Paypal Working Capital Denied for #602?!

[User602]

"Our records show your business falls into an industry category that doesn't qualify for PayPal Working Capital"

Has anyone had this problem? I have paid off 2 successful WC loans and was excited to apply for a new one for my business. I was shocked I was denied (paid off the second, of the same amount, in half the time!) and every time I apply I get this message. I called and was told that I should try in another week, that perhaps my information needed updating in what category I do business in? But the last 2 loans were no problem at all?

Has anyone experienced this or know how to repair this issue?

[hydn]

I will try again on Friday and let you know result. Maybe we can try every 3 days apart and report back? Sometimes maybe it's their internal systems not placing our biz back into the eligible category.

[3v]

Ive Had about 6 WC loans, and paid them all off quick with no problems. Last one was a few months ago. Tried to apply for a new one and got the Denied because of 602. I sell antiques and collectibles and every now and then I get an oppurtunity to buy out a whole estate and the loans work good for doing so. I and have always selected either variety or other as the industry, never an issue. Tried those and was denied, 602. Tried about 10 other industries, Electronics, Arts, Books, Memorabilia, Furniture, and all gave the same. Customer service wasnt helpful. They couldnt say what industries are not fundable. Any other easy loans service out there? I wouldnt mind paying more for reliabilty.

[User602]

So I called twice, seems like they updated their guidelines and some business categories aren't covered now. I updgrated to a Business Account yesterday and made sure I was in the right category. Then I tried again today, still 602. It seems several people are having this issue, and all of them previous WC lenders who paid off their debts. I don't know what is up. I'm very frustrated.

[User602]

I have never used paypal credit.

[hydn]

Thanks for the update. I'm going to test tonight or tomorrow and update here. I'll share some settings so we can eliminate. You mentioned "I was in the right category". What's the right category? So that I don't waste time testing wrong ones.

[3v]

You have a industry category on your paypal profile as well, and I think they go off of that as none have worked in the loan application. I have tried to change it in the profile and it does not save... 

[3v]

I have tried Other, Arts, Electronics, Books, Furniture, Memoribilia,  etc.  I sell a variety, my paypal profile says Arts-Antiques. and it cannot be changed. I think the 602 error is just a mask for something else. Similar to calling customer service and they dont know anything and give you the run around.

Every now and then I get the oppurtunity to buy a whole estate and the Working Capital Loans were great to finace the the purchase, and were easy to pay off quickly as the items were made available for sale. I did about 6 WC loans ranging from 3-5k and all were paid in in 2-3 months, $85k was run through paypal last year, consistent daily sales.

[hydn]

Also denied again.

Reference error code 602

Not sure where to find my current business category in profile. Will look again.

[3v]

Business information, click on update. It let's me change the category, but it goes back to the original when I log out then log back in.

[User602]

 I got to the bottom of this. If you are getting 602 errors it means either you or Paypal has placed you in a category based on your sales that doesn't qualify for a Working Capital Loan anymore. With me, it is incorrect. They have me down as a pet seller. I am not a pet seller. This is a mistake and no matter how much I change it on my end, it goes right into the category Paypal assigned to me based on assumptions. In my case - I am a write about animals. Easy mistake, but until I actually get someone at Paypal to change my category for me (AND that category is one that qualifies for a loan) I am out of luck. Keep calling.