PayPal working capital decline DLGJ0656

[chiwinghung]

I've had been use PayPal for 5 years, in total took 7 PayPal working capital all paid off early and in good standing with my account, sales consistently everyday top rated and power seller on eBay, but this time decline with unknown reason, it's really desperate and disappointed during this period. 

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[kaykay542]

I just applied today and was turned down for the first time ever. I do think they stopped lending due to covid. Right when Covid began; they were begging me to take out a loan. But I didn't as I was worried about what would happen. Then we had the biggest 3 months we have ever had. Right now July/Aug are our traditional slow months. But like all of you gearing up for fall. We just moved to a bigger retail space. Wanted to buy a new piece of equipment. Denied. Added: we use pp here everyday in our store so everyday we have money going into our PP

Mine said denied because your business is "seasonal" or inconsistent. Which is crazy as PP knows that we sell all year long. July/Aug are the slowest months for almost every retail business out there. I have not received a letter yet; this is just what it said on the lending page. 

PP should just make an announce that they aren't lending anymore. 

Added: I did get a flash up messages saying "did you know we can now take payments from your bank account?" so this must be addressing the Ebay split thing. So I figured they were lending again.

[Jasontexas]

Yep I got the same message. I applied today. I've always been approved before. I had a really good July and paid it off early. Not sure if that's the reason or not.

[Metroshot]

Weird, I got declined after months of being called on by PP WC to get another loan.

The last mail piece was $10,000 loan which I don't need but all I asked for was my usual $1500 to buy a lot inventory and re-sell.

Have had 4 loans and all paid off in time so I am confused...

[WiccansLair]

I got denied just today after paying off a loan. It said the same for me, inconsistent it seasonal, which is not true. I believe the algorithm is the problem. On April 6 I received a notice that they were going to hold off on taking wc payments to help customers during covid. Then I received a notice that they would begin taking payments again on May 6. I believe the algorithm is seeing no payments made to wc for that whole 30 days as an "inconsistency". I am going to call them and let them know that may be the issue. Maybe this is the same for you all? If we call them and they ret enough calls they may fix it.

[ImaPangolin]

This might be it. Hoping someone reads this because you can’t get them on the phone at all. Maybe when their partners are not getting any new loan traffic they might notice.

[janieh007]

I was denied as well, after several years of loans with them in good standing.  I am a photographer  - an extremely busy one and unaffected by Covid for my business.  I wanted to do a few upgrades and hire help, but guess that will have to wait!  😠

[MSIMMONS88]

Did you end up being able to get one? Also a photographer, and busy, with zero issues with previous loans.

[NinjaKato]

I have yet to be able to get another loan. I've only had 1 (for 5K and paid it off in time) but they're not allowing me another for some reason.

[MSIMMONS88]

I’ve had 6 with well over 5k and paid well before due and I’ve never been denied until now citing that my industry isn’t being accepted by PayPal working capital right now.

[NinjaKato]

Yeah, when I spoke to the rep. he said it's not so much the industry (because they've been giving out loans to all business types), but that's a 'fall back' reason the algorithm throws as it's main "reason". It can be anywhere from inconsistent sales at the time of your applying, a payment that the algorithm doesn't approve, or a cosmetic reason (like having a Apt# in your address).

Right now, the algorithm is going through so many applications (given the current revenue climate, a lot of small businesses are applying) that I imagine it just sorts through information really quickly without going too far into details sadly. So it rejects perfectly fine businesses for a loan.

The only thing businesses can do is keep applying everyday and hope the algorithm accepts their application. It sucks, but even the rep said that he hoped a new way of doing applications and accepting them would happen.
He also mentioned that as the financial climate opens up a bit more in the coming weeks, the financial climate might shift and applications might be more readily accepted again.

Only thing I can suggest is keep trying.