"Apply for a new Working Capital loan" no longer an option

[marigoldey]

Was on hold on the phone with Paypal working capital for 4 hours 30 minutes today before giving up and hanging up! 

I've had 5 previous Paypal working capital loans.  I just paid my 5th one off, hoping to re-apply but there is no longer a button to "Apply for a new PP working capital loan" instead I received an email that says, "If this is your final loan payment, you’ll receive an email in about 5 business days when you’re eligible to apply for another loan."  In the past, the button to apply for another loan has always been just right on my Working Capital dashboard - no more.  Can anyone please advise if things have changed and loans are being handled differently or are harder to acquire?  I wouldn't have paid this one off if I didn't think I could get more funds!  I've paid all my loans off early and have had excellent account standing.  

[justinexyz1]

Same here, I paid £145 off wouldn’t have bothered if I’d known! Mine has said 0.00 balance owing for 4 days and no button to apply again like I usually have. I get that PayPal are wary of handing over more money, but internet sales have increased if anything. I’m fast running out of stock but not much in the way of spare cash to buy more!

[brian1953]

same here i paid of my loan last week within 58 days, i have had 10 previous loans, my sales have increased last 7, 30, 60 and 90 days but am getting declined for further capital advance???

[Temp20210910 · Accepted solution]

Here's the low down direct from the PP customer service:

1.  The clearance period is different relative to the way in which you pay off the loan.  The wait period for reapplying is 5-10 business days IF you repay it via a bank account and NOT directly from your balance.  

Despite in their Q&A copied and pasted below:

I made my final loan payment. When can I apply for another loan?"You'll receive an email when your loan is closed, and then, if eligible, you can apply again. This can take up to 72 hours after your final payment is processed or up to 5 business days if you recently made a manual bank payment."

SO.. I received my letter on the 27th of July confirming that it was paid off with "final payment received on the 27th".   Now .. I need to wait or I will be declined.  

Don't fret.. it's a waiting game... you will get another one.. the timing is just painfully slow. 

Good luck:)

[gringo333]

Good thing you're staying optimistic. However, be ready for a let down with them. Many many people are being let down. We had 16 successful playoffs and offers to reply instantly after each.. denied my 17th. Still, for 3 months. Shameful

[MEMOMU]

Does any one know what , or why you have been rejected for another loan, after having 10 previous ones ??

[jamie716]

Hi @marigoldey Please try logging into your account at www.paypal.com, then go to www.paypal.com/capital 

[brian1953]

we have tried keeps declining with different codes?? nobody understands the codes, pay pal should come out and explain fully why they are declining working capital loans.

[Dav1111]

@jamie716 These are the collection of answers I have received for the decline codes since May 30th when I paid off my last loan with a lump sum (kicking myself for doing that) - You are applying too early wait 5 working days - You should keep applying every day as many times as you can. @paypalsupport suggested that since Covid-19 PPWC has now become an invite only service and if you are not selected by email or by a message through PayPal then you cannot apply for PPWC. @Webform are saying that they don’t know why I am being declined but try again in 2 weeks but don’t apply every week. I have taken this as far as I can, the answer is that no one knows. I’m not sure what else I ought to do. I should have read the community forum weeks ago before clearing my last loan. 

[Temp20221114a]

Thank you for making that collection of the non-transparent to put it mildly responses you are getting. We deserve so much better treatment.