Tuesday October 27, 2015

PayPal Made $1B In Small-Business Loans In First Two Years

Wow. No matter how you slice it, $3 million per day is a lot of money in short term loans. eek!

PayPal said on Tuesday its small-business lending program has processed $1 billion in loans in the first two years of its launch and more than doubled loan growth in that span. PayPal Working Capital is extending short-term loans totaling more than $100 million per month, or $3 million per day, to a mix of sellers on eBay Inc and standalone small- to medium-sized merchants.