Paypal Working Capital --- Online Application Not Working

[BBFYM]

Anyone else having a problem with the Paypal Working Capital online application not working.  I have filled out the form completely only to click the "View my offer" button to be told that I need to fill out the form completely.  I am completely dumbfounded by this as I am an IT person by profession and Paypal won't return any of my requests for help with this issue.

[2010sinclair]

It does 😥😥😥😥

[SA10]

Same issue.  3x successful loans. On 4th attempt:

"Sorry, your application was declined because your information couldn't be verified"

"Reference error code 300"

Called the provided number to inquire, as all information is the same as it has always been.  The rep said everything looks fine, and the inquiry was being escalated and to expect a call back in 72 hours.

Tried again daily hoping it was some glitch, but to no avail. 

Unfortunate, as they were the easiest to deal with until now.

[2010sinclair]

I will apply in 10 days not everyday

[SA10]

Yeah, going to wait for their call back and see if they say anything, and just give it time.  In the past it was ~24 hours from the last payment, and easily retook a new one to help grow business - then this happens.

The worst part is all the ads they have all over the main dashboard telling you to go apply for a new loan.

[MikeCap]

Totally agree, we have had 7 paypal loans and like you say we use it to do finacial planning, we only use PayPal for paypal account business and braintree(PayPal) for card payments, so only the PayPal is counted towards loans.

We have been given the loans in the past of £50,000 but now it only offers £20,000, though business has gone up significantly, and these loans are cleared at 10% in less than 20 days, but now we finished a loan 8 days ago and had already agreed to buy some clearance product cash on the basis we thought we would get another loan, but no "A Working Capital Loan is not available for your business at present" message each time.

We have talked with our account manager and he says he has no intervesion it is all automatic from the US and we are in the UK so no chance.

Like you said we used this as part of our finacial strategy, but you cant, you need to find alternative sources and not rely on PayPal Working Capital, it is like playing the Lottery, press the button and see if you win or lose, even though with our PayPal revenue a £20,000 loan is taken in revenue by PayPal every 2 days, so no real risk to them at all!

PS: Another of my grips, it offers a loan of £20,000 tells me my fees on the basis it will take 3 months to clear and yet it takes 20 days each time, so being over charged each time! 

If they are going to make this automatic, you would have thought PayPal could have afforded to get some decent programmers, rather than what they have produced!

[onesyepadvertis]

Well I too am mystified with what is going on. I had my first loan in 2014 and have had a total of 4. Each time I was offered more money. I paid this loan off a few days ago...had been paying on it for awhile...thought there would be no issues in getting the 5th loan but look and behold I was denied with a code 701. I called PPWC and was told that it took me to pay this last loan a little longer than they anticipated....what is so odd for each year we have 2 months that are slower yet I called them and asked if I needed to make a manual payment (we still had money coming in weekly) however I was told no...that I was just fine. We'll evidently I wasn't. I have been in business 33 years and I have given paypal a lot of my business, not all but about 1/5 which is in the thousands. This has bothered me and I am seriously looking into other loans such as On Deck and I am considering putting my business from PayPal altogether since I do have access to a merchant account for credit card revenue. I just can't justify giving these people thousands each year only to be denied with this. One other thing...when I talked with the supervisor she told me they had changed their program and allowed just about everyone in and in doing so many more or less ripped them off and now the rest of us are receiving the fall out (her words)...that too is not fair and I told her they need to look at things on an individual basis...not just a generated computer decision.

[MonoksideC]

Denied second loan after paying off the first one.  Last time I talked to PPWC (they called me) - which was several months ago - they said my account looked excellent.

I'm not at all surprised, all it takes is a google search to find boat-loads of unhappy PPWC customers who get denied out of the blue for subsequent loans.  

In fact, even though I far exceed the loan criteria that they list, and repaid my first loan with no issues, I actually would have been *more* shocked if they had approved me.  After reading the pages and pages and pages of complaints and frustration, the denial was pretty much what I expected.  That says something about this service, and PayPal should really pay attention to that and do something about it.

[pvtbzness]

Same boat. 3 loans, all good. Paid off 'early' even. Now I get a generic error message telling me I am denied for any number of reasons, none of which apply to me. Something is broken in their system and I am not going to poke it any further, lest something else breaks. I wrote about my experience in a reply on page 18 of this thread.

[chapster01]

Same here guys. Paid off my latest loan on Friday of £2700 remaining from an initial £5500 advance. Could have used that £2700 to buy more stock, but thought I'd pay if off and go and buy £4,000's worth of stock. Denied, error 641. Possibly a little daft to have all my eggs in one basket, but that's the truth. Now I'm stranded. PPWC helped me build my business up to an excellent level for what it is, but now it looks like it's over.

6 consecutive loans - all approved and paid back on time as specified. Now they decide I'm not eligible. Go figure. Wounded. 

[chapster01]

Update. Just spoken to Paypal reps and they say it's because the lump sum was paid off! No warning or anything that this could happen, if I'd have known I wouldn't have flaming well done it.

So let it run, or pay it off in smaller installments. Obviously many won't see this advice until it's too late, but hopefully Paypal will implement a warning into the small print in future that paying off large balances will probably result in being declined further advances.