Purchase inventory with PayPal Capital during covid 19
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Working Capital
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Hey Lovetsa,
I can not advise you on what's best for your business but I can share my experience. We recently paid off our paypal capital loan end of April 2020 in order to reapply for another loan for inventory expansion. I called and confirmed that they were still offering Capitol loans during the pandemic and was told " Yes, we are wanting to do more loans to help small business in these times". Once paid off and cleared, we reapplied for now our 9th capital loan (all paid back under 1 year time) and were denied.
Upon speaking with a representative, they claimed our sales spiked a couple weeks during the middle of the covid-19 awareness which the system picked up as inconsistent sales. This is irrational as our per 90 day pay back review showed consistent sales and ahead of schedule repayment. They have changed their algorithm for loans to a strict and seemingly impossible new loan access due to financial climate today. We never would have paid the loan off during a non-repayment period that paypal put in place if they didn't blatantly lend false information. Beware.
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