Parafin APR after we used chat gpt to give us the real numbers
Here's a reality check for those considering Parafin (the only lending option)
This is our 3rd loan with them. All paid way before the expected pay-off date.
Here’s the breakdown:
Principal (Loan Amount): $5300
Total Paid Back: $6148
Interest Paid: $6148 - $5300 = $848
Loan Term: April 29 to August 29 is 123 days
So, your APR is approximately 47.52%.
Parafin APR after we used chat gpt to give us the real numbers
Here's a reality check for those considering Parafin (the only lending option)
This is our 3rd loan with them. All paid way before the expected pay-off date.
Here’s the breakdown:
Principal (Loan Amount): $5300
Total Paid Back: $6148
Interest Paid: $6148 - $5300 = $848
Loan Term: April 29 to August 29 is 123 days
So, your APR is approximately 47.52%.
0件の返信
Seller_4zBzdtgCyS9EI
Yeah, pretty standard for short term business loans. They make it look ok because people don't consider that the loan is only for 4 or 6 months, doubling or tripling the perceived APR
Why do you keep going back? There are other options!
SEAmod
@Seller_8jxcGYEW8NzNK
Thank you for an informative post and for visiting the seller forums.
Susan
Seller_n1mh65Ij2NT7L
Parafin does, at times, credit you back for early payoff. It is indeed expensive, and i think Amazon underwrites these loans. The best thing is to save your money and use cash. The only good thing about the Parafin *fee* covering all the interest is if your sales drop, so do your payments. But Amazon Lending was far better. Amazon's main reason for offering the loans was to help 3P sellers boost their businesses which in turn helps Amazon. Parafin has no skin in the battle, they're just in it for the fees.
