculate. And from each order 40% will be deducted - 20% is their usual fees and 20% is used to repay the loan.And from each order 40% will be deducted - 20% is their usual fees and 20% is used to repay the loan.One correction.They mention “the pre-tax amount”, so 40% will be taken from cleared funds after deducting 20%. 12 Link to comment Share on other sites More sharing options...
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