Working Capital-Will paying off manually prevent a new loan?

[Michellevo]

Hi guys,

Got my first PPWC loan in November. Got for $1000, with a 10% repayment and a $94 fee, for a total of $1094. I was offer 5k but wanted to make sure that I fully understood how this all worked before committing to the higher amount. I'm kind of regretting that now. I LOVE the loan. And it's almost paid off. In fact, I have just over $300 left to pay before completing it. The whole thing is simple but with only owing about $300 on the loan, I would love to just manually pay it off so I can apply for a new loan. I looked at my last 12 months and my sales have been good. Pretty much the same, with a very slight drop in January. My transactions are pretty consistent.

Problem is, I am reading TONS of threads where people pay the loan off manually in one lump sum, only to be denied another loan. Paypal says that they do not penalize for early loan completion or manual payments, but when it comes to getting a 2nd loan, it sounds like it's a deal breaker, based on multiple reviews. I wanted to pay this loan off in about a week and reapply.

MY QUESTION: For those of you who had problems after paying off the loan early, were you making many manual payments? Is there anyone who made a final lump sum manual payment in the range of 30% and DID get approved for a new loan? (assuming no other issues)

I do not want to pay the $300 and then have it come back to bite me. Like I said, my transactions are consistent and I do not work through EBay (well, I did sell one piece of equipment in December and that went fine). I'm a full-time freelancer with many regular clients who just pay me monthly. ANyways, these threads are REALLY freaking me out! Any advice on this?

Thanks!

[AWPerative]

I just paid mine off manually to the tune of around $500 since my sales are up. I am also a freelancer (content creator with one major client and several other smaller clients).

I committed to a $1500 loan in late October 2017 to fund operations, as October-December are usually slow for me. It started picking up in mid-January again and now I am back to around the average amount of sales I make a week. I was also declined even though it took only 120 days for me to pay back the loan. I am not sure what to do at this point, as I have to fund operations until I get more consistent and paying clients, and I think PayPal Working Capital was essential in getting me through the slower months of my business.

Any insights as to what gets you declined? If anything, paying off the loan early should be a sign that someone has the ability to repay. I'll try again in a few days but I'm not sure if PPWC can answer these questions (I'm going to try calling once they open, but some people here said that they don't give any answers).

[Michellevo]

Yikes. You and I are very similar in our loan. I got mine in mid-november and just paid it off. Did they give a reason or give you a code for your decline? And also, how long did you wait to apply again? If you don't wait three days, that can give you a decline but it should work for you if you wait three days.

[AWPerative]

I recently moved residences and I got error code 555, that they couldn't verify my business. I tried using my new address and old address and got declined still. I applied several times in one day, so I'm going to wait it out as I found an alternative.

[Michellevo]

@AWPerative Just an FYI, I had my account locked last week because of an identification issue. I called PP and uploaded my license and SS card. They were able to unlock my account and fix the issue really quick. I would call them. I paid off my loan yesterday, and applied again today and was approved for 6k. I think once you get that issue cleared up, you'll be good. Best of luck

[AWPerative]

@MichellevoI don't have my Social Security card but I do have my ID with my address on it. I will see if that helps. Thank you!