PayPal to launch SME lending in the UK

Friday 25 July 2014 13:45 CET | News

PayPal has revealed plans to launch in the UK the small and medium-sized business lending service dubbed PayPal Working Capital. The service is due August 2014.

The company is also set to start extending cash to its small business customers, including eBay sellers, against future sales. Instead of requiring a credit check, advances will be approved based on a firm’s PayPal sales history. Borrowers will pay a single fee for the advance.

PayPal Working Capital has been running in the US since last September, with USD 140 million advanced to businesses in that time. Repayments are made as-and-when firms sell through PayPal services.

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Keywords: PayPal, SME lending, UK, working capital, SME
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech