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We were originally denied for the first time ever over 1 month ago. We decided to try again about a week ago and were approved. They are definitely still writing loans, but are being more cautious. I think a part of the issue is COVID-19 and the other issue is Ebay Managed Payments. Remember Ebay had its largest forced inclusion of managed payments in July - August. Working Capital loans that can no longer be paid by Pay Pal transactions creates a much larger risk for default. It really only makes sense that they would suspend lending to see which accounts are still accepting Pay Pal vs. Managed Payments.
MacTower12, glad to hear they are giving out loans still. My last payment was 8/24. I think it took a day or two to show as "PAID". At 9pm on 8/30, I finally got an email stating that it was paid off. So, technically, if going by email, I would have another day or so for the 72 hours. However, my last 2 loans, I was able to get the day before I even got the "Paid Off" email, pretty much the same days as loan showing PAID. How long was it from actually receiving your email were you able to apply again? Were you offered a comparable amount to the time before, or was it considerably less? Also, what did your Loan Fee look like? I feel like my last one was extremely high (even with a 30% payback), compared to everything I read online. Not sure if they have all been high recently, or if PP overcharged me. I have a pretty quick repay time, and have had multiple loans, and do all my business with PayPal, so you think I would qualify for smaller fees. Haha! Sorry for all the questions, but I feel like a lot of these comments only give a smidgen of info, and inquiring minds want to know.
P.S. I am not savvy with social media, but I would think that if everyone was being denied, there would be a lot more easy-to-find information regarding it? I cannot imagine only the few who have commented here or on Reddit are the only ones using PPWC? Thoughts, anyone?
9/3/2020 and applied this morning. Still got DLGJ0710. Tried again at 3:40pm. Approved. Got offered more than last time, with a lower fee, even. So, yay! Good luck, everyone!
I realize we have been extremely lucky to be in the right industry and have the near-perfect staff.
We took out an $85k advance September '19 to buy out a cider press company. We paid it back in 248 days. We took advantage of 2, 30-day extensions or we'd have paid it back in only 6 months.
Because of the sales increase (from using the PPWC advance) PP kept putting 7-day holds on our account. Ok, no complaints from me. However, PPWC declined us another advance for 3 weeks because we had a history of PP putting holds on our account.
Last week they wouldn't loan me enough for a ham sandwich. Yesterday PPWC offered an extremely large advance at an incredibly small loan fee. Normally I figure the loan fee of around 30% APR. This one comes in around 6% APR.
For the last 60 days PP hasn't put a hold on our account so I'd guess that 60 days the expiration date for PPWC?
I'm not bragging, I'm just letting people know PPWC is approving advances.