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Paypal trying to deleverage, regardless if customers are good or not. They trying to reduce their exposure, by having a blanket boycott on sellers good and bad they will push us to find alternative finance and damage their own business,
the way they have treated customers without True explanation makes us cautious using their facility at all, especially Ebay sellers which will now be given Ebay payment options.
From my experience, I have gotten the same denial code, but I found some threads that seem to explain it. When you finish a loan and even maybe pay off the remaining balance with a last big manual payment you must wait for about 48 hours to apply for a new one or you will get the decline code. If it pays off normally with sales it seems to be okay to apply for a new one right away. But, if you pay it off with a manual payment, wait for about 48 hours and it should work. Twice I have paid it off early and twice it took about 2 days for the new loan to be approved. Once or twice I let the sales pay off the loan and I could get a new one almost right away. This is just my experience. The threads I read says that all the systems have to clear that the loan is paid or it will decline thinking you still have one going. Again, I have had about 8 or 9 loans and this is my experience with it.
I received the same denial error message and assume it's because my sales volume is down. I've had 10 prior PayPal Working Capital Loans and have never been in default and have always exceeded my minimum. I just made one large payoff amount less than 24 hours ago and applied after receiving the payoff confirmation email. My sales volume is down intentionally. I sell online information and was having a huge problem with customers reselling my information unauthorized and at 25% or less than what I charge them each month. So, I made the decision to double my prices and decrease my customer volume since dealing with the unauthorized sellers is both time-consuming and costly to my business. I only wish I'd known ahead of time that my chances of being approved again would be low, because I wouldn't have sent in a large payoff.
I am so nervous about this as well. I am thinking of paying off the rest of my loan, I got a $8000 at the end of Sept. and I have it paid down to $2000 really needing new inventory for the new year so thinking of paying if off sales have been pretty consistent, had my best month IN Sept then 2nd best in Novber. SO worried this will be a hit for me if I dont get approved. Were you ever approved?
I’m not sure who you’re asking, but I was not approved. It’s really the typical corporate tunnel vision that we frequently see. In my case my sales volume is down, intentionally, however I raised my prices to more than double what they were. My intent was for my products and services to land in the hands of fewer people to reduce the issue with unauthorized distribution of my IP. In your case sales are up, so one would assume that you would not be denied, but who knows. It seems as if PayPal and WebBank are making up terms as they go. It’s all rather odd. Being denied a loan for me also means fewer planned sales and therefore less revenue for PayPal. Having successfully paid off 10 prior working capital loans and having a PayPal merchant account for the past 10 years longer means anything to PayPal. When loyalty is not reciprocated it’s time to establish other business partnerships. PayPal isn’t exactly the cheapest payment processor around and my international fees are far too high.
I just paid off my loan ahead of time and with a $200 final payment. I received the email that it was all paid off and even called a rep ahead of time to ask when to apply. They said if I received the message then I should be able to apply right away. So I applied. Denied. I called back. They told me I made too much money in December. They also said the algo specifically looks at the past 4 months, not 12 as it states in their terms. So, December, is one of the busiest months out of the year, punished me for getting another loan. I applied again today and received the DLG0656 code. Not sure what it means. I'll try again tomorrow morning. It's super frustrating that when your business is starting to scale, they deny you. I do not sell physical products, I am in video production and I do all my billing via Paypal. Not sure what is going on with everything. I shall try again tomorrow.