PayPal Working Capital has lent over £690m to 60k SMEs
PayPal’s lending scheme, PayPal Working Capital, for SME users has reported a milestone. Since it launched in 2013, initially in the US, it has now lent £690m to 60k SMEs across the globe and it seems that demand is growing. PayPal reports that more more than three times as many firms have applied in the past year.
International growth for the scheme seems to be the way forward with many Brits taking advantage of the swift decisions and increasing credit limits.
Norah Coelho of PayPal Working Capital says: “It launched in the UK about a year after it was developed in the US and grew tremendously fast. The size of the portfolio now exceeds £690 million, about 15 per cent of which is outside the US. It is still early days in the UK. Fourteen months ago firms could borrow up to £20,000, now it’s £50,000.”
Anecdotally, we’ve only heard good things about PayPal lending with those sellers we’ve spoken to noting the quick decisions, good customer support and terms as the best aspects of the scheme.
Have you taken a loan from PayPal for your business?