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Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

SweetSavannah
Contributor

Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

I just payed my loan off. I was able to reapply but, it wouldn't generate new offers for some reason and it told me that it could take up to 7 days to regenerate new loan amounts for me to choose from and would have an answer by April 2nd. I have borrowed and payed off $19,000 in previous loans on time.
8 REPLIES 8
dph8819
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

Same here...11 loans at $597K, applied 3/24, expecting an answer by 3/31. Have called twice to ask about this and got a different answer both times, guess all we can do is wait.

SweetSavannah
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

They told me that its being reviewed by a person. What I am thinking is that since this virus has slowed everything down they probably want to make sure we are selling items that people will buy? I told the lady that It just doesn't make sense I have borrowed 19,000 in the past 2 years. I have no issues with eBay or PayPal. Just sucks because I really needed it to purchase new inventory. Please let me know if you get it.
SweetSavannah
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

What did they tell when you called and asked why?
dph8819
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

First call (right after I applied): "This is new, no need to worry, you will get a response in 48 hours" Second call (2 days later): "No need to worry, we just want to make sure you get the best offer possible. You will get a response in 7 days". My business is not impacted at all by Covid-19, in fact sales are up (I'm in a niche market of collectables that are also frequently bought as investments) so I'm figuring this should be OK. but it was definitely surprising not to see an offer right away.

dph8819
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

The application went through and they offered a whopping $3000...

 

What a joke. It's obvious they don't even want to look at an individual business and their sales, as they will see my sales are stable, I only run auctions and everything will continue as normal. 

 

After 11 loans Paypal and annual revenue of nearly a million dollars exclusively through Paypal they just lost a very good customer, I will be moving to eBay managed payments as a result of this and ditch Paypal altogether. 

SweetSavannah
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

I am so sorry. If they only offered you a seller with that much in yearly revenue than I can't wait to see what my offer will be. My yearly is half of yours. I probably will get an offer of 1500.00 or they will just deny me all together. I used the last bit of my savings to pay off my loan early and they said that I can get a refund of my one time payment within 7 days. I will let you know as soon as I hear back from them.
SweetSavannah
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

They denied me this morning. I knew they would if you only got an offer for $3000.00 That sucks because I really needed the money for more inventory.
M3media
Contributor

Re: Reapplied for working Capital 7 days regenerate new offer? Anyone else had this happen?

So it took about 4 days for you to get a reply? Just trying to assess a general wait time. This is our first time applying being newly eligible this month and of course everything changes. Just signed the lease on our building last month and was in need of the funds for equipment and inventory. We're still hopeful for approval though.