Locked
Discussion interactions are currently paused.
Got an offer about Liberis loan from eBay, tried to apply and got error message
I recently received an email from eBay saying I'm pre-approved for $54,900 for a Liberis working capital loan.
There was a link in the email from ebay that said "access offer" but it doesn't bring me to a terms and conditions page. It just brings me to the main page asking which loan I want. I clicked on apply for liberis loan and it said it has "fast track" my information from eBay. I just had to enter in basic information. So I submitted but I keep getting an error that says "something has gone wrong". "An error has occurred and we're working to fix the problem" " we will be up and running shortly". To get help please contact customer service".
So I have tried talking to customer service and they say they actually don't have my information for the loan. They opened up a ticket on it but they still can't figure out what's going on, they say there's no technical issues they're aware of. So then I tried calling eBay, they are not aware of an issue on their end and don't have any records of any similar issues being reported. They've been investigating it for a week now and they can't find the problem.
I'm wondering if anyone else has had any similar issues and if they found a solution to it. I used to take out many of the PayPal working capital loans and found them quite helpful since I turn over inventory very quickly. But of course the PayPal working capital loans went away a long time ago...
simba6
·1 year agoBe sure you fully understand all conditions before you sign up. You could get your self into an expensive mess if not careful. I would worry.................
diecastcurator
·1 year agoDO NOT DO IT!!!
First off they dont tell you the percentage they are taking out comes out of shipping. Secondly they are not telling you the percentage they are taking is coming out of original amount ebay receives. And lastly they take out daily not based on your payouts.
And heres the kicker. If you take in $1000 and had to refund $200 to buyers for combined shipping cause EBAY forces them to pay each item one by one with offers on multiple items....and you tell customer you combine shipping and refund that money. Ebay is giving Liberis the percetnage based on the $1000 not the corrected $800 that you actually got paid...
I might be contacting a lawyer if they dont fix this matter and quickly I agreed to outragous flat interest and i agreed to 20% of my sales... Shipping is Not my sales my shipping barely covers my cost of shipping. And to top it off they are taking more money out of MY payout for them self thAn the agreed percentage
im giving them 1 week to fix this and then shutting down store till they do and if they want to go to court of this contract ill be happy ....not going to spend money on lawyer BUT I will when i have to and then i'll go after both of them fora aggravation, my time and damages too $$$$$
See if ebay fixed cart and invoice for customers with multiple offers most of this goes away...and i can live with them taking the % out of shipping EVEN though thats not what was said. But taking more thats not there and im refunding to customers and its an ADJUSTED amount ...thats the percentage they should be getting their percentage from NOT before ebay and definitely NOT before adjustments..aka same day refunds to overpayment of shipping
survivingsouthern
·1 year agoHere is a much better way if you need upfront money for a sourcing opportunity. Use your rewards credit card, so you get the reward points, and then use another credit card with a balance transfer offer to pay the rewards card off. Now you have a year or whatever the balance transfer terms were to pay it off interest free and you received the reward points discounting your sourcing cost even more. Make money work for you. 😉
bashort
·1 year agoThat is exactly the way that Illinois funds government.
collectorsgalaxy.store
·1 year agotook $7000 back in July... Paid it back in 3.5 months. Great idea.
Some people talking about 'go to a bank' ... Get a loan from a bank is nearly impossible these days.
The only thing I dont like is if the buyer gets charged tax, they take 27% of the entire amount, even though you never see any of that.
Great deal, looking to re up now that I paid off my first one this past week.
dbfolks166mt
·1 year agotook $7000 back in July... Paid it back in 3.5 months. Great idea.
Some people talking about 'go to a bank' ... Get a loan from a bank is nearly impossible these days.
The only thing I dont like is if the buyer gets charged tax, they take 27% of the entire amount, even though you never see any of that.
Great deal, looking to re up now that I paid off my first one this past week.
Just curious what you paid back in total? I.E. how much did you pay in interest? A couple things don't add up in your timeline so not sure exactly how many months/weeks you had the loan for. i.e.
$7000 back in July
Paid it back in 3.5 months.
I paid off my first one this past week.
pokeast
·1 year agoI'm pretty late to the convo but I just got offered a loan up to $1085. (Most of my sales are $1-$3 items and I do about $800/month.) Idek how I got approved for this lol but I'll take it.
