New to the community? Welcome! Please read our Community Rules and Guidelines
i will give a reply once i have spoke to the WC staff at paypal. we paid a large loan off in 90 days we process vast amounts of money and its sadly annoying as we would like to purchase a new machine, however every day that goes by we earn more and needing this service less and less but i suppose it would be there loss when hundreds of customers pay loans back on time in full and even early then refused!. we have been offered a uncapped loan with youlend (shopify loan) and might just take it up and move our money elsewhere.
either way i want to know like many others what this code DLGJ0656 actually means.
I would like to further update anyone in the same situation, firstly the working capital loan isn't always a sure thing it's like the old saying never out all your eggs in one basket. also another business approach would be you shouldn't be relying on a advance to make you business work you can do it without it takes time and money management but you will be better for it in the long run.
on this occasion my company may lose out on this purchase but we will save £££ in fees and charges that can be invested in another area which is paypal's loss.
we have only used this service to purchase large high ticket equipment but that was also at a cost fees and additional charges for the privilege of the loan.
this was the answer i was given by paypal.
Thank you for contacting PayPal regarding PayPal Working Capital.
After careful consideration of your application for Paypal Working Capital, we’re unable to approve it at this time. Unfortunately I am unable to give you the exact reasons for the decline.
Eligibility is based on your PayPal account information and sales history. It’s possible that you may become eligible in the future, so please check back regularly.
need not fear there is other options available to merchants and at better rates to don't feel downhearted about this situation, if anyone is reading this and was planning to pay of their loan early to obtain another i wouldn't be so hasty in doing so as you could be declined going forward.
11 Loans and then denied for the same reason.
Actually a silver lining in the long run. I now know I can operate and still save 25% of each transaction. 25% of each transaction will be going into business savings from now on. No need to pay any fees. Heck it only takes 3 months to pay off a 20K loan with a 1200 fee. I will have $21200 at the end of 3 months and more each month after. Cool with me. I can wait a 9 to 12 months to make any major changes in business or acquisitions.
Yes, I'm fairly certain that most if not all of us REALIZE that we shouldn't be relying on an advance to run our businesses. No need for that reminder.
Most people are seeking loans right now due to the climate -- and tbh, PayPal Working Capital advertised it as a bit of a relief for small businesses suffering the lower revenue effects of COVID-19's shutdowns in various places.
They literally sent me emails earlier this year advertising that PPWC loans were a way for a small business to get help (and then later suggesting one as a means to help with your business during these trying times; to keep it flowing and running).
I don't blame anyone trying to utilise a tool provided by PPWC as a means to keep their small businesses afloat right now. These are hard times and honestly, a little help goes a long way. More so in the financial climate and situation as they are right now.