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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.
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.
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.