eBay Seller Capital - Lending Point - anyone have experience or data points ?

[4sallypat]

Got an offer from eBay as a seller to open a business line of credit with Lending Point working with eBay.

Does anyone have any data points or experience with Lending Point's loans ?

Are they more problematic than Paypal or should I just stick with using my credit card ?

In the past I took loans out for inventory or equipment from PayPal Working Capital which was easy, fast and great until eBay changed from PayPal to Managed Payments...

Lending Point uses these banks: FinWise Bank, First Electronic Bank, and Fundation Group LLP (“Lending Partners”) .

Now, they are offering soft pull loan approvals for 3 types of loans:

• Working Capital fixed loan structure
• Open ended line of credit with variable repayment
• Line of credit with fixed monthly repayment 

[jaxstraw]

No experience but found this.....

https://community.ebay.com/t5/Payments/eBay-Seller-Capital-and-LendingPoint-Heads-Up/td-p/31244535

[4sallypat]

UPDATE:

Denied

After sending my tax returns, 1099 and schedule C - Lending point denied my business credit app!

Seems like eBay and Lending Point are going to end up parting ways if they keep doing this to their customers.

[AzCreditGuy]

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@4sallypat wrote:

Got an offer from eBay as a seller to open a business line of credit with Lending Point working with eBay.

Does anyone have any data points or experience with Lending Point's loans ?

Are they more problematic than Paypal or should I just stick with using my credit card ?

In the past I took loans out for inventory or equipment from PayPal Working Capital which was easy, fast and great until eBay changed from PayPal to Managed Payments...

Lending Point uses these banks: FinWise Bank, First Electronic Bank, and Fundation Group LLP (“Lending Partners”) .

Now, they are offering soft pull loan approvals for 3 types of loans:

• Working Capital fixed loan structure
• Open ended line of credit with variable repayment
• Line of credit with fixed monthly repayment 

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Hook, line and sinker with that $500k bait and switch...