DECLINED FOR SECOND WORKING CAPITAL LOAN?

Jellybean_2727
New Community Member

I pulled out a working capital loan for $3500 (first loan) paid it off about 1 week ago now.. still waiting to see if I can pull another loan.. which it just declines me.. which I paid back pretty quick with 30% interest.. is this an error or ??? Does anyone have solutions to this?

Thank you. 

Login to Me Too
5 REPLIES 5

SRTWY
Contributor
Contributor

If you do a cursory search of these forums and others, you'll see that pretty much everyone is getting declined for PWC loans.  Even longtime customers with perfect sales and repayment histories on multiple loans.

 

No one knows what's going on, not even customer service, and neither PWC nor WebBank (who underwrites the loans) have said anything or addressed the issue.

 

Best you can do is swamp their "Feedback Survey" (on the left hand side of your PWC dashboard) daily and hope the issue eventually gets fixed or they at least publicly address the issue and decide to be transparent about it.

Login to Me Too

CRAZYFISH01
Contributor
Contributor

me too - had 9 successful working capital loans - also noticed a code underneath the refusal - am now on 5th day after paying back  the 9th loan & noticed the code has changed to DLGJO261 - have you been given any code number? no one seems to know what these codes mean. 

Login to Me Too

MasterpieceAV
Contributor
Contributor
This is great okay so I've had 9 PayPal WC loans all paid off early and have been applying every single day since like April of 2020 last year declined Everytime. I have no acct issues no am at 200%imcrease in sales.since.same.time.last year acct has increased and stable sales 12k in sales every month since last August. I Login to my PayPal account today and there is a note saying I'm pre-approved to receive another WC loan so I click the link to apply again and then the system still declines the application I even have screenshots showing where it says I'm approved.to receive a new loan and then it still won't accept the application I **bleep**ing give up seriously...
Login to Me Too

SRTWY
Contributor
Contributor

Yea, we recently got that too.  They keep bombarding everyone with new invitations to apply, but are still categorically denying everyone for no reason at all....even longtime customers who fit the application criteria perfectly.  And the denials keep coming for months.  It makes zero sense.

 

I'm starting to think something with the algorithm is seriously broken (wouldn't be the first time) and for some absolutely insane reason this time they haven't noticed.

Login to Me Too

MasterpieceAV
Contributor
Contributor
They told me they sent it up for clarification and said it's because of my fluctuations in sales going from 10k to 14k then to 12k then to 16k I'm like really cause when I was only doing 2k then 8k then 1k then 4k it was fine for.the previous 10 loans so now that I've been doing at least 10k a month they won't approve it cause.my sales aren't.stable enough somehow...
Login to Me Too

Haven't Found your Answer?

It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.