Working Capital - future advances after Corona virus

fantasyworld
Contributor
Contributor

Hello, 

Our Paypal working capital will soon be repaid ......... but business has been severely down during the virus (about 25k in the 8 weeks) ...........will this have a major effect of what we get offered for our next loan - or has Paypal altered the algorithm to take Covid into account ? Anyone know ?  

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2 REPLIES 2

brian1953
Contributor
Contributor

i have had 10 previous loans, last one paid off in 50 days two weeks ago, sales up in last 7, 30, 60, 90 days fit all criteria, i have been applying last two weeks nearly every day, keep getting rejected so don't know whats going on, waste of time phoning as staff have not got a clue why either.

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clickcat871
Contributor
Contributor

It may make a small impact, but they generally give loans based on the past 12 months of sales and up to 35% of that amount. However, I've only seen them to 10-25% of the loan amount in almost all cases. You probably will be okay getting at least a similar amount, but people (myself included) have reported having issues getting new loans recently. Some people speculate its due to COVID but no one really knows, there have been multiple users still reporting getting loans in the past week so I think if you wait 3-7 days without spam applying each day- you will eventually be eligible, goodluck!

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