Paypal Capital 3rd loan denied over one case?

[pbells]

Confused and a bit frustrated.

I have been approved for 2 paypal loans without any issues, have paid both off early.

The first loan was for 1500, the 2nd was for 3000. I just paid off the 2nd loan in about 120 days- I had a balance of about 1500 just paid it off in one lump sum

Sales have been consistent, about 55,000 over the last 12 months. Average between 4000 to 6000.

I have a single case according to paypal, the item didnt fit, so no problem it was replaced, and eventually a refund was sent. No escalation or charge back. In fact the item was sold to someone else, it fit perfectly ( Gun grips). The buyer apparently tried 4 different grips 2 from other vendors, none fit, so apparently after a discussion we figured his gun was modified.

Consistent sales 3 reps have told me its an otherwise excellent account.

I didnt wait the 48 hrs to reapply, but my paypal account record shows paid in full.

Any suggestions the CSR was friendly but no real answer.

[PayPal_Erica]

Hi pbells,

I'm sorry to hear about this frustrating experience. Regrettably we are unable to see the reason why the application was denied. I'm afraid you'd have to reach out to Working Capital directly for that information. I can tell you though that it would be extremely unlikely that it was denied due to having one case opened. It is much more likely that it has to do with the 48 hour time frame. Due to processing times the loan may not have been seen as paid off in all systems yet. If you try again after the 48 hour period and are still being declined then I would recommend reaching out to them directly for an update. 🙂

-Erica 

[pbells]

Hi Erica:

I did speak to Paypal Capital after receiving my letter apparently my paypal account is linked to another account.

I have an ebay store, I have a co-worker who uses my ebay store from time to time. We have seperate business acounts addresses and checking accounts. Including seperate tax ids.

This is not unusual, last summer I took a vacation, and let my friend use my ebay store. This is common and I confirmed with both Ebay and paypal, that this is fine.

Paypay Capital needs to work on this. Its common for several Paypal accounts to be linked to one ebay store.

The Rep stated that this is being worked on, hopefully soon!

Thx

Len

[Wowo58]

I have also paid off two loans through working capital, much earlier than was expected. First was around 1500 and the second was 2600.   I have been turned down 3 times for the third loan.  I do all my business through paypal and have never had any charge backs, or any issues what so ever with unsatisified customers.  It is really frustrating for this to occur.  

Calling the customer service at working capital is a joke.  They sound as if they are reading out of a manual and when none of the "prewriten reasons" apply they say they don't know.  If you ask to speak to someone that is a supervisor or someone that might know they say there is no one.  So I suppose the job they have is simply to answer the phones and not have any answers.  A computer generated recording could do that job.  

If I sound frustrated it is because I am.  I do all business through paypal..recommend my clients to use paypal.  I am extremely unhappy with this process and the fact that no one knows anything as to why the denial.  

If anyone knows a person that I could speak to that could actually give answers I would appreicate knowing who that would be and contact info.  

[JeffMK]

I've had the same issue.
Paid off my first loan EARLY last January, 2014. It took 3 months to get approved again. I applied every couple of weeks.

My letters of denial all stated that my PayPal account "was not in good standing."

Everytime I called PayPal Customer Service, they had no idea what the Working Capital side was talking about. My account was always in good standing.

Back to Working Capital. No clue.

Now, I've paid off my second loan and again, being declined for a 3rd one.

No one has any answers.

PayPal, PLEASE figure out how to give us satisfying reasons why good customers with a proven record of paying loans get declined.

Thanks,

Jeff

[bkhusker]

I was turned down after getting several emails inviting me to apply. Then someone from paypal called and suggested I apply

again, this time I was approved for 8000.00.I paid off the loan in exactly 7 months, had one charge back, the customer said

I was selling used merchandice. I have been turned down for a second loan even though my sales increased 50,000

The good folks at paypal have no answer as to why Im being turned down.

[mlgdave]

I guess I am not alone in this then, hmmm, got loan for 11k, paid it off in 5 weeks and then declined when applied for a 2nd loan, so much for the good idea I thought it was 🙂

mlgdave

ps..and yes calling webbank was a waste of time, they said call paypal, paypal told me to call webbank, see the trap hahaha?

[fitbyfaith]

Same thing has happened to me.  I paid by second loan off back in November, have applied 10X since and am being denied.    The letters all say the same thing.  Too many charge backs (I have no charge backs) and that I withdrawl too much.  Well, I get cash back when I use my Paypa Business Card so I pay all my bills with it.   I just don't understand.  I think the loan and terms are fantastic and my first two loans were great.  I don't understand why third time IS NOT a charm?

[FredaBooth]

Wow!  On the 3rd loan app,  they told me the same thing!  I spend too much money using my debit card... then when I complained to someone in Business Solutions, they said, "Oh, no... we don't hold that against you. Businesses spend money!"  Then I spoke to the same person who signed me up for the first loan. He said I had ONE recent low-sales month - it didn't matter that I'd had 2 big sales months previous to that month. I'm about to try this again.. we'll see how it goes. Good luck.

[1Undrpyd]

I have been given 3 loans and paid all them off within 70 days. First one was 4000, second was 6000 and the last one was 8000.00. Never a problem. We sell about 26k a month. Tried to get my fourth loan and was denied. Maybe Pay pal Working Capital Loan is not the best choice. We sort of did a stupid move because we were going to a auction. So we had a balance of 3100.00 on the last loan so we took the auction money and paid off the loan because we would have loved to buy extra inventory. Turns out instead we had the privelege of going to the auction with 3100.00 less. That Plan back fired. I forgot the second and the third loan took 3-4 weeeks to go though. Shame on me for trying to run a business and thinking this would be easy. I learned my lesson. Next time pay pal working capital can just wait till I sell enough. But I DO LOVE the program I just think that once yuo have the history that should count for something. 

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@pbells wrote:

Confused and a bit frustrated.

I have been approved for 2 paypal loans without any issues, have paid both off early.

The first loan was for 1500, the 2nd was for 3000. I just paid off the 2nd loan in about 120 days- I had a balance of about 1500 just paid it off in one lump sum

Sales have been consistent, about 55,000 over the last 12 months. Average between 4000 to 6000.

I have a single case according to paypal, the item didnt fit, so no problem it was replaced, and eventually a refund was sent. No escalation or charge back. In fact the item was sold to someone else, it fit perfectly ( Gun grips). The buyer apparently tried 4 different grips 2 from other vendors, none fit, so apparently after a discussion we figured his gun was modified.

Consistent sales 3 reps have told me its an otherwise excellent account.

I didnt wait the 48 hrs to reapply, but my paypal account record shows paid in full.

Any suggestions the CSR was friendly but no real answer.

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@pbells wrote:

Confused and a bit frustrated.

I have been approved for 2 paypal loans without any issues, have paid both off early.

The first loan was for 1500, the 2nd was for 3000. I just paid off the 2nd loan in about 120 days- I had a balance of about 1500 just paid it off in one lump sum

Sales have been consistent, about 55,000 over the last 12 months. Average between 4000 to 6000.

I have a single case according to paypal, the item didnt fit, so no problem it was replaced, and eventually a refund was sent. No escalation or charge back. In fact the item was sold to someone else, it fit perfectly ( Gun grips). The buyer apparently tried 4 different grips 2 from other vendors, none fit, so apparently after a discussion we figured his gun was modified.

Consistent sales 3 reps have told me its an otherwise excellent account.

I didnt wait the 48 hrs to reapply, but my paypal account record shows paid in full.

Any suggestions the CSR was friendly but no real answer.

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