Working Capital 4th loan application denied with error code 650. Does anyone know why?

[vrdr1981]

Hello all,

I am trying to apply for my 4th PayPal working capital loan and am not getting approved. I had 3 loans within the past year and a half and paid them all off ahead of time. The last loan I had I paid off 2 weeks ago and used few thousand dollars to bring it to zero balance. I thought I will get approved right away just like all the previous loans, so I could buy new inventory but I keep getting an error message 650 😞 If I knew I would not get approved I would have used the cash I had to buy new inventory instead of paying the loan off early 😞 I called and they keep telling me to try more so I have been trying every single day. I really need to get restocked because less inventory I have less sales I am showing. 

Please let me know if anyone has any suggestions. 

Thank you

Veronika

[Whac-A-Mole]

ask if there is a dept which handles loan application,see,those CS staff dont know any better.

[Bevsotelo94]

I'm having the same problem 😞

[rt2013]

Did you ever get approved Veronika? I paid off my 6th loan and when reapplying I got error 650. Rep said it was due to a fluctuation in sales, more than likely it saw something it did not like within the past month or even the week before applying. I had a huge surge in sales right before applying, so I think that explains it. If you have gotten approved after getting an error 650 please describe how long it took until you were approved after the initial rejection. I'll update if approved.

[rt2013]

Rep also told me that the status can change quickly and to apply daily.

[vrdr1981]

Hello Nope still not approved grrrr. I didn't have any ups or downs in sales within the past few months so not sure what's going on. When I called they said I might have had fluctuation but I told them it's not possible since I checked my sales right before starting to apply. It's been about 3 weeks now and still nothing.

[pantaed]

I was on my second loan, was down to about 20% of the total loan amount after 200 days or so, paid off the balance.  Applied for a third loan, denied with error code 650 yesterday. Spoke to rep and he said it has to do with business "trends".  Said to just keep reapplying.  Applied again today, same result    After I paid off the first loan, I applied for a second loan right away and got it, double the amount of the first loan. I expected to get another loan again right away, as I have consistent sales and my average daily payment to paypal almost doubled from the first loan.  Now I'm stuck, had I known I would not have paid off the last loan.

[rt2013]

My guess is that they are more restrictive on their lending now, this was my 7th.

[Whac-A-Mole]

DONT FORGET,when you sign up with Paypal,you agree to allow Paypal to pull credit report on you,and Paypal does .

[pantaed]

yeah but this loan is based on your sales and I have a separate tax ID for the business.  It just sounds like they either changed their lending algorithm or have used up all their available lending capital.