Amazon lending pausing loan payments...finally


#1

Thank you to all who voiced your concerns and thank you Amazon for finally stepping up on this issue.

I’m sorry for those who had their payments taken out prior to this and needed the assistance. This help should have come sooner.

Here are the details of what I received:

Dear Selling Partner,

Effective March 26 through April 30, 2020, we will be pausing repayments on your outstanding loan with Amazon Lending. Your loan will not accrue interest during this period. Loan repayments will restart on May 1, 2020. Your next loan statement will be on the same day of the month as you have now. You will have the same number of remaining payments once repayment resumes.

Please note, it will take time to implement this change throughout our tracking systems, so you may still receive a loan repayment notice issued after that date. You can disregard the notice.

If you have questions, please reach out to amazon-lending@amazon.com.

Sincerely,
Amazon Lending


#2

If you read the Imperial College study that all the current intervention/lockdown is based on (“Impact of non-pharmaceutical interventions (NPIs) to reduce COVID-19 mortality and healthcare demand”) this will go on for an awful lot longer than May 1st. Granted, Amazon may extend the concession.


#3

Great for a lot of People and a Smart move to help All size Businesses here on Amazon

and Cheers to Jeff and his team


#4

i love this thank you wish it happed 3 days ago i could have used not having this payment taken out 2 days ago


#5

I was just going to post that i got this notice.
THANK YOU AMAZON!!!
This means i have less to worry about.
That 100 bucks a day will be welcome.
This is amazing!!!:smiling_face_with_three_hearts::smiling_face_with_three_hearts::smiling_face_with_three_hearts::smiling_face_with_three_hearts::smiling_face_with_three_hearts::smiling_face_with_three_hearts::smiling_face_with_three_hearts:


#6

I’m aware of this and agree with you that they should consider keeping the option to extend this when they resume selling non essential items and restrictions for fba are gone.

But at least this is a start. I was floored when I received the email. I thought that they would continue with business as usual. My guess is they were flooded and overwhelmed with requests about loan repayments.

It is up to us to continue putting pressure on them if the situation with covid-19 and the restrictions that it has created remain.


#7

THANK YOU AMAZON!!! Finally a huge relief after just getting pounded! I wish that this happened a few days ago before payment processed but hey, I am so grateful that Amazon finally is stepping up and helping sellers. YAYYYYYY!!!


#8

Yes we got it to at 4:03 EDT.

It is even better than what our bank is offering as it relates to the ceasing of accruing interest. Though the banks are going for three months, with renewals each month.

Good for you Amazon Lending!


#9

Great Move by Amazon every little bit helps with a little breathing room in this tough time.


#10

Just a delay before the bankruptcies hit.


#11

Mine started coming out yesterday. Should be paid tomorrow. I think this was the right thing to,do.


#12

Sounds like the principal portion of that payment(s) will be amortized over the remaining term of the loan. Hope people budget accordingly for the payment increase. :+1:


#13

Yippppeeee, this made my day! My heart skipped a beat when I saw the email’s subject line I can tell ya!

I’m grateful that they listened, wish it had happened sooner for a lot of other folks though. I have mine on bi-monthly payments and it was due to come out on Friday. This just gives me a little more wiggle room should my sales start to tank or I run out of inventory since my items are manufactured in India.

Thank you Amazon, you made a lot of hard working sellers very happy today :slight_smile:


#14

Thank you Amazon!!! Every little bit helps. I was getting more and more stressed looking at that pending payment. Sales have really slowed in the last 2 days. Every bit helps and gives a little breathing room in this tough time.


#15

Why not March 20th.


#16

Sure, it could go on longer, but there is no reason for Amazon to promise this for months in advance when it’s possible things at least as far as Amazon fulfillment is concerned could be somewhat normal by the beginning of May. They should have implemented it sooner though.


#17

Nope. From the notice:

So no interest, and same number of payments. Your payment size will not change.


#18

No, they aren’t charging interest and say you will have the same number of payments. So they are just sliding everything a little over a month down the road. The people that have payments during the remaining days of March will probably owe some additional interest since they will be going a very long time between payments and only part of it will be interest free.


#19

So if you have a pending payment will that go through to them or will it disappear?


#21

When does the payment go through? If it is on the 26th…you should be in the clear. If not you are out of luck.