Can anyone help explain this? Customer service was not helpful at all.
My annual paypal sales are about $70,000 and hasn't changed at all.
In December 2016 I took my first working capital loan for 5500. The automatic payments were all made and i paid the last 500 manually and the thing was paid off in like 85 days. A few days later I was able to take a new loan for 10,500... By 85 days into this one i still owed 4100 or so. I was trying to get some new equipment which was going to cost about 12k... I had about 4500 cash on hand, so I assumed that if I paid off the remaining 4100 I would be able to take a new loan. I paid off the 4100, and applied for a new loan but they're only approving me for $2500 now!?
This is basically leaving me **bleep**. I guess I shouldn't have assumed I would get a new loan? If my sales have stayed the same, and I have paid off my last 2 loans early, and i have had zero chargebacks or disputes... why have they reduced my credit line signifigantly? why couldn't they tell me this before i paid off the 4100? I would have been better off to NOT pay it off manually... Now I'm basically broke... and can't afford my new equipment. This might actually put me out of business... thanks alot PAYPAL! You suck!
