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PayPal working Capital Code DLGJ0656

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Contributor

Re: PayPal working Capital Code DLGJ0656

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?

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Re: PayPal working Capital Code DLGJ0656

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. 

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Re: PayPal working Capital Code DLGJ0656

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. 

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Re: PayPal working Capital Code DLGJ0656

I’m in the same situation right now, we made 6 figure sales in 2019 and planned to upgrade all our equipment in 2020 and they only offered 9k and I rep-applied then got denied. I’m so frustrated cause everything was going great with all our planning and now we’re held back from making our biggest move. I joined in the working capital because it promised that we can plan better ahead but now I’m getting destroyed by what’s supposed to be helping me get ahead. This is the perfect example of how Ai will turn against human kind. PayPal needs to change this. I have so many stocks from PayPal and to see how they’re moving, not cute at all.
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Re: PayPal working Capital Code DLGJ0656

@jusbeazy Did you ever get approved?
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Re: PayPal working Capital Code DLGJ0656

I haven’t re applied yet. I’ll try again next week. I’ll keep you updated.
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Re: PayPal working Capital Code DLGJ0656

Did you re apply? I’m getting the same error code also after paying a loan off early.
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Re: PayPal working Capital Code DLGJ0656

@jusbeazy were you ever approved? I just paid my loan off and am waiting for the final pay off email. I do similar work as you. I'm in audio production and voiceover. I've had 3 or 4 successful loans. Anxiously awaiting that pay off email
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Re: PayPal working Capital Code DLGJ0656

Hope you didn’t do a manual pay off that’s an automatic denial. I hope you get re approved.
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Re: PayPal working Capital Code DLGJ0656

@RonnieG I did do a manual pay off. 😞 But I've done manual pay offs in the past and always get approved. As long as it isn't at least 80% of your loan was paid through sales, it should be ok. At least I hope. Yikes. I had a total amount of 8900, I paid the last % 1000 or so manually