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

[clayworks1]

I just paid off my first loan and applied for a second....same day. Apparently some of the glitches have been ironed out as there weren''t any issues. I was  concerned after reading the posts in this thread due to several charge backs incurred over the duration of the first loan....ie.....refunds on overcharged shipping,  several "after the sale" discounted prices, 3 refunds due to damage while in transit. etc....

I filled out my 2nd application identically to the first as several posters reccommended.  For me the program is a good one and I hope it continues to be offered. Good luck to all of you applyling for another loan

[apeters219]

Well, I had one loan with PWC for 2,000 that I paid off a little bit early, got approved for second loan the very next day for 2,500.  I figured yesterday, with much trepidation after reading the posts here, I would take 674.00 out of my 679.50 that I had in PayPal and pay off my second loan to go ahead and get a third loan.  Well, you guessed it - DENIED!  I was in shock so went back in and tried again doing what it said on here, copying and pasting my information and DENIED.  And am now locked out for a week, and have 5.50 to my name - ugh!  I guess I will be calling them at 9:00 to see what's going on.  

[weldor123]

Working capital is a joke! this is the third loan i have tried to get. First 2 i was approved right away. I also took money to pay my loan off and was denied! You are not alone man. I am in a mess too! I will call on Monday, but I am sure I will get no where. Doesn't help a person sleep at night. Let me know how you make out. I am also locked out for a week. I have made my payments. Nothing makes sense. My work and money flow has even increased. Just do not understand.

[apeters219]

weldor123 - I called and they said they couldn't tell me why I was denied - I would get a letter in the mail, but they did refund my lump sum to me, which definitely helped me out.  I don't understand why people are being turned down after paying two loans off, it's crazy.

[weldor123]

Well I will call on Monday. Hopefully they will refund me my lump sum payment. Hope you do not mind if i ask, How did you get them to give you a refund?

They have really put me in a bind...seems like the old bait and switch. Like us all, I am just a small business owner. Trying to do the right thing and get knocked down. I own a metal fabrication shop. Paid both of my loans off in a timely manner and now this. I just do not understand. Then I am reading that people have reapplied 1 week-3 weeks out and have been approved AFTER being denied. There in no rhyme to reason to this!!!     They sure know how to knock the small business owner down. Dangle the carrot let you take a couple of good bites and then leave you in the dust! I will be anxiously be wait your reply on how you got your refund.

[apeters219]

Honestly I just simply asked.  I told them what my intentions were, paying the lump sum payment to get a new loan out, and now that left me 5.74 in my account, and I had bills that were due, so if they can't figure out a way to get my loan approved is there any way they could refund my lump sum payment, and put me back to doing just regular payments, and they did.  The woman I spoke with over the phone was extremely nice, just couldn't give me any answers as to why I was denied.  

[weldor123]

Thanks! I will be calling them. 

[roba]

Way back in the good ol' days, I was invited to start a Paypal accout in order to start my eBay account. I opened an account and started selling on eBay. Through "thick and thin" with Paypal. "Thick and thin" being this: after receiving hundreds of fake invites to Paypal, I called in to the office to report the spoof. Paypal assured me that the account was safe and those emails were just a scam.

We boldly continued on selling over $64,000 on eBay over a ten year period.

Last summer I was invited to take out a working capital loan. I blew it off a couple of times because I am using Kabbage which works O.K.

After planning an expansion project for buying more piano inventory for my business, I bit the hook. I got approved for $1,000 in a few minutes. Great! I purchased several used pianos, fixed them, sold and delivered them.

I was grateful for getting approved for the loan and once again, felt dedicated to believing in Paypal.

I paid the loan back in full over a period of a few months.

Last week, I applied for a second loan, now that I have brought witch's broom to the wizard as instructed, but got "go away and come back tomorrow."

I was told that I will get a letter within 30 days explaining why I was denied the second loan.

During the first application approval, I called in to the Paypal office. The customer service rep told me there was no credit check, I only have to pay when I make a sale and there is no defined time limit. I was also told that I could continue to used my Paypal account for personal use and that "you'll be fine." (Sounds like the used car dealer in Houston, Texas I once dealt with. P.S., I didn't have that car very long.)

I'm "not fine" and everybody on this blog is "not fine."

Will the Paypal gods fix the problem...or will we feel a little more like "George Bailey" sitting in "Mr. Potter's" office again this holiday season?

--Stay tuned...

[peifullymine]

Nothing has changed.. I have been with PayPal since almost when they started.. I dont do tons of business but its relatively steady.. I got the first loan no problem..I found out that while they do not have a defined time limit just 10% minimum of the loan every 90 days that they contradict themsleves and said as this is not a typical loan they expect people to pay more sooner..However that makes no sense as the people paying early also get stiffed on a subsequent loan too... I called to ask when I could re apply as I paid off the loan Friday and they said it was denied without me even being able to attempt to try...Not sure what the deal is but I am very disollusioned by them.

[UAP]

I have same problem like you. I just paid off the 2nd loan on 5/27, and try to reapplie the 3rd loan. paypal denial my application. And i want to ask you so did they refund you back the final paymet you made for your 2nd load ? Because I want ask paypal to refund me my final payment made to PPWC.