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PayPal working capital decline DLGJ0656

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Jasontexas
Contributor

Re: PayPal working capital decline DLGJ0656

Yep I got the same message. I applied today. I've always been approved before. I had a really good July and paid it off early. Not sure if that's the reason or not.
Metroshot
Contributor

Re: PayPal working capital decline DLGJ0656

Weird, I got declined after months of being called on by PP WC to get another loan.

 

The last mail piece was $10,000 loan which I don't need but all I asked for was my usual $1500 to buy a lot inventory and re-sell.

 

Have had 4 loans and all paid off in time so I am confused...

WiccansLair
Contributor

Re: PayPal working capital decline DLGJ0656

I got denied just today after paying off a loan. It said the same for me, inconsistent it seasonal, which is not true. I believe the algorithm is the problem. On April 6 I received a notice that they were going to hold off on taking wc payments to help customers during covid. Then I received a notice that they would begin taking payments again on May 6. I believe the algorithm is seeing no payments made to wc for that whole 30 days as an "inconsistency". I am going to call them and let them know that may be the issue. Maybe this is the same for you all? If we call them and they ret enough calls they may fix it.
ImaPangolin
Contributor

Re: PayPal working capital decline DLGJ0656

This might be it. Hoping someone reads this because you can’t get them on the phone at all. Maybe when their partners are not getting any new loan traffic they might notice.
janieh007
Contributor

Re: PayPal working capital decline DLGJ0656

I was denied as well, after several years of loans with them in good standing.  I am a photographer  - an extremely busy one and unaffected by Covid for my business.  I wanted to do a few upgrades and hire help, but guess that will have to wait!  😠

MSIMMONS88
Contributor

Re: PayPal working capital decline DLGJ0656

Did you end up being able to get one? Also a photographer, and busy, with zero issues with previous loans.
NinjaKato
Contributor

Re: PayPal working capital decline DLGJ0656

I have yet to be able to get another loan. I've only had 1 (for 5K and paid it off in time) but they're not allowing me another for some reason.

MSIMMONS88
Contributor

Re: PayPal working capital decline DLGJ0656

I’ve had 6 with well over 5k and paid well before due and I’ve never been denied until now citing that my industry isn’t being accepted by PayPal working capital right now.
NinjaKato
Contributor

Re: PayPal working capital decline DLGJ0656

Yeah, when I spoke to the rep. he said it's not so much the industry (because they've been giving out loans to all business types), but that's a 'fall back' reason the algorithm throws as it's main "reason". It can be anywhere from inconsistent sales at the time of your applying, a payment that the algorithm doesn't approve, or a cosmetic reason (like having a Apt# in your address).

Right now, the algorithm is going through so many applications (given the current revenue climate, a lot of small businesses are applying) that I imagine it just sorts through information really quickly without going too far into details sadly. So it rejects perfectly fine businesses for a loan.

The only thing businesses can do is keep applying everyday and hope the algorithm accepts their application. It sucks, but even the rep said that he hoped a new way of doing applications and accepting them would happen.
He also mentioned that as the financial climate opens up a bit more in the coming weeks, the financial climate might shift and applications might be more readily accepted again.

Only thing I can suggest is keep trying.

Ghostmech2002
Contributor

Re: PayPal working capital decline DLGJ0656

Yep. Still declined after paying off $8k early. Covid-related?