Working capital, a bad joke?
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I have had a few loans using WC. They have been paid off early and without any issue. So far $20k in loans and PP has made a nice chunk of change from me. Recently I paid off my $8k loan and decided to get another. Surprisingly PPWC offered upwards of $12k. I did not need that much. However, the pay back percentage and the loan fee was INSANE. $2800 fee and 30% repayment of each sale. With eBay fees that 43% to 48% of each sale.
So I opted for the same loan amount knowing the last fee cost and percentage. This time around it was $1100.00 more than the last time.... That's $1879.00 fee for a loan of $8k at 20% repayment percentage.... Unreal. I'm not sure who is calculating this but somehow the amounts I receive never match the amount that is calculated in the agreement. It also seems that your previous good standing and loan payment never factors into this equation at all.
It's very disappointing that in 14+ years of me being a customer.
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Working Capital
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I'd gladly pay any of that if I could get Working Capital to even allow me a loan again at this point. It's my third loan payoff and everytime now I go to reapply for a new one...its been a month...it keeps saying denied due to fluctuation of sales. Any tips on approval? I have always paid on time, paid off early and had 3 loans.
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Sorry, I do not know how to help you on that. My guess, it's about how much money comes into your account on a regular basis. Possibly how fast the loan is paid and the overall health of your account ( issues, chargebacks, disputes ect. )
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