Frequently asked questions
What is the relationship between eBay and LendingPoint?
LendingPoint is facilitating financing for eBay sellers using LendingPoint’s platform. LendingPoint’s platform says “yes” to more people and small businesses by matching you with a lender who can meet your needs, including LendingPoint, Fundation, First Electronic Bank, and FinWise Bank.
Who is LendingPoint?
LendingPoint is a financial technology company focused on meeting the financial needs of consumers and small businesses. Over the past four years, LendingPoint has serviced more than $2B in loans to customers. They have been awarded with over 3,700 Trustpilot 5-star customer reviews and were named the 17th fastest growing private company in the United States and the 2nd fastest in the financial industry by Inc. 5000 in 2019.
What financial products are available?
LendingPoint’s Platform currently offers fixed term business loans, short-term Working Capital with Fixed Payments (fixed fee and no interest rate), and lines of credit. Working Capital with sales-based repayments will be launching later in 2021.
How much could I be eligible for?
LendingPoint’s Platform offers financing options from $500 to $500,000 with flexible payment terms from 6 to 60 months** to fit your needs.
Will this impact my credit score?
Applying for and receiving financing will not negatively impact your personal credit score. LendingPoint’s Platform lenders use a soft credit inquiry process that does not impact your personal credit score and is not visible on your credit report to third parties.
If I am enrolled in eBay’s Managed Payments platform, will it impact my eligibility?
No. eBay Seller Capital is fully integrated into the eBay managed payments platform.
What do I need to apply?
The simple application takes a few minutes to complete. With some basic information, you could have a decision in seconds. Once you are matched to a lender you will be asked to verify your identity, provide certain personal and/or business information, and to confirm the bank account where you prefer to receive your loan proceeds, if approved.
Are there fees?
LendingPoint’s Platform believes in transparency so there are no hidden fees.
How are my payments calculated?
Depending on the loan product you choose, your payment is calculated based on the loan amount, interest rate or fixed fee, and the term between 6 and 60 months.**
When will I receive my loan proceeds?
LendingPoint’s Platform lenders normally provide same day approvals. Depending on your bank, your deposit could be available as soon as the next business day after loan approval.
How will I receive my loan proceeds?
Loan proceeds will be directly deposited into your verified bank account.
How does this compare to credit cards?
Unlike most credit cards, financing on LendingPoint’s Platform never has an annual fee and utilizes simple interest calculation (for the business loan product). Credit card rates can be simple interest or can be compound interest also known as interest on interest.
How do I repay?
LendingPoint’s Platform lenders make it easy to manage your cash flow and budget. You can set up Autopay and enjoy the convenience of your payments auto-debited from your bank account. Working Capital with sales-based repayments coming later in 2021.
Are there any early payback fees?
No. You can pay off your balance in a few days or end of your term, without penalty. The choice is up to you.
Can I have more than one eBay Seller Capital business loan at a time?
Yes. Your capital needs are unique, and you may need additional funds from time to time. You can receive more funds even if there is an outstanding balance on your current business loan. However, you may only have one Working Capital loan at a time.
Can I refinance an existing loan with another provider?
Yes, and it could save you money. Depending on the terms and conditions of your existing loan, you may be able to pay off your existing loan with another provider and possibly save money.