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PayPal working capital decline DLGJ0656

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StablerLawnCare
Contributor

Re: PayPal working capital decline DLGJ0656

The reason for me was due to not meeting the 20 grand in sales. But that's BS this year with covid. I did however surpass that with venmo and paypal combined but they won't let me use that because it's a personal acct . I think paypal should loosen their criteria for existing members. This is so messed up
Tulucitor
Contributor

Re: PayPal working capital decline DLGJ0656

They are denying us for 3 months for no reason this was pre covid 19 . Is disgusting how much money in fees we pay to paypal and how they turn their backs when we need them
Ronnystilo
Member

Re: PayPal working capital decline DLGJ0656

Paypal working capital As a business owner for over 25 years I can see that paypal make the biggest mistake of they live time history. Giving the back in this time to all the business owners who help them grow over this years. The business that provide them big $$ profit every day and whom still loyal to them. Also giving us the open door to choose other options Of merchand for our business. In this time that we all need them they turn they back to us after all the years we have support they company with alot other options out there. And we all still loyal to paypal. I call and they give me a stupid answer about this matter wich I will confirm soon. I yes open a new location were Im using paypal like in all my other locations. In 50 days we have over 39k in sales. I will summit a aplication after the 60 day period To see if they will have a excuse. If im decline ! I will cancel all my paypal Accounts Same day and I will choose a new reliable company to deal with. And I advice everyone to do the same. If people dont pay loand is ok to denide but to all the people who keep they sales and pay on time is no excuse to decline a working capital. I had 75k in working capital loans pay in full and sales on point even with covi. No company can Keep they power with out they customers. And they mngm dont see that.
Anonymous_User
Not applicable

Re: PayPal working capital decline DLGJ0656

I would definitely suggest trying other companies that loan to business because Paypal working capital can be very difficult to deal with when you really need them.
strictlystatic
Contributor

Re: PayPal working capital decline DLGJ0656

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.

strictlystatic
Contributor

Re: PayPal working capital decline DLGJ0656

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.

 
couple things i would like to point out that i have noticed based on this code.
 
  • we started to sell on ebay and ebay money management payments where but in the end where not taken off the loan. i think this could have affected the automatic decision as this was the only major change on the account
  • we paid a large loan 20k plus in a short time which to any lender isn't what they want. as i have read that people who have good standing and are doing well in business get declined which i agree is unfair.
  • covid 19 being a factor because iv not read one post that says iv been granted a loan in the last four months. its a shame as the capital would help growth and protect good companies 
  • i honestly believe working capital advances have been put on hold until the market stabilizes and its nothing against the good people that have paid back their loans in full early.

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.

mactower12
Contributor

Re: PayPal working capital decline DLGJ0656

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.  

ZariB
Contributor

Re: PayPal working capital decline DLGJ0656

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.

NinjaKato
Contributor

Re: PayPal working capital decline DLGJ0656

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.

Tattoowendell
Contributor

Re: PayPal working capital decline DLGJ0656

Did you ever get approved after this?