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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.
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
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.
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
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.