eBay is partnering with a personal loan platform to provide its U.S. sellers with access to funding.
The online auction pioneer is taking its first step into financing with a new program, eBay Seller Capital powered by LendingPoint. The pilot is compatible with payments managed by eBay and is designed to let sellers obtain quick decisions and access to installment loans.
eBay Seller Capital will be offered with flexible terms of up to 48 months, and lower repayment plans as part of the longer terms. Financing partner LendingPoint will not charge origination fees or early payback fees. In the future, through this partnership, eBay and LendingPoint aim to expand their offering to provide eBay sellers with more tools to help run their businesses.
“We’re committed to empowering entrepreneurs to make their dreams a reality, and we are continuing to partner with our sellers to provide them with the tools they need to thrive,” said Alyssa Cutright, VP of global payments at eBay. “We’re excited to make flexible financing options available that are integrated with our new payments experience. The program with LendingPoint will enable critical funding opportunities for eBay sellers, especially during this time of economic uncertainty.”
“LendingPoint’s purpose is to accelerate and democratize commerce,” said Tom Burnside, CEO and co-founder of LendingPoint. “We are thrilled to be able to use the data and technology we have built into our platform to help eBay sellers achieve their dreams. eBay sellers are some of the world’s most dynamic ecommerce players and our loan operating system will help them access the financial tools they need to achieve even greater success with their businesses.”
eBay Seller Capital powered by LendingPoint is rolling out now as a pilot with select sellers, and will be available to all eligible sellers in the U.S. later in 2020. During the initial launch, eligible sellers may receive up to $25,000 in funding in as little as one business day.