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Working Capital Code DLGJ0738

danielquasar
Contributor

Re: Working Capital Code DLGJ0738

I was told by a Working Capital CSR to wait til my good time of the year and apply then. So basically, wait til I don't NEED the loan and get one. They called it "planning ahead." lol I mean, I get it, but loans are meant for when you need them, not for when things are going well.

dave2020
Contributor

Re: Working Capital Code DLGJ0738

So now my code suddenly changed from 738 to 656. Any ideas why? Still getting denied. 

UtahDiy
Contributor

Re: Working Capital Code DLGJ0738

I am frustrated with this code.  I was not using Paypal for all my merchant services.  In December, I moved all my cc business to them.  I went from 21k in sales for 2019 to 15k already in 2020 and another 8k in December 2019.

So basically, I am being punished and denied further funds because I am giving MORE of my business to Paypal.

Yeah...that makes a lot of sense!

 

I have had multiple Working capital loans with Paypal for the past 2 years.  I am so frustrated!
I called the Paypal CSR and she made me even more frustrated calling my business seasonal when I explained I turned over all my merchant services to paypal which is why my sales are now exploding...sigh

dave2020
Contributor

Re: Working Capital Code DLGJ0738

I finally got approved, although the loan was smaller than I had hoped to get. It is all very mysterious. Constant rejections and then suddenly it goes through. The only thing to do when getting rejected is to keep applying. 

RonnieG
Contributor

Re: Working Capital Code DLGJ0738

I’m done with PayPal...this is trash...TD bank now has a working capitol where your credit doesn’t matter. All PayPal is doing is advertising a higher rate business loan scam. To bad Td banks rates are still lower. PayPal should have stayed with working capitol. Spread the word TD bank now has a better product. A product where they have actual explanation for everything and not just some staff reading from a book.
danielquasar
Contributor

Re: Working Capital Code DLGJ0738

I'm not finding any info about TD Working Capital. And I've noticed an uptick in advertising and mail from PayPal about their business loans. Almost every week now I get a letter. Not surprising that they're trying to push a worse product on us.
RonnieG
Contributor

Re: Working Capital Code DLGJ0738

They have a program backed by small business association. Side note on PayPal I called today they look at the last 4 months of history. I just ramped my sells up the past 7 days and oddly enough I got approved today.
danielquasar
Contributor

Re: Working Capital Code DLGJ0738

Congrats on getting a loan again. Did you take it?
RonnieG
Contributor

Re: Working Capital Code DLGJ0738

Yes. So basically the system is looking at December , January , February and March. My sales in December were low December and January but it was on an incline. So basically your sales algorithm for the current month has to catch up with your “normal” sales pattern. That’s another thing that it has is your sales pattern. If the pattern changes it denies you.
Okrib
Contributor

Re: Working Capital Code DLGJ0738

Got this error code today following on from other error codes.

 

Bizarrely they were happy to lend us money when our sales were low, but now we're very busy they don't want to anymore?

 

It took us approx 5 months to pay off our first loan of £50,000, and we paid off our second of £47,000 in a month in March. Now we get this code 

 

DLGJ0738

 

We've taken £200,000 through PayPal in the last 30 days, and they've now asked us for more information about business owners despite us having been with them for 3 years.

 

It seems like they cannot cope with rapid growth businesses. I'll be going to another provider for a loan if needed so we can make more product.