Anyone else having issues with Working Capital? I had 5 successful loans, all paid in 60 or so days and now its giving me an error message 646. Called to inquire, but no help there. Something about it because a decline in sales?? Yaahhh, it's called the HOLIDAYS! I am so bothered. As a lender, you should also consider the payment history!!!
I understand exactly what you mean. I've had two loans with PayPal Working Capital and was recently denied. There has been no decline in our sales and I continue to meet their criteria (at least so I thought). After speaking with 4 representatives, I was told 4 different things. None of which made any sense. One rep said it was Sales Activity, another said "Keep Applying", another said "It's related to an algorithm change that was made in August 2016 and another said he'd submit a ticket to reconcile my qualifications with their criteria. It's disappointing, because it shows that Paypal is not considering the relationship we've had for several years. If you're going to deny my loan (which they have) then at least tell me why. This has put a bitter taste in my mouth about my relationship with PayPal. If they never would have offered these loans to begin with, that would have been fine. But when I use them to grow my business and prove that I am capable of paying them back early while meeting their criteria, it makes me realize how my relationship and proven results with PayPal is a non-factor. My team and I are going to work on alternative payment processers such as Amazon and the like. I think it's time that I make PayPal a non-factor and take my business elsewhere.
It is sickening to me because I have had FIVE succcessful loans, all paid under 40 - 60 days, The average is 27 days. WHO DOES THAT? When I called to ask if they look at that because I'm sure no one pays it off that quick. They says it is all a factor and I should keep trying to push it through. Something about my sales numbers have dropped. This is because of the holidays, but instead of waiting to pay it off... I hustled double time to make sure they got their money without delay. That gets you NO WHERE! I should have took my time in paying if off.
I have had 2 loans. First was paid back but when I applied for the 2nd one I got the same error code 646. The loan eventually went through about 4-5 days after is was paid off. For this last loan I paid it off on Wed and have tried since and getting error 646.
PAYPAL is not a traditional lender,it gets information from other sources which they need not disclose to you,also lender has limits too,itmay overextend itself during the holiday seasons,you are not the only one it is doing business with.
if you are running a business,try not to rely on just one lender,find others as well
