Working Capital Code DLGJ0738

RusticDiva
Contributor
Contributor

Anyone know what this code means when applying for a subsequent working capital loan. I manually paid my 2nd loan off and am hoping it was not a mistake. It was a calculated business decision and I would have never done so if I had any idea there would be an issue with another loan. I applied and was declined. I have paid off 2 loans with no issues.

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33 REPLIES 33

DaneAlex
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Contributor

Same.

 

I paid off my second Working Capital Loan on December 17 after just 78 days. (And my first loan was paid off in under 30 days.) Then I applied for my third on December 23 and got denied. I've been denied every day since. It's really, really frustrating.

 

I called the number that's provided on the denial page and talked to a representative. He basically just told me that my "account is in good standing" and that since "there's no credit check involved, I can just keep applying." Well, yeah, okay, but that doesn't help me now or give me any information with which I can plan ahead, does it? I had been counting on having a small WC loan on hand for after Christmas, but now that's been taken off the table for no clear reason.

 

When you've got multiple WC loans that were paid off early on your account history, there really shouldn't be any question about approval as long as you're still getting reasonably-consistent sales. The purpose of WC is to give you as-needed access to small, low-interest loans that are paid back quickly and conveniently for whenever you might be in a pinch. Thus, it kind of defeats the purpose when you're in a pinch, go to get another WC loan, and get denied for no real reason.

 

On a side note, the representative I spoke to asked me if I wanted the number for PayPal's actual business loan. The cynic in me wonders whether the Working Capital Loan might just be a tool to get people hooked on the convenience of Working Capital only to then take it away and leave users with no other choice but to take out an actual business loan with higher interest.

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danielquasar
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@DaneAlex  Yea I got the same offer to get a PayPal Business loan and I was like "nooooooooope" Nice try though.

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Mobregon1976
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Just paid my 8th loan 24k been with them for 3 years alaways appoved in seconds maid lump sump payment got Denied for 9th loan today dec 30th got error DLGJ0738 sales up 30 percent from last time i got loan. Now have low funds expected a new loan now in a bad pinch gonna asknof can get refunded for lump sump payment but not very hopefull damm
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Mobregon1976
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Update was told was denied because my sales dropped in december by 70 percent code DLGJ0738 my last loan was 24000 paid in 7 months. which is true but my bussiness is seasonal.but i made double what i made last year in oct nov and dec by 50 percent more than last year.was able to get a refund for my lump sump payments so you out there that are declined say are seasonal to get better chance to get refund.if anybody is helped by this let me know fell bad for everyone out there getting declined.m
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jthomas6727
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Did you ever get approved? I’m in the same boat.
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DaneAlex
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Yesterday I started getting a different code: DLGJ0656 So now I have a second code to figure out.
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dave2020
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I talked to them on the phone, which really isn't very useful. But they did tell me that 656 and 738 are similar codes having to do with fluctuating or inconsistent sales.

 

I think I am getting mine because my sales occur at irregular intervals even though by the end of the month the total income is the same. Thing is they have approved me for previous loan. The guy told me after I get more sales to reapply. 

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Mobregon1976
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Say what you might paypal gave me 8 loans to grow my bussiness when no other company would and my bussiness grew.they denied me for a 9th loan with explantion and plan to get a new loan.that also refunded my lump sum payment which got me out of a bind. Final thoughts paypal helped me and i recommend to anyone against any other company will followup of get new loan end of jan hope to have sales up 60 to 80 percent in jan 2020 so will followup thank you for reading.
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RonnieG
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Me to did you get approved ?
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sgotesman
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i must say i was helped a lot by these paypal working capital loans. But for some reason the first 4 loans i was approved right away the 5th one took me a month to get approved tried everyday and then i got only a quarter of the amount i got the other times less even than the 1st loan. Now i'm trying a 6th one, and i'm denied every time. It dosn't make sense i'm thinking maybe paypal dosn't have enough money in this program so they have a stricter algorithm of what to approve, thats the only reason i can think of.

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