I’m TRS. I don’t have that. Still waiting for it.
How can possible advance loan system???please tell me…
I just used the cash advance and would love to share the results.
To use the cash advance you must go to the Earnings menu and locate a new button on the right side. Keep in mind that this feature may not be available to all users (yet).
I suspect that this feature depends a lot on how much you are billing in Fiverr, and that this will also affect the maximum amount you can ask for.
As many have already mentioned, Fiverr is charging a (total) interest of 13.6%. It is not correct to think of this with a monthly or annual interest, it is the total amount that Fiverr is earning.
The terms of the transaction are visible only after selecting the advance amount. They basically explain how this money advance is going to be collected
Once you accept the terms, the amount is automatically credited to your balance. In this case, it was $500, that is, there is no fee to worry about, you will receive the exact amount you asked for.
Now, how is this money advance collected? I casually did the operation before a payment. This payment was for a Gig of $50. Under normal conditions, I would have received $40 for this order ($50 - 20%) but instead I received only $24.
In other words, the order was for $50, from which the usual 20% of Fiverr was deducted and then another additional 40% was taken to pay the cash advance.
I hope this is useful for those who are interested in this feature.
Can you withdraw the cash advance? Is there any limitation for it?
Thanks for explaining
I am curious to know the requirements for cash advance option. Is there a minimum amount you need to earn to be eligible for that option? Like over $10k, $20k, $30k… ?
Is there anyone who has earned less than $20k eligible for this option ?
how to get this Feature? I am a level 2 seller
I have this GET CASH ADVANCE option, but it wont let me check the small box for agreement, is there someone tried it?
Yes, you are right…
This is extremely similar to the PayPal Working Capital program that is offered to certain PayPal clients only (suspect Fiverr will operate similarly to minimise risk for Fiverr) and the benefits are super-fast access to capital for business purposes, and no impact on credit scoring.
I used the PayPal Working Capital system twice and found it excellent. As this advance is likely only made available to those with good cash flow on Fiverr, it isn’t likely to lead people into problems but could be a useful stopgap in cash flow for a specific business venture, making the interest worthwhile.
That was what I found, anyway, with the PayPal system. I couldn’t fault PayPal’s version and have enjoyed having access to it. Given that an individual is not assessed in the same way as for a loan, this should be seen as a working capital advance and the higher interest is due to no credit scoring assessment or impact. Some banks would take a week to assess me for £5k, and would want signed paperwork; the comparative ease of these schemes appeals to entrepreneurs with a need for fast funds.
Repayments were swift and easy, and the faster you pay back (with the PayPal system) the more you’re offered next time. I think if Fiverr are careful in terms of making this available, it will be useful for many.
I have tried and faced the same issue!
thanks a lot, Understand.
Read the terms and conditions. Scroll down to check the box.
can it be withdrawn?
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@alexia I make about 1500-2000 a month and I got the feature
Yes it can. To paypal or your Payoneer card.