Amazon sellers encountered "routine loan" and were almost bankrupt in three months

As we all know, Amazon's entrepreneurship is, to some extent, an asset-heavy industry, so the capital turnover cycle is relatively long.

For some sellers who are not so financially strong, not having enough funds for turnover is a big problem. For this reason, many sellers will choose to seek help from lending companies.

Of course, in order to ensure that they can find a formal lending company, some sellers will look for lending companies that officially cooperate with Amazon, hoping that with Amazon's endorsement, their rights and interests can be protected.

But surprisingly, a seller recently reported that he had specifically looked for a loan company that officially cooperated with Amazon, but unexpectedly he also encountered "trap loan".

According to the seller, he borrowed a loan for 9 months from a loan company called P, and the contract required him to repay the loan every two weeks. Unexpectedly, the loan company later told the seller that he actually needed to repay the loan once a week and would also take 15% of the seller's sales.

In the two months since the loan was taken out, the seller has repaid more than 65% of the loan, and his bank card has been overdrawn four times. Now, the seller's cash flow has long been exhausted, and even the store is about to collapse.

After contacting the customer service of the lending company, I did not get any solution. The other party only said that they would contact the seller by phone, but there was no further news after that.

The seller strongly demanded that Amazon immediately stop cooperating with this company, and said that his bank credit report had been affected because of this incident and that this lending company was clearly committing fraud.

It is worth noting that according to the seller, the lending company requires the seller to take 15% of the sales, plus the 25% commission charged by Amazon and various costs, the seller has no profit margin at all.

Faced with such unfair terms, sellers really have no way to complain. What is even more infuriating is that Amazon calls such companies "partners."

After this incident was exposed, it attracted the attention of many sellers. Some sellers said that there are indeed too many routines of this kind of lending company, and it is easy to fall into the trap if you are not careful.

Some sellers also questioned: "We have been using Amazon's loan function for a long time, but have never heard of this lending company. Is it a formal company cooperating with Amazon?"

As of press time, Amazon has not officially responded to the seller's question.

Amazon

Loan scam

Seller