Paypal Working Capital --- Online Application Not Working

[BBFYM]

Anyone else having a problem with the Paypal Working Capital online application not working.  I have filled out the form completely only to click the "View my offer" button to be told that I need to fill out the form completely.  I am completely dumbfounded by this as I am an IT person by profession and Paypal won't return any of my requests for help with this issue.

[mpishone]

Not sure if you did this or not, (or if it will make a difference for you but it can't hurt to mention it) ... but I noticed that you usually have to wait a couple of days AFTER making your final payment. Even though you have the money in your account to pay off the remaining debt, and even though they are receiving the monies right away, for some reason, it still takes a few days before that payment actually registers as "cleared". I notice that when I wait 3-4 days after my last payment, that I am usually approved for another loan. Hope it works that way for others as well ...

[CedarRingMama]

I tend to agree about waiting 3-4 days.  I paid my first loan off in record fast time, less than 40 days, and tried to apply again at like 48 hours on the dot, and was refused.  The rep told me it might be because my sales had spiked so high after receiving the first loan that it made my business look "inconsistent"- but if the whole point of the loan was to boost my sales and that was exactly what happened, it is strange to think my sales boost made me ineligible. I was finally approved for my second loan 3 months later.  My third loan, I waited 4 days to reappply and was immediately approved.  I just paid it off Friday and will apply again tomorrow... we shall see, crossing my fingers as it really does help grow my business.

[Droneguy]

Did it work?

[Transmission]

We have had 2 paypal loans the first was for 10k and the 2nd for 20k 

we just paid the final 9k off this week of the second loan in one lump sum , I applied for another loan today but got denied , we put around 180k through paypal when I asked why we were denied the rep said we had a negative on our account due to paying over 40% of the loan of in one go, I said thats crazy , our account is in perfect standing , he said yes for some reason if you pay a lump sum off it automatically registers as a negative ....

So they are returning the 9k back to me and he told me to make three smaller payments over 5 days ....

That is insanity , wondering if I should go to Kabbage ?

[2010sinclair]

Kabbage dont want to do at all it won't reflect on paypal at all and its not interest free .

[Jbarker482]

Well it appears that this glitch is still not working?  We have had several paypal working capital loans ranging from 20,000 to 97,000 which is odd because they said their cap is 85,000?  Oh well we used it and paid it back rapidly.  None the less we signed a very large box store and need to manufacture some of the starting displays for their stores.  So we applied and within 2 seconds it came back with a declined notification?  I find this extremely odd we do several million dollars through paypal annually and have paid all of our loans back rapidly.  None the less I am no forced to use another lender.  I have truly really enjoyed the paypal process, their easy deposit and transfer makes it extremely fast and convenient.  But if this company that we pay over 100,000 a year in fees to.  Cant seem to get their approval system right it makes me wonder and seriously debate if I should change processors.  This is very disappointing but it is becoming obvious that they are getting a little to big for their customers and can not manage us like they should be able to.  And yes I did contact customer service as well and they can not understand or tell me why we were declined.  They stated that our account looks imaculate, and there should be no reason what so ever?  Anyway enough with the beating I need to go to Kabbage or someone else.  Sorry Paypal  

[Pamela361]

I had the same experience. I've had three Working Capital loans and paid them all off early. When I applied for my fourth loan, I was denied. The letters I've received note that "we currently do not offer this type of service or product for businesses in certain industry categories." My business actually falls into a few different categories, so I've tried reapplying using other categories...to no avail. Calling doesn't help. I just get told that I will receive a letter in the mail.

[LondonLife]

Hi Guys I am wondering if any of you have had this error when reapplying for another working capital loan.

We have had 3 loans for £60,000 each. Each time, our business has increased turnover by around 30% and paid the loans off within a very short period (around 100 days).

We paid the last loan off on Tuesday and have been trying to apply since this morning.

The loan is always declined with "Reference Error 641" I have spoken to a PayPal representative who said that the code means something to do with account reserves.  

She was unsure as to what exactly the problem was, due to the system being completely automated.

We have no reserves on our account and no open issues.  The representative was as perpexed as I was as to why we were being declined.  There are no flags on our account and it has been exemplerary for a good number of years.

Any help or advice would be greatfully appreciated.

[LondonLife]

Hi Guys 

Just a follow up to this.

We were declined for any further advances.

The PayPal representative could not help us and was as confused as we were.

I would think that either the maximum amount of advances you can apply for is three or they do not like it if your turnover increases (I believe ours was about 30% more over the period we had the last loan).  We also made additional payments to pay off our advance, which may have contributed to the loss of eligibilty

Our account was exemplary and we had no issues whatsoever so it's quite disappointing as we had a very good oppurtunity to expand futher.

We can't complain too much as our business is a lot stronger since we took the first advance but it is slightly confusing how we are now not eligible for a single penny.

TL;DR: The next advance is never gauranteed!

[uhearditfirst]

Recently paid off my 4th loan thru paypal. It was for 9,000, I had paid the final 3,200 I owed in one payment 2 days ago. But now when I am reapplying for a new loan I keep getting declined with error code 640. I do have an open dispute at the moment, a customer had filed a chargeback thru their ccard company a few days ago. Would I have to wait until there is no open cases before reapplying?