Paypal Working Capital Denied for #602?!

[User602]

"Our records show your business falls into an industry category that doesn't qualify for PayPal Working Capital"

Has anyone had this problem? I have paid off 2 successful WC loans and was excited to apply for a new one for my business. I was shocked I was denied (paid off the second, of the same amount, in half the time!) and every time I apply I get this message. I called and was told that I should try in another week, that perhaps my information needed updating in what category I do business in? But the last 2 loans were no problem at all?

Has anyone experienced this or know how to repair this issue?

[hydn]

tried and failed again today.

[3v]

I still get denied as well. Pretty sure the 602 Industry Not Supported is a load of BS. Just like evrything Paypal Customer service says. They dont know what industries are supported or not.... I did read where someone said paying off a loan early is bad which I did, but that was 4 months ago.

[hydn]

Wait a few weeks and try again. Also note what the letter in the mail says and address it. GL!

[hydn]

It worked on Saturday exactly 1 month after paying off the previous loan.

However there was a note "Your loan is on the way. Call us if you don't see it in your PayPal account in 24 hours"

That was Saturday so I called them today (Monday) and they said there's some issue with their system and they are having a meeting right now about it. Took my number and said they would call back. So contract was agreed to and loan approved. But still no money in the account! Strange. 

[hydn]

Funds deposited. All good. Repayment in progress. 

[TLBC]

i've gone through at tried every business industry available. none of them work. 

[jcfinc]

Like you I was declined 4 times, approved on the fifth, message 601 & 602, here is what you need to do;

1) Keep in mind that they have frontend information and backend information most likely taken form your website or the website that generates your income. Takes at least 48 hours for the backend to change.

2) Call Paypal (888) 221-1161, Not Working Capital, ask the representative to change your catagory and sub-catagory. Point out the reason for the change, don't mention Working Capital. Ask the represenative to log out then log back into your account to make sure that the new changes stuck.

3) Wait 48 hours, then call Working Capital (877) 981-2163, have the representative tell you the catagory and sub-catagory that they see on your account, if they have the new catagory listed. (Apply) If they have the old catagory listed, ask that represenative to change it. Wait 24 hours and call Working Capital Back, if changes stuck, you are good to apply.

[lanny4750]

The categorie you list may not matter.   It seems they use your invoices to determine what you sell.

[antiquesatm]

cannot understand why I was denied with I have super credit with paypal and a great business

and I get this message what the **bleep** code was 701 this does not make sense 4 loans later and now you deny me

really this is very upsetting is there an issue with the system

[PPSavesLives]

I replied this on a similar topic:

Just wanted to add some perspective to this issue. I have recently had the same. Been banking solely with PayPal for 7 years since our business went live. Every payment in that time has gone thorugh PayPal, no cash, no other card payment processor. 

We've had 2 PayPal working capitals, first one for £4k, latest one for £7k. Both paid back within 1 year. Went for a 3rd last week and got the same error message. Called them and was told nothing they can do, the error code just means you've been declined (nothing specific) and they can't see any issues with our account. Was advised to keep trying.

Instead of waking up daily and praying that PayPal have sorted their algorythm out, I gave my bank a call (business account with Barclays). They loaned us more money, with less APR, and less monthly payments. Of course, always with the option of topping up (no paying off early and then praying to the big man). The best bit? - they will also now start processing card payments for us with the use of API and IPN to the website. They will give us greater control over currency conversions, much cheaper merchant fees (and I do mean MUCH cheaper) and a £5k overdraft.

PayPal have not only lost our money from Working Capital, but they have now lost their exlcusivity with us, and over time will lose lots in merchant fees. We will make sure we place all our big business with our new card processor at Barclays. 

My point to you all: there are other options for you. Especially if you have a reasonably well established business and you have any kind of relationship with a "proper" bank.