PAYPAL WORKING CAPITAL DENIAL FOR SECOND LOAN

[waterworking]

I was invited to use Paypal's new Working Capital Program. I at first was a little unsure but thought I give it a shot and borrowed the minimum which was $1000 just to see if it was what they said it was. I got the loan 5/18/2014. I paid the loan off everyday as stated and then on 5/31/14 I paid the loan off completely. I tried for a second loan and was denied. Has anyone else had this issue and have you gotten a reason why you were good enought to loan the first time but instantly turned down the second. Makes no sense. Please help

[moonsunstar7]

I am in the exact same boat as you. Borrowed 2500, paid it of with zere issues. Got turned down in 30 seconds dispite paying off first loan in exactly 6 moths and 2 days. 

[oscodapete]

Moon: Can you please tell me how you monitored your payments to your loan? I recently took out a loan but for the life of me I can't see where any of my sales money has been applied to the loan. Any help would be appreciated.

[jcaiazz]

You will see a link to the right of the center screen where you see your PayPal account activity transactions after logging in-  When you click this link called "PayPal Working Capital" written in blue letters in box on the right side of screen about halfway down- This takes you to view your payments and note contract/agreement.   Hope this helps~><>  Best wishes of prosperity for you~

[TonkeyToodle415]

I had the same problem and finally found out that you go to https://www.paypal.com/webapps/workingcapital to find payment and balance information.  

[FZRPaul]

PayPal Working Capital is a **bleep** Tease.

[cydter]

Same has happened here. Payed off $3000.00 loan early and was turned down for the second loan instantly. Customer service says it could be because I had a chargback last year. ONE chargeback in 8 years of business that was not even our fault. It was an international sale where they used a fradulant card. Paypal even loaned us the money until the investigation was over because they knew it was not our fault. Our first working capital loan took place in Feb. so the chargeback was there. Another person at customer service said to wait for time. There are no straight answers because it's still a pilot program. But, we would of loved to have used it to buy more inventory for the store. It was easy and convenieniant. 

[SELLERTIME]

This is the deal:

We were approved for a $9500 loan (we do like 150K in revenue) and we paid it off inrecord time early ..No problems at all..So we were happy when we were going to be able to take a second loan..

DENIED!!

Like yourself and many others.. The probelm is that paypal made a much stricker formula in their underwiting program for who is to be approved.. DO we have chargebacks and refunds?!! yes..mostly because of EBay nonsense when someone opens a case because they are too impatient to wait for their item in the mail!! We are not at fault for any of them.. But things happen when you have a busy business and refunds can occur time to time...

SO basically even if you had a case open on you  on Ebay you are getting **bleep** because that counts as a chargeback..

It is a shame becuase its a great program and the money helped alot...

Good luck... 

[jcaiazz]

I am wondering the same... My husband keeps saying... "that's how working capital works"  But I'm thinking these loans are not revolving and I was going to apply for the amount we have paid back or maybe a percentage of the amount we have paid back, but I don't think this is possible because these loans are not revolving.  It is odd though- I think PP is piloting this working capital loan deal to see how it could work and maybe they've had mostly bad experience and only a handful of those who are good loan payers are not enough to be lucrative for PayPal. 

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@waterworking wrote:

I was invited to use Paypal's new Working Capital Program. I at first was a little unsure but thought I give it a shot and borrowed the minimum which was $1000 just to see if it was what they said it was. I got the loan 5/18/2014. I paid the loan off everyday as stated and then on 5/31/14 I paid the loan off completely. I tried for a second loan and was denied. Has anyone else had this issue and have you gotten a reason why you were good enought to loan the first time but instantly turned down the second. Makes no sense. Please help

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Spoiler

[temp20190509ai]

US too! We got a 12,000.00 loan last October, paid it off this month, sales every month , never a dispute or charge off.  Paypal themselves said we had " prefect" record, I know this because I called to see if it was possible to get a second loan so I paid the rest in full in one last lump sum , hoping and " banking " on a second loan for an expansion that is crucial to meet our upcoming Halloween season- and........ DENIED! What the?

And has anyone  also noticed the Working Capital customer service is far less friendly when they first approached us? Whats going on? And I read they are the same bank as bill me later, which we got denied for too, anyone else also apply for them?