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"Apply for a new Working Capital loan" no longer an option

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Contributor

"Apply for a new Working Capital loan" no longer an option

Was on hold on the phone with Paypal working capital for 4 hours 30 minutes today before giving up and hanging up! 

 

I've had 5 previous Paypal working capital loans.  I just paid my 5th one off, hoping to re-apply but there is no longer a button to "Apply for a new PP working capital loan" instead I received an email that says, "If this is your final loan payment, you’ll receive an email in about 5 business days when you’re eligible to apply for another loan."  In the past, the button to apply for another loan has always been just right on my Working Capital dashboard - no more.  Can anyone please advise if things have changed and loans are being handled differently or are harder to acquire?  I wouldn't have paid this one off if I didn't think I could get more funds!  I've paid all my loans off early and have had excellent account standing.  

6 REPLIES 6
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Contributor

Re: "Apply for a new Working Capital loan" no longer an option

Same here, I paid £145 off wouldn’t have bothered if I’d known! Mine has said 0.00 balance owing for 4 days and no button to apply again like I usually have. I get that PayPal are wary of handing over more money, but internet sales have increased if anything. I’m fast running out of stock but not much in the way of spare cash to buy more!
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Contributor

Re: "Apply for a new Working Capital loan" no longer an option

same here i paid of my loan last week within 58 days, i have had 10 previous loans, my sales have increased last 7, 30, 60 and 90 days but am getting declined for further capital advance???

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PayPal Employee

Re: "Apply for a new Working Capital loan" no longer an option

Hi @marigoldey Please try logging into your account at www.paypal.com, then go to www.paypal.com/capital 

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Contributor

Re: "Apply for a new Working Capital loan" no longer an option

we have tried keeps declining with different codes?? nobody understands the codes, pay pal should come out and explain fully why they are declining working capital loans.

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Contributor

Re: "Apply for a new Working Capital loan" no longer an option

@jamie716 These are the collection of answers I have received for the decline codes since May 30th when I paid off my last loan with a lump sum (kicking myself for doing that) - You are applying too early wait 5 working days - You should keep applying every day as many times as you can. @paypalsupport suggested that since Covid-19 PPWC has now become an invite only service and if you are not selected by email or by a message through PayPal then you cannot apply for PPWC. @Webform are saying that they don’t know why I am being declined but try again in 2 weeks but don’t apply every week. I have taken this as far as I can, the answer is that no one knows. I’m not sure what else I ought to do. I should have read the community forum weeks ago before clearing my last loan. 

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Contributor

Re: "Apply for a new Working Capital loan" no longer an option

Yeah! WTF is going on here! Too many of us are in the same boat and there's no answers other than algorithm and we can't do anything about it! Please keep posting update! Thanks