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.
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.
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