Buying and Selling on eBay: Tips, Tricks, Problems & Questions

[bamgrinus]

Not necessarily ebay related but PayPal is funny. They'll lend me 58k without a credit check in 3 clicks but when I wanted to take advantage of the $20 free credit from PayPal credit I applied and was denied for a $400 line. Doesn't make much sense that you'll lend me $58k on no credit check and then $400 is auto declined with a credit check.

If they're not checking your credit it implies that they're lending with an interest rate aimed at people with bad credit. Lots of companies (like Four) making a bunch of money off non-traditional credit products aimed at high risk borrowers and charging obscene interest rates. How do you borrow that much from PayPal, though?

 

[div25sec9]

Does anyone have suggestions for how to answer given eBay’s ban on communicating outside of eBay messaging?

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I believe the ban is on communicating to sell outside of ebay, in a way to circumvent ebay getting their cut of the transaction. If you respond with an "I'd be happy to consign your items on ebay", I don't think they're going to mind you arranging to use their platform more.

 

[capnwes]

Does anyone have suggestions for how to answer given eBay’s ban on communicating outside of eBay messaging?

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I’ve asked ebay reps specifically about this before. You can exchange contact info freely after a purchase. I’ve had gents interested in consigning buy a pair of shoelaces, or whatever my least expensive item is, then simply refunded. I then could share my mailing address for shipment and also had access to their email to contact them that way.

 

[capnwes]

If they're not checking your credit it implies that they're lending with an interest rate aimed at people with bad credit. Lots of companies (like Four) making a bunch of money off non-traditional credit products aimed at high risk borrowers and charging obscene interest rates. How do you borrow that much from PayPal, though?

Paypal working capital loans. No credit check, no interest. One time flat fee based on borrowed amount, payback percentage and sales volume. Loan payments come out of each payment you receive, at a percentage of your choosing, 10% through 30%.

I just got offered $88K....coincidentally the same cost as my wife's upcoming grad school....hmmm.

 

[capnwes]

Not necessarily ebay related but PayPal is funny. They'll lend me 58k without a credit check in 3 clicks but when I wanted to take advantage of the $20 free credit from PayPal credit I applied and was denied for a $400 line. Doesn't make much sense that you'll lend me $58k on no credit check and then $400 is auto declined with a credit check.

I had this happen to me in the past. Turns out I already had a paypal credit account opened from several years earlier, and that was why it wouldn't go through. I simply needed to log in to the credit account, rather than re-apply.

 

[Steve Smith]

If they're not checking your credit it implies that they're lending with an interest rate aimed at people with bad credit. Lots of companies (like Four) making a bunch of money off non-traditional credit products aimed at high risk borrowers and charging obscene interest rates. How do you borrow that much from PayPal, though?

Paypal Working Capital loans money to a business with a track record on Paypal. The maximum amount is a mathematical function of past revenue. They charge an upfront fee and then a fixed percentage of each payment that the borrower receives in Paypal until the loan is paid back.

I did the math and decided that the interest paid is sky high. I went another route and got the cash I needed at a much lower rate.

 

[capnwes]

Paypal Working Capital loans money to a business with a track record on Paypal. The maximum amount is a mathematical function of past revenue. They charge an upfront fee and then a fixed percentage of each payment that the borrower receives in Paypal until the loan is paid back.

I did the math and decided that the interest paid is sky high. I went another route and got the cash I needed at a much lower rate.

Interesting, I can get a $12K paypal loan for about $500 flat fee. Here I was thinking that was pretty good, much better than my credit card anyway. Care to share any ideas where I can get a better rate?

 

[bamgrinus]

Paypal Working Capital loans money to a business with a track record on Paypal. The maximum amount is a mathematical function of past revenue. They charge an upfront fee and then a fixed percentage of each payment that the borrower receives in Paypal until the loan is paid back.

I did the math and decided that the interest paid is sky high. I went another route and got the cash I needed at a much lower rate.

Interesting. I think a lot of businesses are working on non-traditional credit checks, too. I'm sure PayPal would love to get a piece of the Credit Bureaus' business.

 

[Steve Smith]

Interesting, I can get a $12K paypal loan for about $500 flat fee. Here I was thinking that was pretty good, much better than my credit card anyway. Care to share any ideas where I can get a better rate?

I worked through the numbers about 6 months ago and while I don't recall exactly what it looked like I do remember that it was a high rate. I got a home equity line of credit instead.

I did a quick google and one of the pages which analyzed Paypal's program has this:
Rates They Charge
Factor rate of 1.02 to 1.13
10% to 30% withholding rate
APR of 15% to 30%

 

[capnwes]

On yesterdays topic of declining/ignoring offers under 50%.....

This just happened. Didn't see that coming.

 

[Tyrone MacStiophain]

Anyone install the Garagesale update successfully? I updated, and now I can't upload or revise any listings. Apparently "there's no token"? But I updated the token and it's still happening. Anyone else having issues?

 

[madeinbogota]

Does anyone have suggestions for how to answer given eBay’s ban on communicating outside of eBay messaging?

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I wasn't aware of being able to exchange contact info after a sale, thanks for the info @capnwes. What I've always done in the past was spell out my phone number with both numbers and words, putting a ton of random spaces in, and misspelling the words, so eBay's algorithm could never be able to decipher it. Also do similar things for my email address when buyers need to send additional payment. I got flagged once many years ago when I just sent my normal number, but have done this many times since with no issue. Just gotta be crafty about it.

 

[capnwes]

Anyone install the Garagesale update successfully? I updated, and now I can't upload or revise any listings. Apparently "there's no token"? But I updated the token and it's still happening. Anyone else having issues?

Not yet, but Snoogz and I both had that issue with the last update, as I recall it resolved itself the next day.

 

[txwoodworker]

Anyone install the Garagesale update successfully? I updated, and now I can't upload or revise any listings. Apparently "there's no token"? But I updated the token and it's still happening. Anyone else having issues?

They're actively handling a huge number of issues with 8. I've downloaded the 8.05 BETA and it's better but still glitchy.

 

[clothesgamesmisc]

If they're not checking your credit it implies that they're lending with an interest rate aimed at people with bad credit. Lots of companies (like Four) making a bunch of money off non-traditional credit products aimed at high risk borrowers and charging obscene interest rates. How do you borrow that much from PayPal, though?

I personally have only borrowed once but it's based on what they expect you can repay through sales. Since gross sales average 30k a month I think that is why they are okay with me borrowing 58k. You're right about that, I have an old credit card from when I was homeless that I never paid off so that is probably why I got rejected!