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

[jbideas]

I have to ask if anyone who works at paypal uses their own products in the field?

Standing at shows you are often very busy with multiple customers waiting to pay.  If their card won't swipe because the little dongle is being finicky then you key in the number rather than frustrate the customer.

We sellers take the hit paying a higher fee for keying in the number and are then doubly punished because of PPWC scoring against us for putting money into our paypal accounts?????

[Zeesells]

Hello EJ, Can you please help me determine what happened with my PPWC transaction ? I was sent an email which I responded to! and was at the part where paypal was offering me a certain dollar amount. It was eight around 10,000.00. I didn't take the plunge immediately because I wanted to make sure I had stock to invest it In. I worked like crazy that day to line things up and out down payments equaling 2,000 on items I was purchasing with the PPWC loan, and within 24 hours I was signing in and applying for it, imagine my great shock and disappointment to see I was denied ? what could have happened ?? It was only 24 hours. I have been very depressed about this, as I am now in a bind. Thank you for any help you can provide.

[robertgehl]

I was approved for two previous loans and paid them both off ontime or early. I don't have "paypal here" or anything like that and have revenue into Paypal as regular as clockwork. The revenue stream has been almost exactly the same for the last several years, yet I was denied. 

The customer service rep told me to "try again" in 2-3 days and maybe it will work again. Is this true? 

Do the people that you call on the phone really know anything or are they kind of guessing?

We've had a great experience with PayPal, the working capital loans and the whole company in general.

I was surprised that not one thing has changed and we were denied for the third loan

[adg1050]

Finally after complaining on here today & calling asking for a supervisor to explain to me why I was denied (multiple times over the past 3 weeks) when I meet the requirements I was approved.. KEEP TRYING! Weekly!!

[winkbsd]

I have had a paypal business account for 7 years now. Always had good standing and only 1 chargeback in 7 years and it was because I never received my products from a supplier at ebay so I had to be refunded my money. I do anywhere from 50,000 to 100,000 in sales a year. I have been denied numerous times for the working capital loan. A friend of mine has a paypal account 1.5 years old with numerous chargebacks this year alone and was granted a 2500.00 loan through them. I couldnt figure it out. Finally I did. Paypal claims to not do credit checks on people applying for this. Well the bottom line is paypal doesnt credit check but the company they use for funding does. I noticed multiple inquiries on my credit report from the lending partner of paypal which is a company called WebBank. If you have any smudges on your report that have to do with anything bank related or credit card related you can pretty much just not bother applying for this. Paypal knows about this but refuses to let it out in the open to their clients. I had to dig and dig. Also those not able to get a second loan this is why also. WebBank only provides 1 loan a year to a sole individual as I was told when I contacted them. Good luck guys!

[adg1050]

I have terrible credit. And have now received 4 loans & never once have I seen an inquire on my credit report.

[alanmaier]

I just received my rejection letters and thought I would share what the reasons were. 3 reasons were given, one dealing with an increase in returns, one dealing with an increase in refunds, and one dealing with the number of listings. Now returns and refunds are down thanks to the report a buyer feature, as most of my returns were from buyers who abused returns by claiming the item was defective to obtain free return shipping. It seems that the buyers who do this have learned that we can report them and that has made a difference. As for number of listings, there is not a significant change in listings and sales overall are up over the past year.  I suspect the point system as outlined in the letter has been tightened a bit. Sad part is that ultimiately eBay is the end looser here as I would have purchased more new product inventory which in tern I pay fees on when these items sell. I have purchased higher ticket inventory through the summer months as I do every year. It's the low ticker, high volume items that eBay and PayPal will miss out on collecting those fees. 

[Voiceoverguy]

Wow, tons of negative stories again. Does anyone have any positve stories? My loan is almost paid up and I was considering trying for a new one in December but it doesn't look like my chances of approval are very high.

[temp20190509ai]

I had a positive experience, I posted earlier. I did have to try many times the second time and called . The rep told me he looked into my record and said he could not see why I would be rejected ( I had been denied instantly the four times I tried before I called). He said they were still working things out on the back end,  and to keep trying. So I did and viola!~ I got a second loan, not for the same amount as the first,  but I still got one, and just in time for our Holiday supply buying!
 My letters for rejection were strange however, they contradicted themselves- so who knows. I believe they are still working it out, and tweaking the under writing and why so many rejections.

[flashkaz]

Ok, yay! I finally got my 2nd loan and in time for most holiday stock. 

What happened in my case was directly tied to my eBay dashboard activity. Our substiture mail carrier accidentally scanned a crate of our shipments as delivered rather than accepted. A few of our buyers looked at that tracking info - the same day it was paid, shipped, and tracked mind you - and opened a case - because that's the direction eBay sends them instead of contacting. The buyers closed the cases a couple of days later when the items arrived, then I called eBay to have them removed from my dashboard. They did NOT come off automatically when the cases closed as I feel they should. 

Your eBay account has a DIRECT bearing on whether you will get the loan. Personally, I think that gives a buyer's opinion a bit TOO much power. If they don't like something, whether it's the seller's fault or not, they can leave a neutral or negative fb so the seller cannot obtain financing? That's insane. Some buyers are trolls. Some are competitors. Most, thankfully, are wonderful creatures~!  I have begun keeping a very keen eye on my dashboard and blocking buyers who leave me low DSRs or bad feedback, of course. I've noticed I had to block a couple of people who are long time customers who make very low offers then leave me 1 star for any number of reasons. I suspect they are competitors, but who knows. This is the kind of person who decides whether I get a loan. smh

Anyway, I am VERY grateful and just want to let everyone know to hang in there and examine your eBay dashboard. May we all have a happy and prosperous holiday season~!! ❤️