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PayPal working capital not eligible

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Tammym1972
Contributor
Posted on
I've been trying to open another PayPal working capital loan and I keep getting a message that I'm not eligible. My last loan was just payed off a couple days ago. I waited the 5 business days like it says to and I'm still not eligible. Is this happening to anyone else?
12 REPLIES 12

PayPal working capital not eligible

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Michellevo
Contributor
Sorry to hear this. What industry are you in? Have you made $20,000 in the last 12 months?

PayPal working capital not eligible

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Tammym1972
Contributor

I sell vintage clothing and other antiques. I made about $35,000 last year and paid off the loan early. It's been 3 weeks now and I'm still applying every day.

PayPal working capital not eligible

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Michellevo
Contributor

I'm so sorry to hear that. I hear if you try after every sale, sometimes that works. Fingers crossed for you. I know it **bleep** when you need the cash and get denied for a reason that doesn't seem to make sense

PayPal working capital not eligible

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Cascades2020
Contributor
If you paid it off early manually it can take 10-14 business days for the manual payment to actually clear. I made that mistake once and I should of just paid it off with my sales. Takes longer when you pay it off early.

PayPal working capital not eligible

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Cascades2020
Contributor
I got a code of 0906 just paid off my loan and got denied. Paid $1,500 off in 2 months.

PayPal working capital not eligible

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darthshader
Contributor

Don't feel bad, it's not just you. Paypal is making a lot of us wait in between loans. Keep trying, it is like winning the lotto now. My sales are up, I paid off $18,500 in a little over 3 months. Denied every day for over 2 months. Just keep trying. I am moving some sales over to my square account, I do think they offer a similar program.

PayPal working capital not eligible

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Giantkn10
Contributor

@darthshader  any  luck with square?    I left Square last summer because they weren't offering loans to anyone any more.  I have since done around $100k in sales with Paypal, and still no loan approval.  I apply almost every day.  

PayPal working capital not eligible

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darthshader
Contributor

No luck at all with Paypal renewals. My sales are up, credit is even better. I apply several times a week. I have not moved to square, but just doing my best to live without the help.

 

I think Paypal has opted to not offer working capital help any more. It is not the cheapest way to borrow, but nice for the time I got it.

Don't count on their help. I know this is not the answer many are looking for, but a reality. I previously paid all of my loans early, and have been declined since October. Even with sales up. Calling them is no good, there is NO reason for their choices. Luck.

 

So try applying several different times? There is no explanation to their actions. Best of luck to all, stay busy!

PayPal working capital not eligible

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Giantkn10
Contributor
I believe Square is the same... no more loans, or the loans being offered are very small. Square used to offer larger loans each time you paid one off. They have an automated offer system (no applications), and it was almost like clockwork to get a new offer after paying 85% of the previous loan. Then during covid the loans stopped, and never really picked back up. The small loans don't really do much for me, but I was working my way up to larger loans that would make a difference when needed. I was hoping PayPal would work the same way, but they don't seem to be offering working capital either. I don't use traditional banks (everything is done within PayPal business) so other traditional loans aren't possible.

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