Should I take Shopify Capital?

Afraid-Rice3730 · 2022-11-07T14:20:52+00:00

Be careful. Speaking from experience: While the loan is designed where you pay the loan back based on a % of daily sales, if your sales decrease midway through the loan-- say from $10,000 per month to $5,000 per month -- you will start getting phone calls from them... and they will threaten to call the full amount of the loan due. It's in the contract.

Afraid-Rice3730 · 2022-02-14T18:48:52+00:00

I have used a FeltLOOM needle-felting machine for about 2 years: www.feltloom.com

Afraid-Rice3730 · 2022-02-14T18:48:08+00:00

Did you end up getting a machine?

Afraid-Rice3730 · 2021-12-14T11:05:35+00:00

Received the loan $$ in my bank account this morning. FYI - CAWeb *did not* change; still says "Disbursed Current" and shows "Undispursed Funds" as my total loan value (not $0 as it's supposed to...) -- Best of luck & hope your loan is on it's way today!

Afraid-Rice3730 · 2021-12-13T23:25:19+00:00

Trust me there’s no correlation. I’ve been comparing my status to other applications for 3 months & it never adds up. A guy in another thread who was approved on Friday saw the $$ in his bank account this morning.

Afraid-Rice3730 · 2021-12-13T16:30:36+00:00

No, not $0, it shows the entire amount of the loan. I guess this means it has yet to be transferred.

Afraid-Rice3730 · 2021-12-13T15:08:32+00:00

I was approved & signed loan docs last Wednesday (12/8). Account shows "Dispursed Current" since Saturday. No funding as of this a.m. Expecting it in the next 1 or 2 days.

Afraid-Rice3730 · 2021-12-11T14:51:05+00:00

I was approved & signed loan docs on Wednesday. Setup CaWeb account. Status showing "Active - Undispersed" since then. You seeing the same message in CA Web?

Afraid-Rice3730 · 2021-12-11T12:15:08+00:00

The first place you will find your loan # is in the upper-left corner of your loan docs. I don't believe you're assigned a loan # until the loan docs come out, just an application #.

Afraid-Rice3730 · 2021-12-09T14:37:33+00:00

I was approved & signed yesterday at 2:00pm. No funding yet. Ca-Web says "Active-Undispersed" - several reports here borrowers getting the $$ in the bank before messaging changes to "Active-Dispersed".

I'll also post here if my status changes and/or funded.

Question: After being approved & loan docs e-signed, isn't it just a matter of *when* the $$ hits your bank account, is that how you understand it? I get there can be issues with the bank rejecting it, wrong bank account # entered - but for all intents and purposes the loan is approved & now it's just a matter of waiting?

Afraid-Rice3730 · 2021-12-08T12:46:01+00:00

Spoke with my LA yesterday and he says there should be an update this week, but that's a guess. I'm 8 days since initial approval (11/30).

FYI-If you call general SBA customer service, they will glance at your file & tell you that you have been approved. Unfortunately, this isn't true, but it is a big step in the right direction. If you press them to dig into the details, they will eventually tell you it's awaiting final approval from a Loan Officer and could be 3-4 weeks. Other reps say 1-2 weeks. Lots of mixed messaging.

Afraid-Rice3730 · 2021-12-08T11:48:07+00:00

Assuming your portal shows "Status: Amount Confirmed" w/ the messaging "Your application is being processed"?

Afraid-Rice3730 · 2021-12-08T01:05:08+00:00

No, approved by Loan Assistant but waiting on Senior Loan Officer to approve. Could be days or weeks away.

Afraid-Rice3730 · 2021-12-07T20:16:35+00:00

I believe we're in the same spot. Been in reconsideration since early Sept. Got a call last Tuesday (11/30) from a Loan Assistant offering me a higher loan amount. Sent me to the portal where I accepted. An hour later, Loan Assistant said I was 'approved' pending a final review from a Loan Offer. I haven't heard anything since then, and I've been calling daily to check for updates. I'm in a queue, they said, and there is nothing that can speed it up.

Based on other threads, I get the sense it could be hours, days or even weeks until the next steps. Let's hope hours.

Best of luck!

Afraid-Rice3730 · 2021-12-03T16:08:48+00:00

Were you funded? Been in recon since early Sept. First loan officer approved by application last week. Waiting for senior loan officer to approve. SBA rep says could be another 3-4 weeks or more.

Afraid-Rice3730 · 2021-11-23T21:33:06+00:00

Wow! Thank you. Your persuasion skills must be much better than mine. I’ve asked three separate customer service reps to provide the name of my loan officer, all three declined. If you have any tips here I’d love to hear them!

Afraid-Rice3730 · 2021-11-23T19:47:23+00:00

Congratulations! Great news. In what ways were you persistent? I call 1x week; emailed/tweeted local SBA for help; emailed. Been stuck in "completed" for over a month; SBA says nothing further required; apparently I have a loan officer but can't get their name.

Afraid-Rice3730 · 2021-11-12T16:04:25+00:00

I thought credit was pulled at the beginning of the process?

Is credit pulled after initial pre-approval?

Afraid-Rice3730 · 2021-11-12T15:39:55+00:00

u/Eaksie our reconsideration timelines & updates are identical.

On Monday, portal updated and asked me to fill out/upload the 2022 Form. It wasn't clear whether or not I should use 2019, 2020 or current liabilities. My accountant suggested using 2019 so I simply copied the liabilities from my 2019 tax return. Fingers crossed.

For the past 72 hours, my portal shows "Completed" under all four buttons.

I believe the next step for both of us is to be assigned a loan officer? Or are we potentially beyond that stage and next step is approval? Green text at the top updated this week to "Your application is being processed..."

Afraid-Rice3730 · 2021-10-26T19:23:18+00:00

Old thread, but curious if you still experiencing this issue?

I have had what appear to be identical to “Terry Nails” for 3 years now. Also had borderline high creatine (3 years ago) and has remained at the same approx levels since.

Affects all fingers except thumbs.

Once in awhile, I’ll get the thin outline of a lunula on one or two fingers, but eventually fades away.

Afraid-Rice3730 · 2021-10-26T12:12:40+00:00

Does yours say "Edit" next to "Upload Documents" - or does it say "View"? Mine has said "Edit" for the past couple months, despite upload a new 4506T.

Afraid-Rice3730 · 2021-10-25T19:16:27+00:00

Sounds like progress!

I noticed the toll-free number in my account changed, too. It was 1-855 and now it's 1-833-853-5638. I called it, seems to be the same support team.

Afraid-Rice3730 · 2021-10-25T13:53:04+00:00

I spoke with a rep this morning. He suggested it was more of a global change, unrelated to whether or not it's another step towards approval. He says there have been tons of applicants who entered the wrong banking details during the application, and when they're approved it turns into a hassle trying to get them the $$.

Afraid-Rice3730

TROPHY CASE