Ina Steiner EcommerceBytes Blog
News and insight focusing on ecommerce.
by Ina Steiner, Editor of EcommerceBytes.com
Thu Nov 15 2012 15:11:32

Would You Turn to eBay's PayPal Unit for a Loan?

By: Ina Steiner

Sponsored Link

Soon, you may be able to turn to eBay's PayPal unit for a business loan. But would you?

Kabbage uses data collected from online marketplaces, payment services and even social networking sites to help it assess sellers' creditworthiness and built a system to extend "working capital advances" to merchants, automating the application process and making it fast and easy.

Kabbage devised the system of extending credit to eBay and online sellers right under PayPal's nose.

I broke the news in September that Amazon had begun offering its marketplace sellers loans as well, and now word comes that PayPal is planning to do the same.

Would you (or do you) take financing from an online marketplace or online payment service? And what do you think of PayPal's plan to offer credit to sellers? Please take a quick survey and leave your comments below.

Comments (37) | Leave Comment | Permalink
Readers Comments

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Mr. Me This user has validated their user name.

Fri Nov 16 10:50:34 2012

Would you let Dingos babysit your baby?

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

This user has validated their user name. by: permacrisis

Fri Nov 16 10:51:25 2012

Sure, just fax (lol...FAX) them the deed to your house.

That would incentivize them to BREAK the site functionality even further, in order to get borrowers to default.

Rolling server blackouts would become tied to geographical payment due dates. Entire districts full of people would all miss their payments at the exact same time.

PayPal would 'freeze' your account just so you couldn't get in and make your monthly payment, then kindly send you an email offering you a second line to finance all your late charges.

When you went to get a cash advance, competing seller's items would appear on the actual dollar bills dispensed from the ATM, as well as the receipt and monthly statement.

When payment method snags/glitches hit, they would pull $$$ from your credit line without even asking you first.

Every time you went to pay, you'd get a different screen a'la ''ebay/PayPal: which shipping do we use this week.''

Your DSR score would get converted into a 300 FICO, and sent out to all 3 credit bureaus if you recieved a 2 or a 1.

A hacker who got into your account could wipe your mortgage out in 1 click. The GNP of Romania would suddenly spike.

Best of all, when the thing didn't work out like they wanted, PayPal would 'bail' and sell off your credit line to the slimiest, most disgusting underhanded lender there was.

I would say ''company'', but that would mean they'd sell it to ebay!

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Bloggo This user has validated their user name.

Fri Nov 16 11:14:20 2012

Will there be a new TRS badge for borrowers? "Top Rated Sucker"

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: pace306 This user has validated their user name.

Fri Nov 16 12:34:36 2012

I received that survey too. Ina, I'll send screen shots if you need - I could care less about the privacy agreement. (Since eBay and Paypal dont follow US laws - why should I?)

As mentioned by the MANY people here - Id rather go to the mob and borrow money then deal with Paypal.

I simply dont trust them or eBay and would NEVER put my future in thier hands.

When eBay and Paypal can prove trustworthy - then I'll put up more items for sale - thats about it.

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Green This user has validated their user name.

Fri Nov 16 15:28:59 2012

How can Paypal, a United States Money Transmitter, make loans?

Through the Paypal Bank of Luxemburg or BILLMELATER.

Good luck with that.

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: TeddyElectron This user has validated their user name.

Fri Nov 16 17:46:55 2012

Knowing PayPal I would probably wind up with broken knee caps or found dead in the East River...

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Patricia This user has validated their user name.

Fri Nov 16 20:55:46 2012

No thanks.  I have an excellent credit rating so if I need a loan I can go to any reputable bank.

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: trickstunt This user has validated their user name.

Sat Nov 17 12:31:16 2012

You will never experience this level of success without taking the loans. Do it!

ebay item # 281025030687

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: blaumann This user has validated their user name.

Sat Nov 17 18:14:58 2012

I would rather go to my friendly neighborhood Mafia loanshark.

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Massachusets Howler This user has validated their user name.

Sat Nov 17 20:46:03 2012

Please, somebody, find out the rates they want to charge folks and report it.
Mass Howler

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

This user has validated their user name. by: iheartjacksparrow

Sat Nov 17 22:52:56 2012

@Mass Howler

It appears that PayPal has already begun offering loans to businesses in the U.K. The interest rate is 27%. You can find the details here:

https://www.paypal-business.co.uk/cash-advance/index.htm

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Bloggo This user has validated their user name.

Sun Nov 18 03:56:15 2012

The Big Squeeze.
Step 1: Place 21 day hold on seller's funds.
Step 2: Offer high interest rate loans to cash starved sellers.
Step 3: Profit

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: digger This user has validated their user name.

Sun Nov 18 10:01:06 2012

No No NO to PayPal loans. They are New World Order bankster Mafia.

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Massachusets Howler This user has validated their user name.

Sun Nov 18 14:44:24 2012

27%! Thanks for the info Jack(alway enjoy and AGREE with your excellent posts).
Borrow $ from ebay to have our listing not shown- RIGHT!
Mass Howler

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

This user has validated their user name. by: bitbybit

Sun Nov 18 17:08:39 2012

What is that expression "robbing Peter to pay Paul"? In this case it is borrowing money from the devil to pay off the debt due to the devil.

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

This user has validated their user name. by: permacrisis

Mon Nov 19 06:57:25 2012

Aha! The ol' "Company Store" trick!

Perminate Link for Would You Turn to eBay's PayPal Unit for a Loan?   Would You Turn to eBay's PayPal Unit for a Loan?

by: Bloggo This user has validated their user name.

Tue Nov 20 05:16:24 2012

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the Paypal store

Click to view more comments
1 2 


Login is required to post comments.
To sign in to leave a comment using your AB Verify User Name, fill in the form below. If you have not yet signed up for AB Verify, or if you'd like more information, go to the Registration Page
.

Login for AB Verify
Be sure and use your email address and password to log in.

 
Email:
Password:
 
 Forgot Your Password?
 Even though you are signed in with the AuctionBytes Blog, you will have to sign in to the EcommerceBytes blog. But you can sign in with your existing AB Verify info.