Why can't I apply for working capital again?

[Dotty1912]

Hoping somebody can help me out. A few weeks ago I called PayPal and enquired about the likelihood of getting accepted for working capital again, if I paid of the reminder of the loan early. The person I spoke to said there was no reason why not, I've never missed a payment, always pay above the required amount, consistent sales etc. So I paid off the loan, waited 5 days etc, and I had an email this morning inviting me to apply again. I applied and I've been rejected. No idea why, no explanation, only this code DLGJ0657 Does anyone have any idea why? I was hoping to pay off the remaining loan, re-apply and get all off my Christmas stock bought in. So frustrating to be told there was a good chance and then be rejected.

[SRTWY]

Nobody knows.  PWC is in shambles right now; hardly anyone is getting approved and even customer service can't tell you why.  It's been like this for almost a year and only seems to be getting worse.

Do a cursory search of these forums or even a Google search; I've seen hundreds of complaints over the last year about this and there's literally no answer.  People with longstanding, solid PWC histories, no changes in business info, nothing in recent history that would trip the [already notoriously finicky] approval algorithm, etc. are all getting denied for months on end.  The few people who are getting approved, are getting very small amounts in comparison to previous loans.

People are literally starting to move all of their business away from Paypal over it and yet, astonishingly, both Paypal and WebBank (the underwriter) have been completely silent on the issue.  There's either a problem that hasn't been recognized, discovered, or resolved with the algorithm itself, or PWC has made a conscious decision to severely restrict lending and they've refused to communicate that to anyone.

[Dotty1912]

Wow that's really bad. I did give them a call and they told me to try again in a few days. I purposely paid it back early, in the hopes that I'd get approved again and could get all of my Christmas stock sorted and avoid the stress of last year. I wish the woman I called originally had said this, instead of saying it was likely I'd be approved again.

[SRTWY]

The thing is that PWC has always been completely algorithm-based; frontline customer service has never been able to actually give people concrete, accurate answers on their chances of approval or exact reasons for denial because they have no idea.  Sometimes they can give general pointers or very obvious things on your account that might be tripping the algorithm, but customer service isn't privy to what all goes into the algorithm.

It's also realtime-based; that's why they just tell people to "keep reapplying"...because under normal circumstances it literally can change on a daily basis or with your very next sale.

The problem with all of this is that when there's an actual, larger issue going on, there's literally no way to report it to anyone that can look into it.  There have been times in the past where something got broken or whatnot on the backend and it's resulted in similar situations; it ends up taking months for them to realize it and figure it out because you literally can't talk to anybody...besides the people who don't actually know anything and can only tell you "keep trying, everything's working as intended".

So either that's what's happening (again, it's not the first time), or PWC/WebBank have all but cut the program and they haven't communicated it to anyone.

Regardless, the whole thing is a joke at this point.

[WorldAccess]

I agree, I have spoken to PWC on many occasions and I was told that there are certain things they are not allowed to say other than keep trying every category and go from there.  

I personally think that all options are no longer available and they just do not want to say anything as they CC fees are higher than most bank merchant solutions and businesses will move.  I am one considering it after 14 years with paypal.

[twiley]

Hi ! We’re you ever approved?

[MarksandSpencer]

Don’t give up, everyone - after being in the same position and applying most days for 2 months I suddenly got approved this morning out of the blue. Was for less than last time but certainly a massive help. This was 3 days after a PayPal advisor saying basically there’s very little chance at the moment but the situation is being reviewed on a monthly basis. Basically nobody knows what’s going on but it’s not impossible to get approved so keep trying

[SRTWY]

Unfortunately after almost 6 months of this on our end, we just don't care anymore and it's not worth wasting our time on. 

It's an obnoxious way to treat/communicate with customers, particularly longtime loyal customers who continue to meet all of the advertised criteria and have never had an issue.  Especially when it continues to be actively advertised and even pushed on us as still being a viable option.

The only reason I continue to pop on here and pay attention to the situation is to be informative to the literal throngs of other customers being stonewalled and misled by this ridiculous way of doing business.

I'll be very shortly moving all our business in general back to Square, who has far more accessible and consistent customer service, lower operational fees, fewer additional charges, and a much more dependable merchant cash advance program than PWC is.

[Jborron]

We’re your sales pretty consistent prior to getting approved? I thinking having a few months with a spike in sales is what is **bleep** me out of mine. I’ve been trying since January for my 4th. It keeps saying my direct deposit sales aren’t high enough. However I don’t have any direct deposit sales. I only sell on my website. The lady when I called said that the denial message is just random and it doesn’t necessarily reflect the reason for being denied.

[MarksandSpencer]

I had a big spike in sales in July but have been reasonably consistent since then; not too sure what the issue was before or why it was suddenly ok yesterday. Have tried to analyse the data etc but can’t really figure it out other than maybe it takes a certain amount of time after a spike but really I think it’s pretty random at the moment - nobody can give a clear answer because the PayPal staff probably know as little as we do and whoever deals with the algorithm gives nothing away