Will you take a loan from Amazon Lending?
We reported recently that Amazon Lending was coming to the UK soon and in the last few days we’ve had details from readers who have been offered finance.
The Amazon Lending offer pops up in the Amazon seller dashboard and it’s very clear on the site, at a glance, what the terms are on offer.
As some of you commented at the time, relevant sellers were not against borrowing money from Amazon, on similar terms to existing lenders such as iwoca and EZbob, depending on the details. Obviously Amazon has to hand the sales information such companies use to offer loans.
One example of the offer that we saw had an annual rate of 5.9% for a loan over 6 months. The total sum was decent enough (tens of thousands) to be useful and was specified straight up alongside the timescale on taking advantage of the facility.
More than that our correspondent confirmed that applying for the loan and being accepted was both swift and trouble-free. They said: “I applied with a couple of clicks at midday and the money was on its way by 7pm. No calls, no paperwork, no fuss.” That sounds good.
It is impossible not to reflect that eBay has once again missed a trick here. Obviously PayPal were offering loans but it seems like the slick integration Amazon has made within its seller dashboard is a winner. And, of course, PayPal and eBay are parting company next week so all bets are off.
Have you taken advantage of Amazon Lending?