LendingPoint Any Thoughts on the Ebay Loan Program??

[chubbycatcollectibles]

Okay, so ever since Ebay switched from Paypal to Managed Payments we have been told that Lending Point would be the New Easy way to access fast, funding, working capital, since Paypal would no longer be available.   

Anyone tried getting a loan yet??   Please let me hear your thoughts.

[sunnysblazingdeals]

its trash. nothing like paypal working capital. This is a loan based off of credit score and not truly working capital. They want you to submit tax returns and stuff. The interest is insane and my credit score is good. They said they were going to have a real working capital option and it always said coming soon on the site. Now it has disappeared from the site. If ebay didnt remove fees from shoes I would have stop selling here awhile ago. This site is going downhill imo

[budstewart]

I had posted some weeks ago about my experience (which was not good).  Lending Point is not even close to PayPal's Working Capital.  eBay's program is nothing more than a personal loan from a bank.  Be prepared to provide reams of documents to justify the loan.  Lending Point's operating philosophy appears to be that of finding reasons why they should NOT lend you money, rather than working with you to make a loan possible.  Frustration is the operative experience.  They will wear you out constantly asking you for more information.  As I said in my original post on the subject, I refinanced my home mortgage faster than the time I wasted trying to deal, unsuccessfully, with Lending Point.

[chubbycatcollectibles]

Thanks Bud.  I did try to fill out an application and it expired and I was never able to get a new app.  Total frustration and I figured out soon the LP is a joke.  I just got a feedback survey from ebay and let them know my thoughts on Lending Point, and they were not good.

[chubbycatcollectibles]

I agree kicks.  It is trash.  LP is useless and I let eBay know that they need to provide a new source of Working Capital for Sellers.  Since Paypal is no longer providing it, sellers are now caught between the proverbial hard place and rock.  There has to be some kind of agreement between EBAY and PAYPAL for Working Capital.

[apogee-perigee]

It is trash.  I was first offered 22% interest rate which is too high but applied anyways.  Denied.  Total waste of time and hope.  I had 4 loans from Pay pal and all paid off with good sales.    In this time of crisis, a loan would have been nice as I was denied a PUA unemployment claim.   I have not been to an estate sale in a year, not one book sale, and only 2 thrift stores that were open on odd hours.   No new inventory to make new money though I do have old inventory (thank god!).    Almost homeless..............stuck in a hard place.   I was hoping for something to stay afloat for awhile til things open up.  Nope.      

Sad Ebay seller

[ronsam-197]

Just one more broken promise from ebay with their MP system.

They said they would offer a 'replacement' for Paypal's working capital loans and so far have offered nothing that even comes close.

[no-plain-white-envelopes]

I just got thru the first ring of hoops on info they needed 1099s , Schedule C , and voided check. Now they want 3 months of banking information. No more for me they can keep their money.

[benzexpert]

I was almost going to do it at one point. Sales were just stopped, and I needed money for inventory.
But the payments are the same every month whatever your sales may be vs percentage of sales, so nothing like PP Working Capital. I never had a problem paying back PP and typically went for the 1 or 2K loan with a small fee and 10% of transactions. At one point they were offering me like 15K but with a huge commish for them, can't remember exactly but like 3-5K ! Yikes. Didn't take it. 
Anyway, I wrote the Ebay loan people an email and never got a response about the payments being the same, and never heard back, and never did it. 
They want to be paid back in like 6 months come hell or high water. 
No thanks.

[sluice-monkey]

It is a joke. Stay away

[sluice-monkey]

This new loan system is a joke!

[kh-jean]

Hi everyone,

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

Thank you for understanding.