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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...
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! 😠
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.
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.