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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.