PayPal working capital DENIED !!
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I payed my first loan off on 3/2/2018 . I applied for my second loan 3 days later . I was denied for these following reasons . You’ll receive a letter providing the principal reasons why your application was declined, which includes the following reasons: Your account was recently been restricted due to PayPal Acceptable Use Policy violations You’ve had a negative balance You’ve had unacceptable losses or refunds due to claims or disputes Your account has been identified with suspected account takeover or other fraudulent activity . Has anyone else has this issue an was denied ? Did anyone get approve afterwards an how long does it take for this crap to drop off ??
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Working Capital
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It is completely ridiculous. Sure, it’s their money, but we pay a fee to use their service and for borrowing their money. The fact that a computer makes the decision is what’s scary, so really no rhyme or reason to it. I paid off both my loans early , had no chargebacks, but may have had a negative balance, but why should this matter? It’s not a bank account, it’s a service.. when I relayed my last loan EARLY, my record was clear and sales were good, paying them back early was a BUG mistake, and is bad of the company to encourage it. These machine algorithms are a JOKE, as why should you be penalised for a dispute that may have been a postal problem, or something else out of your hands, because of this crap, I will be happy to move to the next company that provides a gateway and a FAIR loan service.. I think it must be a big shock for everyone who repays their loan early, way earlier than projected, to then be rejected. That’s **bleep**. Not Fair, and PayPal should be ashamed of themselves for such a shonky inconsistent service.
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Both loans EARLY, months earlier than projected. Yes, it’s their money, but they take it out of your sales and you feel it. Basically, it is just NOT A FAIR SYSTEM. Rewards for early payment is fair. Judging on conditions, not on a bleep from one disgruntled customer or for making a huge purchase and draining your account. It literally SUCKS.
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That is what happened to me. I got a $85,000 loan to buy out Happy Valley Ranch Cider Presses. As expected, my sales took off. So PP put a 7-day hold after certain monthly levels of sales.
Now, they put a hold for 7-days, but PPWC took their 15% out immediately which caused a negative cash flow. It didn't cause a negative balance because we had large cash reserves. But we did have to be careful of parts we were buying toward the end of the month.
Nevertheless, we paid off the $85,000 in 248 days.
So, we got a PPWC loan to increase sales. We increased sales so PP put a hold on immediate access to our funds which didn't cause us any financial distress on top of PPWC causing a negative cash flow. Yet, we were denied another loan because we took full advantage of the loan that cause sales to explode.
PP has now taken off the monthly limits but PPWC still denies us another advance.
The thing is PPWC has direct access to our account yet they charge fees that would shame a loan shark. Frankly, I don't mind the fees because it is cheaper than bringing in a partner.
PPWC appears to be doing fine without us and we're doing fine without them so I guess we all live happily ever after.
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