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I have had several WC loans all paid off much earlier than contracted and when I went to reapply I was denied with a 602 error code.
I find myself in this same situation. After seeing this is a problem for 3 years now... I hate to say it but its either one hell of a bug, or this could be just how paypal does business... Took out 2 loans, paid both MONTHS ahead of schedule... Now with coronavirus, and Costs about to skyrocket for hardware i find myself requiring an upgrade ahead of time for one of our servers. No loan in sight, no one at paypal has been helpful so far. No idea what to do. I guess just have to wait it out another year and hope costs come back down after all of this is done. No way around it. I just get denied for every category. I guess paypal doesnt like making money ehh?
Have you gotten a resolution? I am in the same situation; 3 loans, paid off on-time or ahead of schedule, never had a problem before then COVID hit and all of a sudden I can't qualify for a loan. I even called customer service and they were stumped was supposed to open a ticket and never did. I use PayPal for my company banking and I don't qualify for a traditional loan since I don't have a bank account outside of PayPal. So far I am seeing no resolution. I did check the qualifications for a loan and I meet them all.
Just spend the time improving your credit... I know its time consuming but its totally worth it for your business. I did, and have been able to consistently obtain loans as needed.
As much as I liked the idea of how this worked... Paypal failed to execute it well and has alienated a few customers as the result. The lack of knowledgeable responses from their C.S. department... The lack of responses here... There just isnt any official reason as to why this happens after years. Like all corporate giants I suspect this is either intentional design, or the result of poor oversight. Either way I dont see this being addressed lol.
If you are still looking for this kind of product Stripe is also offering this same kind of loan. The best part of all this is when paypal executes an idea and does a poor job with it... The sharks smell blood in the water. It may just be time for a platform shift as paypal may just be too big to innovate well.
I hate to just throw out theories and contemplations... But the lack of answers from paypal honestly leaves us with little choice 😞 All we can do is assume and move on as it just is what it is. This company had a product that actually helped some of us smaller businesses. Its gone for some of us now. Thats it. They really leave us no choice in the matter.
Thanks for responding, my issue isn't credit I have great credit the issue they are telling me is my business isn't in their list of businesses that they are loaning to right now. And I can't get an SBA loan or grant because I do my banking through PayPal and don't pull my funds over to a bank account. I will take a look at Stripe I have several clients.
Have a great weekend!
I also dont keep a bank account any more... That small print thing bothers me lol. Banks are so rarely up front with their policies.
Mine also isnt in their list of approved businesses any more. Was before covid... Which is why I think the optics are why they aren't straight forward about this.
Stripe is a GREAT option... I use an account from Credit Karma to receive the funds from stripe, but you can also instant deposit the stuff to your paypal debit card as long as you do it less than once every few days. Paypal only allows so many "refunds" then they deny the transactions hahahaaa.
Good luck and have a great weekend! Plenty of alternatives to paypal now 🙂
You're not alone; this is just the way it is right now. PWC is hardly loaning to anyone...regardless of sales or loan history...and neither they nor WebBank is giving any answers or explanations (which is par for the course for them over the years anyway, unfortunately).
It sucks (believe me, we're in the same boat), but it is what it is.
As it turns out sometimes applying for, and getting approved for a second loan too close to the first one will block you for "some time" from being able to be approved for working capital loans. I think this is what happened to me. I have also noticed no one from paypal has chimed in on ANY of these posts of people just simply asking "why?". Im 100% convinced its just "Random" at this point as they seem to be uncaring when it involves any response to how exactly "Paypal Working Capital" works. Its just not a straight forward process... And Seems to me you can be denied (with a cryptic error code) for any reason without an explanation of any kind. We have done some extensive investigation into the misc error codes and when calling paypal about it the response is always the same. So they do seem like a meaningless way to basically say "Its the system, not us" and dodge explanation for fear of how it will appear to their consumers.