how to get a loan from shopify

hey guys welcome back to my channel and,if you knew you should definitely,subscribe because i'm a whole vibe okay,period,so on today's video i wanted to touch on,shopify capital,i've had a couple of y'all ask me about,shopify capital and then i'm also in a,couple of business groups,and a lot of people have questions about,it so i'm like why not make a video,because i'm sure it's a lot more people,that would like to know a little bit,more information about it especially,from someone who's tried it before,and i've already done shopify capital,about three different times so,i'm like why'd i make this video just,gonna get right into it for those of,y'all that do not know,shopify capital is basically a loan that,shopify gives,business owners i'm not gonna lie to you,i don't know what makes you eligible for,this loan i just know that once you're,eligible shopify will let you know okay,they send you emails it'll pop up on,your home screen especially if you have,the app,they're gonna let you know but if you,haven't seen the email or anything you,can always call shopify and ask them if,you're eligible that's a pretty quick,and easy process right there,now the amount you get just depends on,what shopify wants to give you so it's,not a specific amount that everyone,starts off with,they probably decide how much they're,going to give you for your first loan,based on how much sales you get,i'm not 100 sure but i'm just guessing,that makes sense,first time i did shopify capital the,highest amount i was able to get was,eight hundred dollars and that is,typically three amounts that you're able,to choose from,so they have like for example they'll be,like 300,400 and 500 obviously the higher the,amount,the higher the interest or the higher,the percentage is that you have to pay,back,for example if you choose that middle,option the four hundred dollars,they may say that if you choose four,hundred dollars you're gonna have to pay,40 percent back of each sale that you,make so that's how shopify gets their,money back,let me back up a little bit because a,couple of people were asking me well how,do they get their money back how does it,work,so shopify automatically takes it from,you every time you make a sale,the percentage varies so like i said,if you choose the smaller amount the,percentage is maybe like,10 i'm not 100 sure i know the middle,amount is 14 because that's what i,usually go with the,in the middle amount is usually the,recommended amount so they recommend you,take a certain amount i guess based off,how much you make i'm not 100 sure,and then you have the highest amount,which has,the highest percentage so like i said i,usually pick the one that's recommended,to me which is,the whatever the amount is that's in the,middle,and that's usually 14 back i usually,have to pay 14,back so from every single sale i make,shopify is going to take 14,until i pay that balance off and they do,charge a little bit of,interest uh for example if that price,that you chose was,three hundred dollars you're probably,gonna have to pay about 380 back or 400,back shopify is going to make sure that,they get a profit of course so there's a,little bit of interest you have to make,sure you read,please do not sign up for anything,without reading so you know what you're,paying,back usually when you finish paying,everything off i'll be eligible to apply,again and the amount will usually,increase but what i was told,it's not necessarily like a credit card,so just because you may pay,everything off early because you do have,the option to pay everything off early,but i was told that it's not necessarily,like a credit card where if you pay,everything off early,they're going to automatically increase,your limit they told me that over the,phone just beware that if you guys are,looking to get an increase,just because you paid things off early,does not necessarily mean that they will,give you an increase the next thing i,wanted to touch on was whether or not,it's,worth it and in my opinion if you're in,a situation where you're getting,consistent sales you do not have a,problem with buying inventory,i do not think that you should apply for,shopify capital,i feel like you should apply for shopify,capital,if you desperately need to meaning if,you need,inventory oh you need to pay for,marketing you need to pay for,shipping supplies then of course,sign up for shopify capital if you're,eligible it's going to,help you out it's going to give you that,push that you need and it's not like,they're taking money from you that you,don't already have it's not like they're,automatically taking money out of your,account they're taking money out of,whatever it is that you make here's what,i am going to say,make sure that you are making a profit,if that means you have to up your prices,to incorporate that percentage that,shopify is going to take out,then do it okay do not do not do not,sign up for shopify capital if you're,not going to get a profit and if you're,not willing to change your prices to,adjust your prices,because it will be pointless you'll be,making no money back,if you have to up your prices that's,just what you're gonna have to do,so incorporate that percentage into your,prices,and you should be good i'm not getting a,loan from someone if i'm not planning on,doubling it tripling it i do not always,use shopify capital i use it for,certain situations like if i want to,have a whole bunch of wigs on hand and i,just feel like flipping money,that's what i do when i sell those wigs,and flip that money and,although shopify is getting what they,get back i am getting that and then some,back,so you have to be smart about it but yes,shopify capital is definitely worth it,that's pretty much it that's pretty much,all the questions that i,came across or i've seen people ask in,the groups that i'm in,so hopefully this helps if you have any,more questions you can always comment,down below,or dm me on my business instagram i have,to say this i respond much faster on my,business instagram because that's where,i,am most of the time hopefully you,enjoyed this video don't forget to like,comment and subscribe and i'll see you,in the next one

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