Working Capital Denial

4storysean
Contributor
Contributor

I was just denied for my 3rd loan, because my business industry does not qaulify for Paypal Working Capital. What has changed in the last 2 months since I got my last loan and paid it off? I have had 2 loans and paid them off in a combined time of 3 months, what is the deal? I filled the application out the same way I did the other 2 times and my settings are exactly the same as they were the other 2 times. I was counting on this loan to get me into our next location and was told multiple times (although I know they cannot guarantee) that my account is spotless and should not have any trouble. So what is the deal now? Most banks would be happy to work with a business that took out 30K in loans and paid it all off with fees in 90 days. So can someone please tell me why Paypal is denying loans to excellent customers? And for no good reason?

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4 REPLIES 4

Whac-A-Mole
Frequent Advisor
Frequent Advisor

what business industry are you in?

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4storysean
Contributor
Contributor

Screen Printing and Graphic Design

 

We had it set to Service - Other and Graphic and Commercial Design, but apparently that is no longer acceptable like it was 2 months ago. So I changed it to Business to Business and Printing.

 

 

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4storysean
Contributor
Contributor

Does anyone have a solution? I really need to figure this out and I am getting nowhere just applying once a day.

 

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RoseF
Contributor
Contributor

I just got denied too.  No problems with first loan.  But... I did just read in another thread from 2014/2015 that the funding bank was making credit inquiries, after all.  I have to check my credit report to validate.  But if there are new smudges since your previous requests, that may be why.  When I called, the CSR said that it was because I had a restriction on my account.  That restriction happened before my first loan request and that was approved.  So I'm not sure what's going on.  I also read about the use of PayPal Here having a negative impact on applications.  Too many variables and no reasonable answers.  In the end, the CSR said the application process goes through an algorithm, if there's a smudge, it gets denied.

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