"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.  

[gringo333]

It's a joke! They let you apply but deny you right away

[gringo333]

Yeah! WTF is going on here! Too many of us are in the same boat and there's no answers other than algorithm and we can't do anything about it! Please keep posting update! Thanks

[BKNYrockstar]

You wouldn't have paid off the loan if you couldn't get another one? I'm sure that's what they love to hear LOL

[gringo333]

WTF are you talking about! When you're applying for your 20th loan and you have a 100% payback rate, there should be no question about getting another loan for operating Capital. Obviously, you don't understand how operating Capital works.. or you wouldn't be so snarky and know-it-all

[ginomartin1964]

I have repaid 13 Working Capital loans well over $250,000. My last loan for $30k was paid off in 150 days. Being denied now has nothing to do with your past loans. It has everything to do with EBay's new payment options. PayPal hasn't come up with a way to take repayment from your sales if payments are not being made thru PayPal. Do your research people and don't expect to get a Working Capital Loan anytime soon if all your sales come thru Ebay.

[Temp20210910]

You are 1000% correct. What a nightmare it has been I have to figure out options now. I also heard that their algorithm has become more restrictive in other areas too. I never would have paid off my last one so early if I had known.

[ginomartin1964]

Don't sweat it too much, I was on the phone with PayPal yesterday. Sounds to me like they are going to have an upgraded program toward the end of the year.

[Temp20210910]

PS. I am relieved that PayPal will still continue to be an option on eBay albeit not the one they promote. This will impact PayPal alot and I guess there is a lot of uncertainty around how things will work. eBay will most likely offer incentives too. Maybe eBay will have a competitive program to Paypals. Stay tuned. Good luck to everyone.

[jmastonishment]

See that makes total sense. Thank you for being logical. All my sales are thru my website and only pay pal. I’ve borrowed up to $40k now I have about 200 left to pay. I think I’ll be invited. Hoping at least. It’s my 6th loan.

[Temp20210910]

I think the common element is that people were "paying them off early" with the expectation that, as previously conditioned by PayPal, they would be given another one shortly thereafter. Given PayPal is a staple payment processor for so many of us, it would be a devestating blow to remove it as an option. I don't think many people could successfully turn their back on PP as they are too much of a force. I could be wrong but that's my POV. I am still so bummed out about this. I know it's Webbank via PayPal so maybe further research could help or it's just a waiting game. 😞