We currently have limited customer service staffing due to Coronavirus (COVID-19) safety precautions. We encourage you to find quick answers to your questions by searching the community forum or visiting our Help Center. Thank you for your patience.
New to the community? Welcome! Please read our Community Rules and Guidelines
In all honesty, I'm wondering if any business types are applicable for loans...?
Anyone I have spoken to who got a loan previously (this year or late last) with PPWC have said they receive the same message now when they try to apply for another loan using their same business title/type: "Our records show your business currently falls into an industry category that doesn't qualify for PayPal Working Capital."
It's like dude, LIST what businesses are eligible so we don't keep trying to apply without knowing our business isn't actually eligible!
They have to be all cryptic about it.
I called to apply last week and the guy said the same reason "Our records show your business currently falls into an industry category that doesn't qualify for PayPal Working Capital."
He also said "I can't tell you why your business was rejected over the phone, but you'll receive an email and a mailed letter telling you within a short span of time".
It'd be nice if they would actually work on all PPWC loans and advances.
I only had a loan of 5k and paid it back earlier than the set date and yet I'm still getting rejected for another loan on account of the whole "We don't give loans to this particular business type" which is bogus because my business type hasn't changed since my last PPWC loan earlier this year.
There's been no messages from them either about getting another loan either, just rejection letters and emails on any attempt I make.
Tried again with a different term for my business type on their list of businesses (a service I provide but isn't the main focus of my business) and again "Our records show your business currently falls into an industry category that doesn't qualify for PayPal Working Capital."
Honestly... I'm beginning to wonder what businesses DO actually qualify for a loan?
Seems like everyone I've spoken to has been rejected, and they work all kinds of businesses and tried for a loan (having been accepted and given a loan by PP previously).
I'm glad you were fortunate to actually get one though. Glad at least some are able to utilise the tools PPWC has.
It has to be very frustrating being declined on what equates to a secured loan. I wish PPWC would be more transparent in their risk factor considerations.
I know paying early or quicker than expected carries little to no weight, yet not making the 5%/10% per quarter minimum is a serious negative.
I understand that having a negative balance, even for a short period of time is a negative.
I have experience with PPWC being denied because we had 7-day holds on new sales revenue because PP thought we were growing too fast. Even though we kept a very high balance.
I don't know if the average daily balance makes any difference? I also am uncertain if the personal credit score affects anything?
I'm in the exact same situation and I'm rather annoyed about it. I've had 7 previous cash advances and the last one being last October for £28,000 + a fee of £5,142. Last week I paid the remaining £5420 off in full. I haven't been affected by COVID, I'm up 59% in sales with a yearly turn over of over £140,000. I'm not on the eBay managed systems and don't have to be until the middle of November. I called PayPal three times prior to paying off the loan asking the question are they still giving loans, explained I'm not on the new eBay system and all three people told me it would be exactly the same as before when applying. Surely they should advise you they are not taking loans etc? I've got no chargebacks, no issues and up 59% with each month getting stronger. Surely they would be happy for the custom?
I feel like giving a big middle finger to paypal and calling it a day with them. Pathetic that nobody knows whats going on and you gave to wait 72 hours to get a reply from Working Capital.
I've had the same problem.
Their reason: "We currently do not offer this type of service or product for businesses in certain industry categories" -- I got 3 mailed letters sent to me along with emails stating the same thing!
Mind you, I'm in design and I have customers that want refunds but with COVID-19 my funds have been short after refunding a ton of my other customers previously since I no longer had/have the materials to do their work due to funds being cut.
I still make sales (and have had to use those to refund customers so I'm not making much money myself in the long run).
It seems to me like no matter what kind of business you're running, it's longer accepted for a loan.
I had a loan previously for 5k and paid it off in good time! I qualified just fine before with the same business type as I applied for with the new applications.
Suddenly that business doesn't qualify??? I am very confused as to how it was accepted in January this year but is not not accepted in July/Sept of this year?
What's worse is you can't find out what businesses actually DO qualify and they do not tell you exactly why your business (specifically) doesn't qualify for a loan other than the vague explanation I wrote above that was in the emails/letters I received.
It's very very confusing.
(Adding this in):
I've been a seller on PayPal since 2012 and have never had any unresolved disputes (all were resolved within less than 24hrs).