eBay Seller Capital and LendingPoint-Heads Up

[budstewart]

So I decided to explore what eBay Seller Capital and LendingPoint were all about.  Spent better part of the day trying to make LendingPoint happy.  If you are considering a loan using these people be prepared for the following:  2019 Tax Returns including all W2's and Schedule C.  A current P&L Statement.  Recent Bank Statement.  Copy of a canceled check.  Routing Number for your checking account.  Last years 1099 from PayPal.  I transmitted all of this information three different times to three different locations.  I had conversations with three different Customer Service reps.  I emailed them a request to CANCEL the whole mess after receiving an email from them requesting the documents for the third time.   I went to bed thinking that I just refinanced my home faster and more efficiently than what I went through with LendingPoint.   Just my experience.  Others may have had a more pleasant experience.

[budstewart]

Thanks for your offer of help.  I have no further need or interest in proceeding again with an application for a Seller Capital Loan.  I do appreciate your offer of help.

[ecstoreinc]

This is a great funding opportunity.  You have to keep in mind that their underwriting process is similar to the underwriting process that banks do when you get business loans.  Yes you need business bank statements, tax returns, and a soft pull on your credit.  However, the upside is that you get inexpensive capital with longer pay back terms.  My company just got approved for a $36,500 loan with 10.49 % annual interest and a 60 month term through eBay Capital (LendingPoint partnership).  Finding this type of financing, especially for a business less than two years old, is rare.  This type of financing can fundamentally change a business.  Please take advantage of it.  Also you are not limited to just your eBay sales when they make their lending decision.  Their lending decision is based on your banking data.  So for example, if your business bank account has sales from multiple platforms, then your lending decision will be based on your revenue from all platforms. 

[weaselsrule!]

PWC was the best thing out there, no hassles, quick approval and simple and to the point. Making us go to MP pretty much closed off that avenue which was a big deal..and for what? So EB could make a few more bucks? 

[divwido]

You probably could have opened a credit card with no data and just used that.

[mysterycardzinc]

lol no thanks dude

[cocochanel8889]

Had a feeling it was a pain 

[mylle2010]

Agreed!

I also had a difficult experience dealing with Lending Point. After each document submitted- more were requested. They sent email after email. All that work just to have them let me know my bank was "not compatible" ...

Whatever that means?? 

[patriayvida]

yo estoy intentando aplicar pero cuando doy clic en la pagina de ebay aply now no sale nada , seraque no fuciona ?

[sluice-monkey]

Ebay must be embarrassed by the Lending Point Loans. What a Joke

[todds-used-atv-parts]

for the mot part I found LP simple and easy  but that was a year ago so perhaps things have changed i was a pain to pay them back early thought they only let me give smaller payments every day so it took a few week to pay it off  early even though i had cash in hand. yes there interest rates are high. but  PPWC flat rate ='s a much rate unless you're a slow seller and can drag it out. 

[todds-used-atv-parts]

For the mot part I found LP simple and easy  but that was a year ago so perhaps things have changed i was a pain to pay them back early thought they only let me give smaller payments every day so it took a few week to pay it off  early even though i had cash in hand. yes there interest rates are high. but  PPWC flat rate ='s a much rate unless you're a slow seller and can drag it out. 

[kh-vince]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.

Thank you for understanding.