Clicking the link(s) in app takes me to the ebay website where I get an error message that says the server is down and will be back up soon or something like that. After about 25 attempts, I right clicked "apply now" and opened it in a new link. Every time I had to click a link, I did this. And I finally made it to the end.
Liberis requested verification of bank account ownership and then direct deposit the cold hard digital cash into my account that night.
I took a lower amount due to the high fee that they wanted for the full $1085 but overall this should help me expand my business ever so slightly.
Hope this helps.
dbfolks166mt
·1 year agoI'm pretty late to the convo but I just got offered a loan up to $1085. (Most of my sales are $1-$3 items and I do about $800/month.) Idek how I got approved for this lol but I'll take it.
Clicking the link(s) in app takes me to the ebay website where I get an error message that says the server is down and will be back up soon or something like that. After about 25 attempts, I right clicked "apply now" and opened it in a new link. Every time I had to click a link, I did this. And I finally made it to the end.
Liberis requested verification of bank account ownership and then direct deposit the cold hard digital cash into my account that night.
I took a lower amount due to the high fee that they wanted for the full $1085 but overall this should help me expand my business ever so slightly.
Hope this helps.
Please return in about 6 months and let us know how this works out for you. I suspect you are in for some surprises down the road although it is probably better than carrying an unpaid credit card balance given the interest charges on the unpaid balance.
nuclearomen
·1 year agolikely blessing that got errors, according to the email I received from ebay on these "loans" (what ever they are calling them) they get paid back from your payouts...what's worse then sellers making minimal sales? Ebay taking money from payouts for a loan you most likely don't need anyways. All I have to say on the matter (my 2cents worth)
12345jamesstamps
·1 year agoFunny...with eBay refunds those are taken out immediately even before the sales show up in 'available funds'...
that includes sending a refund for combined shipping discount that eBay can't seem to fix...
And promoted eBay fees from items sold are also taken out before 'available funds' are received.
Would I do that 'loan' thing....nope...I already am in the negative a few times a week as it is...LOL
nuclearomen
·1 year agoyeah, but you already know (or should) what they will take from each item sale - that's determined when set price tag. FVF isn't the same thing as this "loan" thing which will take large chunk of what your payouts would be until it's paid back. There are thousands of better way one can loans then going through ebay.
short_circuit.lineman61
·1 year agoyou have some of the worst feedback that I believe I have ever seen. You do not need capitol to expand, you can not handle what you have
sportsgy39
·1 year agoSame problem, I did chat with someone, and they said the same...."they are working on it."
ten_o_nine
·1 year ago@jdmsales
Yes, God was looking out for you.
PayPal working capital was a good thing, Liberis finance charges are lso much more that I am sure once you see it, you'll close the browser.
dbfolks166mt
·1 year agoThe Liberis program is a real thing but tread cautiously. EBay does NOTHING if it does not improve their bottom line. Based on a couple of replies there are WAY too many issues with this and I can see some sellers taking advantage of the program and only all too late realizing the trap.
pinelakeparts
·1 year agoWe keep getting the same error message.
Same answer ... it's an eBay problem.
Did they get it resolved for you?
Shely
sosmachines
·1 year agoI actually went for it and got the Seller Financing (it is NOT a loan, and they are adamant about that). Ended up going with an amount far less than I was approved for because of the shadiness of the select information they choose to omit from their T&C's.
How it works is, based on your selling history they determine a pattern and from that they come up with a repayment rate. Mine is 23%. This is not an APR. It's the amount deducted from each transaction until the entire balance is repaid. Seems simple enough, but in order to facilitate repayment you must have a repayment account into which the funds get deposited. This account is set up automatically for you, by Liberis, with a bank you've probably never heard of (but it IS Liberis with a different name) and you are provided no information on how to go about accessing said account. This "Financial Institution" charges a percentage to hold and divvy out your funds. That percentage does not appear as a number and is not directly referenced in any of the legal nomenclature, either through eBay's Seller Capital links, Liberis' website, or the financing documents provided to you before and after signing the process into motion.
