Lending Club, Alibaba.com Launch Strategic, Multi-year Partnership - Quick Facts

(RTTNews) - Lending Club (LC), an online marketplace connecting borrowers and investors, and e-commerce giant Alibaba.com, owned by Alibaba Group (BABA), Tuesday launched a strategic, multi-year partnership making Lending Club the exclusive solution for point of sale business financing for up to $300,000 for Alibaba.com's U.S. business buyers.

Under the partnership and a new product called "Alibaba.com e-Credit Line powered by Lending Club," U.S.-based business buyers can apply for the critical working capital they need when purchasing goods from China-based suppliers on Alibaba.com.

With this new product, a U.S.-based small business can apply in less than five minutes through a streamlined process and obtain a line of credit from $5,000 to $300,000 to make a payment to a supplier for purchases on Alibaba.com.

The line of credit matches repayment terms to the cash flow cycles of the business, vets suppliers and shipments, and even transfers the funds directly to the supplier. Monthly fixed interest rates start at 0.5 percent.