Term Loans for Amazon Sellers with Bruce Mack (Platinum Financing) - a podcast by Michael Veazey

Amazon Seller Term Loans

Term loans for Amazon sellers can be  a great way to increase  business growth and help avoid the dreaded Out Of Stock moments that come from a shortage of cash!



Terms of loans: 12 months up to 60 months



Varying APRs

Term loans for Amazon sellers - the Fintech platform

At a cost of $100Ks, Platinum Financing created a Fintech platform



The key is that you can make a “Soft enquiry” with a lender for a term loan as an Amazon seller, which doesn’t show on credit file. This is critical - if you just apply for 25 loans formally, you’ll destroy your credit rating!



Platinum’s software makes a soft enquiry with 25 lenders. They ask 11 Qs; and within 30 seconds, can get multiple, potential, (soft) approvals.



If you’re sitting on the fence, you have nothing to lose



* Costs nothing

* No risk to your credit score

* If you like what you see,  you can go ahead; otherwise, you can leave it with no bad effect.



What other kinds of credit can you get entrepreneurs?

Investors

Investors can pick up equity or have collateral that can be pledged.



That’s unusual unless you have collateral, eg property

Retirement - BDRA

Many companies offer an IRA or a 401K



If individuals have those, there is a special programme that allows them  - if it’s “Rollable” (moveable from employer to employer)



BDRA - have 100% access to those funds for any business purpose



Normally if using from one fund to another, highly restricted



* Eg real estate

* Etc

* Can’t use for Amazon, eBay



People love it!



Another issue: if you have an IRA or 401K, if you cash it out and not Rollable



* 10% penalty of all the funds in there



* Say $200K - $20K immediate hit





* Plus in the year you take it out, you get income tax bill!



Neither is the case with BDRA.



It becomes deferred income until the individual is 70 ½ years old!

Contact details for Bruce Mack

bruce@platinumfinancinggroup.com



Tel.: (720) 371-2345



Times: West Coast (CA), generally gets into office 9 am. Call 9 am-7 PM Pacific time. Or text.







Transcript

So you talked about revolving credit, do you have other forms of credit that you would educate people and or help people get all that people can generally go for?



Bruce Mack 1:04

There are two that I think are important to the FBA sellers that are on this call, one of which is our term loan program. And the term loan program is unusual in as much as we have a platform where we have 25 lenders on that platform.



Now imagine, if you will, if you went to 25 lenders, individually, what would happen, where your credit would be destroyed. And the reason is, is you would have 25 inquiries on your FICO, which, of course is going to really hurt your score and have a dramatic negative effect, if other people see that you are have applied for that much credit with different lenders.



So what we've done is we've consolidated and put all these lenders into one place. And with one inquiry, actually, with no inquiries with a soft inquiry, which means it does not show up on your report. With one soft inquiry. We go out and spider out to these lenders. And we get within a 30 to 45 second period of time, where we either get no offers, or we get offers.



And we get multiple offers from one lender. And oftentimes, we get multiple offers from multiple lenders, the APR is here started 4.9% go up accordingly. From there, depending on the individuals credit, we would like to see that they are employed, and that they do have a provable income,

Further episodes of Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

Further podcasts by Michael Veazey

Website of Michael Veazey