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

[Nascarr24]

Declined again, and again. All info current no change since last loan, one account, and sales better this time than last time. No charge backs. They say they don't check credit, they are liars. Why else would a small business doing BETTER than the last time get denied when applying, liars, liars, liars, liars, liars. PP doesn't represent or care about small business. All they care about is collecting the fees from you.

[pbells]

Spoke to Shannon this a.m. at Paypal Working Capital. She confirmed the "linked to another paypal account" issue has been resolved. She stated that a loan will no longer be denied to having it linked, can anyone confirm?

[Yari123]

Joining the club of the reapply denials. Loan paid early due to increased sales. No change in account same sales accounts as original loan.  Still denied for the second loan. Make no sense but who are we to tell them how to run their business.  Seems like a good product however there is something else going on to be denied. Wont waste time with their customer service seems like a waste of time. I guess we go back to the higher interest credit card. At least we get the points  

[flashkaz]

Exact same problem, but I borrowed $2,000 and paid it back in 3 months. It's interesting how different each scenario is. I read this somewhere before, so purposely didn't pay it back too quickly, making sure to do a couple of extra $100 payments. I am really not sure what they want. 4 days ago the only very small negative mark on my credit was discharged. It was there when they granted the original loan. I am truly puzzled.

[flashkaz]

Exact same problem, but I borrowed $2,000 and paid it back in 3 months. It's interesting how different each scenario is. I read this somewhere before, so purposely didn't pay it back too quickly, making sure to do a couple of extra $100 payments. I am really not sure what they want. 4 days ago the only very small negative mark on my credit was discharged. It was there when they granted the original loan. I am truly puzzled.

[oscodapete]

My most recent denial letter did not say "linked to another PayPal account". This one says "Your application was processed by a proprietary scoring system that assigns numerical values to the in for mation we consider in evaluating an application"... "The number or percentage of recent chargebacks, claims/disputes, or refunds on your PayPal business account. There has been a change in the number of items recently offered for sale".

I have been selling on eBay since 2002, have over 7,000 positive feedback and have never been late paying my eBay/PayPal bills. No explanation was given as to the "change in the number of items recently offered for sale". Funny how I was approved for my first loan in seconds, paid it off in less than two months and now I am not worthy of their trust. I hope more of you get that second loan. As for me, I won't waste any more of my time with WebBank or any new programs offered by PayPal.

[auniquedesigner]

Has anyone gotten anywhere with the working capital info that is missing on the new paypal pages?

[JoeBarrr]

The system has a mind of its own. I applied the first time and received a loan within seconds for $3000 which was paid in 4 months. The second time I went for a loan I was denied within seconds and after applying 5 more times over 2 weeks and right as I was about to just give up it approved me again for $3500 which I just paid in 4 months. The issue is because the program is so new and they are constantly changing the underwriting you might be approved one day and denied the rest. It has nothing to do with how fast you repay it. The system doesn't care weather you take a month or 6 months because there is no interest to collect so it doesn't matter as long as it paid in full. Just FYI but the second time I applied I did so without my tax ID only using my social and was denied. The last time I applied and used my tax id on my application I was approved right away.

[alanmaier]

I was really wondering the same thing. Borrowed $2000 when the program was first introduced to the US market, then borrowed $3000 again - all repaid  I did pay off the second one slightly early simply as I had a small balance and I really expected to receive another loan. Note that my peak sales are actually during the winter months more than the holiday season. 

My first attempt was when I received a message via e-mail thanking me and sending me to a link to apply again. Denied and very surprised. Tried a couple days later, denied again. Tried day (a couple weeks later) and the denied screen came up in record time. 

No problems with repayment outside of an occasional make-up auto payment that was done within hours. I am not a TRS anymore since August, but just by a small fraction of a percent. Sales are down from the summer slump, but I just had a strong September sales spike. 

Gee, I am just about taking this personal! But I see I am not alone at all. I read of some people just trying again, others not having such luck. I have never received any form of reason for the decline. I do also use Kabbage, but I much prefer PayPal as repayment is in relation to sales, which sure makes a difference through the slower summer months. 

Thoughts???

[onesyepadvertis]

After being denied for the 2nd loan several times....it is now OK and I was approved for even a greater amount. Excited because I was able to get geared up for fall and winter!!! Woohooo!!