Applying for another Capital Loan

BJP1
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How long after the last payment was made we’re you able to reapply? Thanks in advance!
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8 REPLIES 8

canwehaveitnow
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Hi - assume you mean the Working Capital ?

Having spoken to Paypal today, they said it doesnt affect the answer if you reapply at any time-

My first 3 loans were approved about 5 days after I paid the last bit off - since then I have been declined daily since August 2018 !!

Hope you are luckier

Becky

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BJP1
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Thank you! Yes, I paid off loan 8 days ago, and I was wondering how long it would be before I could apply for a second. Thank you for your reply!
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Michellevo
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@ bjp1 were you ever able to get another loan? I just paid mine off in full on Feb 13th. Usually, I'm clear to reapply within 24 hours. Well, today is the 16th and still no offer so far. Sounds like many people are now having to wait 10 days if final loan payment was made via bank account. Curious to know if and when you finally got approved?
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BJP1
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Yes, I paid it on 1/24 and was able to get another on 2/2, the first was $1500 the second was $3500 (my yearly sales are 20k)
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Michellevo
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Oh gosh, thank you SO much for replying. And congrats on your loan! This makes me feel a lot better. Looks like 10 days is the new norm for reapplying
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BJP1
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From what I understand, if you make the last payment from your bank and not from sales as usual, it takes the 10 days, Which I did, I did a $174 payment, so this time I am just going to let the last payment come directly from sales as usual to see if that makes a difference. I have seen that after 3 loans people just get denied, so don’t bank on a third or fourth, just in case 🙂
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Michellevo
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Yeah, my last payment was from my bank account. I've had 4 loans so far and sales are up and consistent, but it never seems to be a guarantee and I always get a little nervous before applying. Fingers crossed and praying it goes through!
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Michellevo
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Update...I was approved today for a new loan for 11k. Oddly, I called PayPal today and they said that since my last payment was made thru my bank on the 13th, I'd have to wait 10 business days. I was encouraged from reading these posts that it's usually actually 10 calendar days. I was pleasantly surprised to see it cone thru in less than 10 calendar days. Didn't expect that at all. Very happy right now.
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