I run a small general practice law firm somewhere in the USA. Its just me, the lawyer, and a legal assistant. Here is my history: Started using Paypal to process payments circa 2013. In late 2018 I discovered PPWC. I applied through the "button" and they offered me 5K. I smashed the 90 repayment windows each time. Paid off well ahead of time through sales alone. Immediately (within minutes of payoff) received a new invite through the "button". I was offered 10K. Again, smashed the 90 day repayment windows and the 10K was paid off in December 2019; but this time through a lump sum payment of like $1,300. I recall it only taking one business day to process through ACH. The button reappeared the following business day and I was offered 20K. I accepted.
Now, I have just paid off that 20K loan on New Years Day 2021 (a non banking day) with a lump sum of $6,400. Therefore the funds exited my bank on Jan 4, 2021. Upon clicking to authorize the ACH payment, I received the notice (not email) which many have (i.e. it can take 5 days to process and, if eligible to reapply, an email will issue). Today is Jan 06 and I have not received said email nor any email whatsoever confirming the loan is paid. I have read through these threads continuously and am a bit nervous that I took the leap to make a one time payment as opposed to just letting sales close out the loan. Of course, I would like to avail myself of another PPWC loan. That is why I am posting for others to compare against my experience.
As a point of comparison here are my details: The stats behind the 20K loan were based on me running about 71K in sales through PP in year 2019. In year 2020 I only ran about 61K through PP in sales (not all my money comes to me through PP. Many clients pay check, cash, cash app, money order etc. However, PP is the only way I will process a client's credit card). Given my line of business I have no use for Ebay so the managed payments is not and will not be a factor in my story. Although my PP sales are down for 2020, my average price per transaction is up 8%. However, my raw numbers of transactions are down 20%. In the past 90 days my average price per transaction is up 55% but the number of sales down 35% (For me, all of this depends on what type of case/client comes through the door. It is variable, e.g. I don't sell widgets continuously at the same price).
Unfortunately for me, at one point in July 2020, my balance somehow went into the negative for something like three dollars and change. I had to do a bank transfer for $4 to make it solvent again because I didn't know when the next sale would come through to remedy the problem. As many know, funding your account through your own bank can take days. So I was negative -$3.58 for something like 4 days. I mention this only because some say that is an algorithm issue. I hope it does not present as an issue, as it was 6 months ago and hopefully it falls off the algorithm's purview.
So, as of today there is no reapply "button" and no confirmatory email. Neither is there a way to access reapply through the FAQ which many have discussed. Anytime I try to access through FAQ it just ports me back to the PPWC dashboard which shows the loan as "PAID" with $0.00 owing. Like many, I probably now regret doing a lump sum ACH to close out my most recent loan. However, I'm not gonna take it back nor attempt to. I read one post where it was stated that a final lump sum can be reversed. I just have a gut feeling that doing so would hurt future applications. Also, I just want to state that I am disheartened to learn that smashing the 90 day minimum through sales doesn't mean a thing. As for manual payments let me also give more detail: on this last 20K loan my repay percent was 30%. That would come out immediately, and then I made the habit for each sale of paying anywhere from $15-45 manually within minutes of the repay percent being captured. I just figured it was a good practice to pay down quicker. I wonder if that could mean anything in the algorithm.
So I am cautiously optimistic that in a few days I either get an email saying I am eligible to reapply or that the "button" just reappears. At the same time, and based on these threads, I am justifiably concerned that even if the "button" were to reappear that I could just get denial code after denial code. I did expect to have been able to apply again by now since my last two experiences were nearly instantaneous. I keep telling myself that customers having success don't even bother reading these threads and that is why there are so many posts about denials.
stay tuned.
