Has anyone been able to receive a new working capital loan since the start of COVID? I use PayPal here in my store + invoicing, business as usual and great payoff for the last 2 loans I made the mistake and did a lump sum payoff a month ago thinking I’d be good to get another and nope deny deny deny. I’m getting discouraged.
Over a month now for me. Nearly five weeks. Still being denied. Would be my ninth loan. Never done refunds or had issues on my account. All other loans paid paid very quickly. Always approved for next within two days. This time I paid off a lump sum at end like I always do. Denied and I’ve tried every day.
Paid off back at the beginning of May and still no approval for a new loan. It's definitely a cop-out to say it's the algorithm. My sales haven't changed in the slightest.
I paid off my 11th loan in March at the start of lockdown/co vid and have been denied since. Spoke to PayPal yesterday and they said my sales are lower than last year. Yes they are lower than this time last year but because i cant get a paypal loan to buy a large amount of stock have had to reduce the items I sell. I also got this message this morning completely contradicting what they said yesterday - Hi Nicole, During this time due to Covid-19 there is proactive measures in place in regards to the PayPal Working Capital cash advance. Currently the system is not giving the funds to everyone. This is an automated system so it cannot be manually done. I would advise that you keep applying every 72hrs. Doing this will not have a negative effect on your account.
