Anyone successfully applied for working capital in 2021? I keep getting code DLGJ0602

[Swipe]

Like many others, I have paid all the working capital loans. I recently finished paying the last one (about a week ago) and would like to take on another one to support the expansion of the business. From what I read in the forums, it appears that PayPal is not borrowing at the moment? Has anyone had any experience recently with these loans? 

[SRTWY]

Nope.  And from what I've seen, it's the same story across the board.  Longtime customers, perfect loan/repayment histories, consistent and steadily increasing sales, all boxes checked...everyone is now getting hit with a few random denials and, most prevalently, "industry not eligible" denials.  Customer service gives the same old song and dance because they truly have no idea.  PWC and WebBank still haven't said anything; we're all pretty much in the dark.

It seems that they've simply all but stopped the program, but yet they're still encouraging people to apply.  Makes no sense, but I've given up on it.

PWC has a history of this kind of thing, but this is by far the worst I've ever seen it.  At this point I'm pretty sure PWC isn't going to exist soon.

Until then, all we can do is utilize the Feedback surveys and give customer service a call once in a while; if there's [yet another] problem/bug with their algorithm by chance maybe they'll eventually notice.  But if it's intentional, there's nothing to be done...and to be entirely honest, I can't say that I didn't see it coming.

The lack of transparency is absolutely mindboggling though.

[crazybooklady]

I haven't been able to get another loan since paying off my last one in February. I had to shut down my business because I couldn't get another PayPal loan to pay the bills. I was short about $1,000 on some bills and needed another couple thousand to restock and set aside some money for rent for a couple months, but I keep getting denied for more loans, despite making sure all my PayPal Working Capital loans get paid on time.

[SRTWY]

@crazybooklady 

I mean, to be honest if your business is instable or struggling to the point you literally can't pay the bills, I'm not sure PWC (or anyone) would want to loan to you even in normal times, and for good reason.  PWC's algorithms (even in normal times) try to assess stability and income for that very reason...they just happen to [usually] be more lenient on some things than traditional lenders.

And as others have mentioned on posts like this, no one...PWC least of all...necessarily owes us anything, and a business that's literally going to shut down if they can't get a PWC loan may not be a business that was going to survive anyway.  Yes, there are seasonal businesses, but PWC has always been a bit wary of those and inconsistent in their lending to them, and that's not anything new.

Believe me, I feel your frustration, but trying to lay your business's shutdown entirely at PWC's feet is a bit much.

The point here is that there seems to have been a major change to, or possibly even a shutdown of, the PWC program itself....yet, there's been zero transparency or answers at all from WebBank or Paypal.  And above and beyond that, they're still telling (encouraging, even) people to keep applying, which is bizarre, largely pointless, and frankly seems a bit dishonest/disingenuous.  It's just a bad look and bad way of doing business, and it further alienates an already fairly disgruntled customer base.  That definitely is something to be irritated about, especially for those of us who have been loyal and profitable customers for PWC for years.

[Redwoodrogers]

100% Agree.I Do not think anyone business should depend on loans but rather on Sale.For the Question yes we were Givin a offer as soon as our latest WCL was paid off.But it was around 70% less offer.I Amagine its due to economy and that I'm sure PayPal had alot of loss in companies that were unable to pay the WCL.I wish everyone luck hope you all are abule to keep your business.

[robynnstorey]

I was able to get a $145K loan back in January.  Paid off within 4 months.  Been declined ever since.  No one, and I mean no one at that office has any idea what is happening.  It is a waste of time and energy to even call.  I just keep getting 'your industry is not eligible' codes, which is hilarious, since my industry was eligible a few months ago.  No one knows what the hell they are doing there, and the lack of transparency is laugha[Removed. Phone #s not permitted] revenue ($5M a year) through PayPal and consistently get treated terribly when I call in.