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, Coastal
Bank and FinWise Bank.
Who is LendingPoint?
LendingPoint is a financial AI and technology platform that provides financing origination solutions to ecommerce and point of sale partners, lending institutions and directly to consumers. The company’s fraud prevention, risk and asset management algorithms are used to create
financing opportunities across the credit spectrum. Its LendingPoint Merchant Solutions platform provides ecommerce platforms, merchants, and other service providers fully integrated, one-stop financing solutions to convert more customers.
For the past three years, LendingPoint has been named on Inc. 5000’s list of fastest-growing private companies, ranking 17th in 2019. LendingPoint is a privately held company headquartered in Metro Atlanta, with offices in San Francisco, New York, Chicago and Dallas.
LendingPoint, LLC owns and operates the LendingPoint platform.
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.
Who is best suited for the eBay Seller Capital program?
eBay Seller Capital offers multiple financing options to meet the unique needs of your business. This includes loans from $500* to $500,000* and payment terms from 12 to 60 months*.
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.
What do I need to apply?
The simple application takes a few minutes to complete. With some basic information about you and your business (which does not have to be an incorporated business), 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 confirm the bank account where you prefer to receive your loan proceeds, if approved.
Do I need to provide financial statements in my application?
Depending on the product and lender, you might be asked to provide bank statements or tax returns for income verification purposes. If you have more than one bank account to manage your business and personal income, you’re welcome to provide multiple bank statements as
requested. As part of your loan application process, you’ll need to provide a single bank account for the disbursal of the loan proceeds.
Are there origination fees?
Each lender sets its own fees and some lenders may charge origination fees. Those origination fees will be disclosed by the lender and you should review all lender disclosures, terms, and conditions carefully.
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.
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 12 and 60 months.*
When will I receive my loan proceeds?
LendingPoint’s Platform lenders may provide same-day decisioning. 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.
Can I pay off an existing loan with another provider?
Yes. You can use your eBay Seller Capital loan to pay off a loan with another provider. Depending on your loan terms, it could save you money.