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

[TonkeyToodle415]

I receive invatations almost daily to use Bill Me Later and have had a store on eBay for 7 years in good standing.  Additionally, I was given a Working Capital loan which is almost paid off.   I have applied for Bill Me Later once every say 3 months just to get frustrated because every time they say DENIED not to mention every time someone applies to get Bill Me Later it hits their credit report and inquires into one's credit report has a negative effect on the credit report.  Why they would issue a $2,500 loan through Working Capital and not approve a $50 Bill Me Later is insane not to mention they continue to make the offer through direct emails and on checkout pages.  No one can reason with the robot response the customer service offers and it nothing more than frustrating.  At least they have Americans answering their call center now and not some uncaring rude script reader from the Philipeans.  

[Pill]

WHAT THE $%$$^&*

I WAS INVITED TO TAKE OUT A PAY PAL WORKING CAPTIOL LOAN FOR $2500.00- I DID- PAID IT BACK IN 7 MONTHS- NO PROBLEMS- IT WAS GREAT FOR PURCHASING INVENTORY- NOW TRIED TO GET A SECOND LOAN AND WAS DENIED IN 15 SECONDS!!!

WHAT IS THE PROBLEM -I CAN'T GET A STRAIGHT ANSWER OUT OF ANYONE! WHY HAVE A PROGRAM THAT STATES "TAKE OUT A LOAN -PAY IT OFF ON TIME AND YOU CAN GET A SECOND ONE--BUT... EVERYBODY i KNOW THAT HAS TRIED GETS DENIED!! WHAT STARTED OUT AS A GREAT DEAL HAS TURNED OUT TO BE MORE THAN DISSAPOINTING!

HEY PAY PAL DON'T ADVERTISE IT IF YOU CAN'T DELIVER!  

[FZRPaul]

Mine was small, a $1,500 loan that I paid $1,660 back for in 5 months exactly the way they wanted it, through 10% cash flow sales volume direct deductions (except for the last $20 bucks that I just sent the pmt in for to be done with it). Only a handful of times over 5 months that a couple of bucks out of the total pmt was collected in 'catch up payments' the next day.

Everything went according to plan, I increased my sales, opened an ebay store and listed a bunch more, and applied for a second round of working capital speculating that with successful implementation and payback of the 1st loan along with a 35% increase in sales that not only would I be approved, but be approved for a higher amount (based on the 8% of sales formula).

NOPE - DENIED!

Ridiculous; nothing like building a great relationship with a customer on a first successful transaction to just completely throw it away with a decline for no apparently good reason! Then be told to wait 30 days for an explanation letter. Absurd!

Time to look into other options for consistant and reliable working capital, instead of PayPals inconsistant and unreliable services!

[jbideas]

Same thing here.  Paid off an $11,500 loan early and was denied a second loan.  They have about FIVE links prominently displayed on the account page inviting you to use Working Capital but in fact it seems like it's not really working capital.  Supposedly based on only our paypal history and not credit score but if true then borrowers who pay off early should be WELCOMED with open arms and not left in the dark.

I guess I was glad to be approved the first time since I am always **bleep** that banks don't think PayPal revenue is worth looking at to determine credit worthiness.  And PP working capital is very clear about the loan amount and the interest and how they will take payment.  It was great that they simply took their 20% off the top and I didn't have to worry about it.

But I am honestly very disappointed that they advertise this so much and then treat repeat customers so crappy.  Not even a thank you for paying off loan.

To me paying off should be rewarded with a thanks and an invitation to buy more.  I even steered more customers to paypal to pay their bills to me so that we could pay off the loan earlier.

Well, I will just apply every day until someone responds.  I alreay called months ago when I was considering paying it off to get another loan and was told it's just their alogorithim that decides.  No human is involved as far as I can tell.  So maybe it is because of disputes and even one disqualifies you.  But if that's the case then I don't know why we weren't disqualified the first time.  We have a dispute every couple months which will happen with a custom fabrication shop like ours.  And as well there are folks here who report never having had a dispute that were denied a second loan.

Frustrating to say the least.  

[valentinallc]

Same exact happened to us !

2 accounts first 20000 usd approved and payed in full in 3 months, reapplied , reapproved for 20000 .

second account first 3500 approved and payed in full in 3 months , reapplied , DENIED  no reasons 

we are in very good standing and we dont understand 

[temp20190509ai]

Hello again, I tried calling customer service at Working Capitol, again.....  and finally got a man who sounded as professional and understanding as when the pilot program first approached me. 

He checked my PP record , and said he wasn't sure why it would be rejected since all it gave was a generic reason and from what he could see it should go thorough. And then he said try again a few times,  it may change,  just not more then ten times a week or it could lock you out for security reasons, so...... I tried again just once and APPROVED!! YEA!!!!! Just in time for our planned expansion to meet our Fall and Holiday demand!! So good luck guys, and don't give up!!

[Docchaney]

I payed off my $9500 loan one month early..all ontime about $1200 per month. Have been denied past 65 days. What browser or compuet did you use to get approved again. I ask because they said IE is not good to apply in.

Thanks

[temp20190509ai]

Mac OSX10.6.8 using Safari  and it didn't seem to work on Firefox .

And I do not think its a scam at all for the denials, we all paid the first ones off without a hitch, so they kept their end of the bargain as well as we all did. No one ever guaranteed we would get a second loan. I am for one truly grateful, it came at a perfect time so we can expand to meet are upcoming Halloween rush, and I wish you all the very best getting one too!!

I think all the new denials are due to the new underwriting and or a computer glitch.

[Championprint]

I spoke to someone that sounds exactly the same. I was told the same thing, this was a week ago. how long after you were denied were you approved?

[temp20190509ai]

And remember guys this isn't paypal rejecting our second loans its whoever is behind the Working Capitol, and do you all remember a SS number had to be put in the first time? I dop not recall, and ask because I  know they say they do not check your credit report,  but now I wonder.

 AND, did anyone get the explanation of denial letter that the Denied window says will be sent within 30 days?  Has not been thirty days for us yet, so I am wondering will it ever come?

Since many of you state you do not know why you were rejected.