About a month in I had a thorough look at the figures and was alarmed by how little of my 23% repayments was actually contributing to my active balance. I saw the funds being deducted from my payouts, and I saw the resulting change in balance, but the percentage kept by the "bank" was not directly referenced or accounted for in writing ANYWHERE. With red flags popping up all over, I went to the Liberis website to see if I could make a payment directly towards my balance. They had live chat support so I sent a message. It was a Tuesday morning, but I got a bot message saying they were closed and to try back later. I sent another message saying, "Closed on Tuesdays... because that's a normal thing to do..." and walked away to get on with my day, leaving the chat window open. An hour or two later I noticed a reply from an agent. I asked if I could make a payment that would go directly and entirely toward my balance and was informed that you are allowed to make one direct payment only, and it must be enough to pay off the entire remaining active balance. The agent asked if I would like to do so. I replied, "Yes" and said nothing more. So, that's next on my to-do list.... but HERE'S THE INTERESTING PART: A few days later I went back to check on my repayments and active balance, but the format had been CHANGED. It now appears as though all 23% of the funds deducted from my eBay balance for each transaction as repayments have been applied directly to my active balance with Liberis. Well, that seems like a glaring overreaction to my noticing what they were up to, given that they DO acknowledge that the "bank" takes a percentage from each payment... so, now, all of a sudden they're working for free? It'll be interesting to see, when I pay it all off, what kind of surprise they'll have in store for me to compensate themselves for this over-correction.
I hope this helps to disambiguate the offer being made, and helps anybody who may be considering this financing option.
(I should add that the first weekly repayment statement they sent me was quickly followed by a second email telling me to disregard the first one because the information was erroneous and that they were sorry for the mistake. So, I get the sense that they are still new to this endeavor and learning as they go. And who better to partner with than eBay?!? A stroke of sheer luck, certainly.)
croskjoshu
·1 year agoim curious if you get the cash advance in pure COLD HARD CASH? or do they give you some kind of debit card? im interested because i need cash to purchase items for my business, not debit in a bank account somewhere. also if it is cold hard cash, do they give it to you all at once in one lump sum? id be looking to get about 10k up front in cash, no strings attached.
soh.maryl
·1 year agoHow would you get this in "cold hard cash"?
You don't think cash would be sent in the mail, do you?
ulhorse
·1 year agoSeeing the same issue currently, Liberis says talk to ebay, ebay has no idea.
carpe_diem_sooner
·2 years agoI clicked on the email and it looks like a really bad deal. It says there is a 5.99% origination fee + a periodic interest rate and they don't tell you what that rate is. I didn't bother to click the "Apply Now" button because 5.99% + periodic interest rate is likely to get very expensive.
mdsap919
·1 year agoWhat you say is true albeit only applies to the "Term Loan". When applying for seller capital there are two financing type options. The second is "Business Cash Advance" which is one fixed fee and a fixed percentage of your gross monthly sales. Do not be mislead, there are options!
simba6
·2 years agoI would be very worried about that. If you need such a load, I would start with my bank.
12345jamesstamps
·2 years agoIt is a real loan company...I see it in my 'payments' account...I delete it and it returns about a week later.
$54,000+....I can't believe it would be that large.
I only see it in my 'payments'...so I be careful.
jdmsales
OP2 years agoThe offer amount I think is actually about what it should be. I typically have around $30k in sales a month or maybe about $300K a year.
I had eBay confirm that it's a real message in my eBay. I've talked with the Liberis loan company several times and they say it's a problem with eBay and not transferring my information to them.
I've talked to eBay a number of times and they say that the loan company should be able to figure it out.
eBay and the loan company have both said they've never heard of this issue before, I guess I'm the lucky one...
reallynicestamps
·2 years agoPersonally I'd report the email to spoof@ebay.
jdmsales
OP2 years agoIt's actually a genuine message. Its in my eBay messages and eBay confirmed it is real after a phone conversation with them.
ittybitnot
·2 years agoBut of course the PayPal working capital loans went away a long time ago...
@jdmsales
This is NOT going to be like a PayPal working capital loan.
You can read some information here:
https://www.ebay.com/help/selling/business-development/ebay-seller-capital?id=5473&st=3&pos=6&query=eBay%20Seller%20Capital&intent=liberis%20loan&lucenceai=lucenceai&docId=HELP1788
AND a forum thread here:
https://community.ebay.com/t5/Selling/eBay-Partners-With-Liberis-To-Replace-PayPal-Working-Capital/td-p/34540879
According to message #21 in the above discussion, you may just have "dodged a bullet" with the link being down.
safan80
·2 years agosinclairericanderic
·1 year agoYes I love PayPal Working Capital
You can make payments and once your PayPal loan is paid you can apply again 3 days
Liberis have some Big Shoes to fill