This is a little long but I need to explain it all to get to my point.
Got my first Paypal Working Capital loan in February, for $2000, 30% repayment. I paid it off 3 days ago in order to get another one to stock inventory and such. Because it will only let you make a payment with your paypal balance and bank transfers to paypal balance take forever, I used my paypal here app and ran my own card. I don't typically use this, so I was unaware that anything could or would go wrong here. I ran it in 2 separate transactions in order to not shut my card down, the first one went through fine. The second one did too, until I logged in and they had put a 30 day hold on part of the money. So I sent my fiance the other that was needed and she sent it back friends and family. All is good, I pay the loan off, wait my time. I applied this morning, and got a denial for "Recent holds or reserves" so I contacted Paypal Customer Service and they told me the only way to get the funds released before the hold was to refund the payment. Again I sent my fiance money, she sent it back friends and family and I refunded myself. The hold went away. The Customer Service agent I talked to said that the Working Capital team should see the same thing they do, that the hold was no longer there, and to try to apply again....so i did and low and behold same denial. I called the Working Capital customer service line, and they said they can't tell me if it will or if it won't but it can affect the application for 30 days. RIDICULOUS. It was my personal money they put a hold on, that I was trying to pay them with! I have had no issues. Paid the loan back in 80 days, much sooner then estimated. I have had a rise in customers and sales. I have had 2 claims that were closed in my favor due to tracking not being attached to the transaction because I didn't print the label through paypal and forgot to put it in. I am just so annoyed that this can't be fixed by a person. A friend of mine that is in the same industry is on their 3rd loan, and they have had holds due to claims in the last 30 days, and some of those claims were not ruled in their favor. They were not open when she applied for either of her subsequent loans, so my question is, if anybody has gotten a denial for a similar issue, how long did it take to get approved? I was told to apply everyday until it was approved, but they couldn't tell me when that would be. Stupid mistake on my part to use my profits to fund this so I could have more capital and grow my business I guess, but I had no reason to believe it wouldn't get approved. Especially after watching my best friend who has a lower amount of sales and customers get approved 3 times within 120 days.
