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

marigoldey
Contributor
Contributor

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.  

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22 REPLIES 22

SYDSDAD
Contributor
Contributor

If Ebay is your main Platform , Paypal will not count your sales from Ebay as a means of repaying your loans, Ebay manages there own payments now and Paypal does not get the 2.9% processing fee anymore, I had to boost up my off Ebay sales to qualify for a 15k loan when I was borrowing 180k at one point, so I dont care if you make 1 million in deposits from Ebay the algorithm sees 0 and will not qualify you 

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RazorHobbies
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Contributor

My advice don't depend on Paypal. Sure Paypal working capital was awesome for businesses that could use to manage rapid growth and getting the funds needed for operational expenses ranging from new equipment and more. However Paypal has had the tools in place resolve some of the issues for the ebay sellers but choose not to do so. Personal paypal accounts can do direct deposits where as business accounts can not. If paypal would implement direct deposits for business accounts then seller could have their funds counted toward sales. But paypal chooses not to do so.

 

For all the wasted time, most businesses are better off focusing on developing a financial reputation with your bank or a bank that has a long history of business financing and working capital loans. Cause if this is enough to side line a large corporation's program then they are not the best option for you. Reason being is any type of positive feedback, reputation, value gained from your history is lost with time. As with many of the companies who depended on PPWC will have to start over developing that history again to get back to where they where with increased loan amounts gained and lower interest earned. 

 

Paypal Working Capital Lost me as I feel slapped in the face. I'm smart enough to know I wont be able to start back over to where I was with the lower interest rates I earned over time. I would literally have to start over from the beginning and continue to build to regain those lower interest rates.

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jmastonishment
Contributor
Contributor
Ok so once the loan is completed go to where your loan dashboard was. You will go to the FAQS page. Go all the way down and click on “once I pay off my pay pal loan, how do I apply for another?” You will see a link. Click that link. If it takes you back to your dashboard that means pay pal has not finished the back door process of closing out your loan. It’s ok, just keep going back to that link and eventually it will be the “offer page” again. Just finished my last loan this weekend. Got approved for the next one within 1 day of closing. Hope this truly helps.
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