Paypal, Lending Club Extending Loans To Businesses

By  |  March 23, 2014
 | 

eBay Inc.’s PayPal unit said it would extend a program that has provided “tens of millions of dollars” in working capital to businesses that used PayPal in the previous six months, Bloomberg BusinessWeek said in a report.

eBay Inc.’s PayPal unit said it would extend a program that has provided “tens of millions of dollars” in working capital to businesses that used PayPal in the previous six months, Bloomberg BusinessWeek said in a report.

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    The loans take little time to approve because they are based on a business’ sales history with PayPal.

    Meanwhile, Lending Club, a peer-to-peer lender, earlier said it has launched a small business-lending program.

    Both companies are leveraging the high-tech approach to lower borrowing costs for businesses that don’t qualify for bank loans, the report said.

    “What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source. 


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