Working capital decline 2020 NEW CODE

[Kaybee4577]

So I’ve posted here like many others, confused and frustrated than loans are just not being approved anymore. Some people HAVE been approved after months of waiting, others are being denied three months later despite paypal assuring them there’s actually nothing wrong with their account and they should be eligible. Today I’ve had another new weird code. I was getting the same two everyone seems to be getting. But now, I can’t even enter my details to apply. I find the link via FAQ and instead of taking me to the page where you confirm business details, it now just declines me without even having the details filled in? Code <removed>. Anyone else had this?

[mstaves]

I've had the exact same situation with the application process for the last month or so and received the new response as well today. I also have had previous WC loans without any issue. The customer service rep confirmed the new denial code was the result of internal errors and offered to have my account flagged for troubleshooting too. I'm a little doubtful that things will get resolved quickly but you never know. I understand that they have an automated process that evaluates loan worthiness and that it takes into account factors that sometimes can fluctuate between loans but I think it would be a good practice to also consider the borrower's past history with the WC service in addition to recent paypal sales and would save their customers a lot of frustration and reduce support calls for them if they were able to provide a more specific and transparent reason should an application be denied. We'll see...

[Dav1111]

This is my update. I got approved this morning for 1/3rd of the last loan, its a tiny amount, but I accepted it as I have to move on and urgently buy stock. My last loan was paid off on May 30th so its 4 weeks and 3 days ago. I filled in the application details as normal (nothing had changed on that sine the last loan). The old loan was still showing on the PPWC dashboard and not archived in the history, I followed the FAQ link to apply. So I think the time taken is just over 4-5 weeks. My last loan was paid off with large lump sum which I think complicated things. For future reference my advice would be to not do any manual payments, especially not a final lump sum, this appears to count as a negative in their algorithm. In the last year I had abot 3 or 4 instances of customer complaints/returns, although I dont think that had an affect on the delay in the approval of the new loan. I dont understand the 2/3rd reduction for the new loan as my sales have increased since last year. There was a drop off in my sales April-May because of Covid-19 lockdown, but in the last 4 weeks they are way up again.

[Kaybee4577]

@Dav1111 I’m so pleased for you. There are some who are being approved after 4/5 weeks (but lots still being denied after months) and I’m really pleased to see you’ve become one of them. I hope it helps you keep afloat.

[Ghostmech2002]

Still declined 23 days after paying off early. Happy Holidays...yeah right.

[ccga2020]

I called and spoke with someone they said that code is for an error on their end. He told me to try again this afternoon it should be fixed soon for is to reapply!

[Dav1111]

It’s back to decline code DLGJ0710 for me.

[Kaybee4577]

I had that one for about three weeks and just tried again. The new code is gone and I’m back to the 56 one. Ffs

[johnpdaley2013]

I just tried again as now I am getting the application again.  They must have fixed it on my end after my call to customer service.  However, now I am back to getting the error code  DLJG0656, which I have been getting for the last 20 days or so.  I have been told multiple things about this code from customer service as well.  It appears this means since I had an increase in sales, it is causing me to get what they call a fluctuation in sales and the system will not generate an offer until it recognizes my sales re going to be high all of the time going forward.  This is such BS!  PayPal can go to loser loan hell as far as I am concerned!  They won't get any more fees from me.  I hope they file for bankruptcy so I can laugh at them and see how they like to be turned down whit an excellent repayment history!

[lauradark]

I've had almost $90K in loans through PPWC and now I'm denied and business is actually UP.  I do not understand what is happening.  I keep getting a message saying my industry isn't included in who they give loans to.  Funny, they gave me $90k in loans before.  I don't understand.  I need the money to help further the business.  I do 6 figures a year with Paypal and have for many years.  This is frustrating to say the least.

[SRTWY]

@lauradark  Yup, same here.  Rock solid sales and loan repayment histories, continually increasing business even with COVID, zero changes to business information, etc.  Now daily denials due to DLGJ602 "Industry Doesn't Qualify". 

There's not much that can be done, unfortunately.  These forums are filled with posts and comments like this; we all know at this point not to depend on PWC (as stuff like this has been happening for years) but it definitely doesn't make it any less frustrating for sure.

I'm starting to think, though, that due to everything going on over the last year they just straight up turned off the faucet for most of us.  It seems less random (as it has been in the past) and more consistently "we're not loaning to anyone right now"; the "industry doesn't qualify" codes are a lot more consistent and commonplace.  Which would be whatever...that's totally their right...but it would be nice if they were transparent about it and actually let us know what was going on, instead of telling us to keep wasting our time and effort reapplying on the daily.

It also seems strange to me, seeing as how at least in my region things have been open with virtually no restrictions for months, and COVID cases have remained extremely low and stable.  Business for everyone in my area has been up for quite some time now.