Shopify Line of Credit

All you need is some basic info about your business and yourself, as the authorized representative responsible for the Shopify account. Depending on the kind of business, you will usually need an employment identification number in the United States or other business identifier, the contact details, birth dates, addresses and social security numbers of your primary business owners and business management, as well. We may also ask you for bank statements, cash flow statements, income statements, and balance sheets for your business.

Your information won’t be used for any hard credit checks.

If approved, you can withdraw any amount at any time, up to your credit limit. Simply enter the amount you would like to withdraw and you’ll receive the funds into your connected bank account within 2 business days.

Your outstanding balance, which consists of principal plus interest, will be paid back over 6 monthly payments and is due on the first day of each month. If a withdrawal is made within the last 5 days of the month, the first principal payment will be due in the month following the next. For example, if you make a withdrawal on January 28, you will only pay interest on February 1, and your first principal payment will be due on March 1. The amount due will be automatically debited from your connected bank account each month. You can also make voluntary payments towards your outstanding balance at any time. 

When you make additional withdrawals, a new payment term of 6 monthly payments will be created. Any prior outstanding balance will be combined with the new withdrawal amount and re-amortized over a new term. You will be able to review your updated payment schedule before confirming a withdrawal.

Payments towards your outstanding balance (whether a scheduled monthly payment or a voluntary payment made by you at any time) will become available to you to withdraw once again once the payment is successfully received (and not just at the time the payment is initiated by us or you).  Once that happens, you will see the amount that is available to redraw reflected in your 'Available Credit' in your Shopify admin.

There is no predefined period to access your Line of Credit (i.e., no defined 'availability period'). Once your application for a line of credit is approved, it is available to you to withdraw from, make payments, and redraw when needed. However, your continued eligibility for the line of credit will be reviewed periodically, and depending on the circumstances, your line of credit terms may be adjusted, or, if applicable, you may be determined to be no longer eligible for the line of credit going forward.