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]

Its called paying off your loan too fast 😨😨😨😨😨😨😨😨😨😨😨

[pvtbzness]

Ok, we get it - Paying off a PayPal Working Capital loan *early* somehow causes a glitch in their system.

BUT, do you understand how insane that sounds? Paying early causes you to be denied next time?

Myself, I had 3 working capital loans, all paid off. This last one, I paid the last $1k manually, and even went $30 over by accident (not sure where that money went, and I asked). 

However, when trynig to apply again, I get a generic error message basically saying I was denied for one of any number of reasons (none that seem to apply!). Negative balance, umm, no, never. Fraudulent behavior? Umm, no, of course not! It is almost insulting, after being a close partner with PayPal for so long.

Now, the time *before* this, I tried to get the loan and it approved me, but kept error'ing out. Meanwhile, I was getting blasted by unsolicited calls offering working capital from bank X, Y, Z... Umm... Ok, clearly something was shared. The PayPal rep was polite, but ultimately had no idea, and escalated it to the engineers. A month or so later it finally worked.

Probably this just saves me money, I just like having more 'cushion'. Who needs debt anyway. It is just so insulting in the way it declines someone who has such excellent standing (or should!).

[ginomartin1964]

Error code 640 is for having a recent dispute or chargeback. I've had several PPWC loans and paid them all back, never paying off ahead of time. I just paid off a smaller loan because of their "new" rules and regulations my loan amount went down this past time. However, I applied a day after I paid it off and was accepted for another loan with a max amount of 18,500. Before finishing the application, I stopped the last step because I wasn't sure the daily percentage I wanted to pay back so I figured I would apply later that day so I had time to think about it. Well low and behold, I was declined later that day with error 640. I called, told the rep I was just approved several hours ago and then denied, she told me that it was because I had a chargeback in the last month. First chargeback ever and the son of a **bleep** kept my $1400 item as well! Go figure.

[rt2013]

Hello,

I wanted to give you some insight on 640, I have been receiving it for a month now. This was my 7th loan, I had an "Item Not Received" dispute in March for a large amount ($750) which I won, along with several small cases since. It may take a while for it to even out for you as well.

[uhearditfirst]

Just to update, I was finally approved and offered up to 9,000 , which was what I had taken the last time. I do think paying off the loan with a lump sum rather than letting it take in the sales percent does hurt.

[Raviedavie]

Glad it finally worked for you. Did you just keep trying ?

[uhearditfirst]

Yes I was trying multiple times throughout the day, declined in the morning but approved that same night. I had called the customer support beforehand to make sure there wasnt a limit on how many times to apply, they said try as many as you want. Also I was switching up the reasons for the loan but im not sure if that makes any difference.

[SA10]

@uhearditfirst Did you change anything other than purpose when retrying? Reformat the address? Or Business Type?

[uhearditfirst]

@SA10 I was changing up the business type as well

[SA10]

Thanks for your feedback. Kept at it and was eventually approved for our 4th loan & largest amount (very helpful for this time of year.)

Things I did...

-Call in, and had a rep escalate it.

-Tried different purposes (all effectively to grow the business)

-Cleared up a $1 negative paypal balance with new sales.