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@marigoldey -- Just wanted to know the same thing happened to me: I made a big payment to pay off the loan expecting to get another one (I've received and paid off 13 other Working Capital loans with no issues) and then was declined when I tried to get a new loan. I was panicking but then I read on one of these forums that you can call and have your payment reversed....and I did it and it worked! They reversed my big payment and I went back to the normal % of sales being taken out to pay down the loan. They told me you can only do that once per loan, but it was a lifesaver for me. Good luck!
I’ve talked to a live person at least 10 times. They tell me they are lending, but cannot or will not say to whom or what industries those people are in. When I say ‘do you see loans get approved?” They immediately say yes, then I quickly ask “what type of business.” They say they don’t know. I think it’s all BS. I think they are not lending. Period. I’ve had 10 loans, nearly 1mm and sales are up 61% year over year. I cannot get an approval. Trying for 3 months now. I’m a sure bet, so I can’t understand why I’m being declined.
I had a similar experience. I've been using paypal for 13 years and have paid of 5 Working Capital loans with a perfect track record. I tend to use the loan to bridge a dip in my annual sales (which have gone UP since COVID not down) and thought I'd qualify, no problem. Lo and behold, declined. I called and was told that the algorithm rejected me because my month-over-month sales were not high enough (despite being up significantly from 2019, when I received my last loan at this time). But, they said to keep reapplying because the algorithm might approve me, depending on the timing. So...I had an influx of payments this week and decided to try again. This time, I was declined because of my "industry" doesn't qualify. How is that possible? 5 loans and suddenly my industry is not covered. It's maddening. I've been faithful to PayPal in part because the WC loan structure worked so well for me. Now, nothing....
So, the other day I spoke to a rep for about an hour+, and he was able to give me a bit of insight as to reasons why loans aren't flowing right now.
He sent me to this link -- https://www.paypal.com/us/webapps/mpp/paypal-business-loan-faq (#6.) which states what business industries are currently not eligible for a PPWCL -- However, he said the list tends to change over time so it's best to keep looking.
He also said that due to the fact that the whole process is automated and checks sales, frequency of sales, and so on the algorithm can sometimes decline loans for various reasons (without actual specificity; which even he thought was ridiculous mind you).
Also, anyone who has an Apt., Lot, Building, or Suite # in their address: That can also effect it as well. If you work at home (like me) that can also effect the outcome. He had me remove that from my address since the algorithm can sometimes be finicky about addresses as well?
His best advice was to keep trying at various times because eventually anyone can get approved. He also said to try and do so after a good week in sales with consistent payments since then the algorithm will see you have steadier sales coming in.
I'm not sure if this will help a ton, but I really picked his guy's brain and asked a lot of questions to get some answers and these are the ones I got.
I'll keep trying here and there over the next few weeks to see if it works, but I might look into other options at this time as well since this process tends to get a bit disheartening to repeatedly get rejected lol
He said they both work on the same basic algorithm since I asked him why he sent me to a PayPal Business Loan page lol