EBay is partnering with online lender LendingPoint to offer sellers access to installment loans, the two companies announced.
The program, called eBay Seller Capital powered by LendingPoint, lets merchants on the e-commerce platform borrow up to $25,000. The pilot program is available to select sellers, and will be open to all eligible sellers in the U.S. this year, according to a release.
“We’re excited to make flexible financing options available that are integrated with our new payments experience,” Alyssa Cutright, vice president of global payments at eBay, said in a statement. “The program with LendingPoint will enable critical funding opportunities for eBay sellers, especially during this time of economic uncertainty.”
The two companies said the installment loans feature terms of up to 48 months, and LendingPoint will not charge origination fees or early payback fees.
EBay and Kennesaw, Georgia-based LendingPoint said they plan to expand their offering to provide eBay sellers with more tools in the future.
“LendingPoint’s purpose is to accelerate and democratize commerce,” Tom Burnside, CEO and co-founder of LendingPoint, said in a statement. “We are thrilled to be able to use the data and technology we have built into our platform to help eBay sellers achieve their dreams. eBay sellers are some of the world’s most dynamic ecommerce players and our Loan Operating System will help them access the financial tools they need to achieve even greater success with their businesses.”
Source: Banking Dive