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Community Member
Posts: 54
Registered: ‎09-03-2011

PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

Has anyone borrowed a large amout of $ thru PAYPALS WORKING CAPITAL. It sounds great. anyone know

Community Member
Posts: 371
Registered: ‎03-18-2010

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

You would probably be safer and get a better deal borrowing money from the mob...Smiley Wink

Did you check the terms? The max loan amount is 8% of 12 months of sales.

If you sold 10K in 12 months  they will loan you 800 bucks....big deal..Smiley Happy

Plus you pay them back based upon gross sales not net profit..the deal sucks

 

JMO

The seat on my Fixture flies at half mast...Smiley Happy
Community Member
Posts: 8
Registered: ‎08-23-2008

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

In my opinion, its a great offer for the simplicity of it, and they dont run your credit and stick a hard inquiry on you. Correct me if Im wrong, but I dont think its reported as a new loan on your credit history either (although I wouldnt care either way on that one). I decided to take the loan on a Saturday night after debating it for a week or so. I was offered a max $13,000 loan amount (you can choose less than max if desired). The process was amazingly simple. After accepting the offer, the funds were in my paypal account within 30 seconds. One payment of $10,000, the other of $3,000. They must have a $10,000 limit for single payments. Again, this was a Saturday night and funded very quickly, so nobody was there to "review" it. If you were one of the 90,000 people to receive the offer, your loan offer is already saved in the system ready to be paid out right away when you agree. You can withdraw right away and use the funds for anything you want.

 

Paypal got this one right. Its a very smart program and should expand next year.

Community Member
Posts: 54
Registered: ‎09-03-2011

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to 1snicsonic2

We do over $500,000 a year in sales and we were turned down after getting a msg from paypal telling us to apply. We spoke to paypal and of course they came up with various reasons such as maybe our business is seasonal or not enough cash flow. lol both are wrong. DONT WASTE YOUR TIME APPLYING. We read reviews online and all were bad some saying your personal info will be sold. Everyone we spoke to on ebay that applied were turned down. After pushing SUBMIT we were immediately turned down within 3 seconds so obviously none of our info was even evaluated.  We will stick with Bank of America. Getting the invite letter means nothing. Paypal told us to apply again. NO THANKS. have better things to do then play games. 

Community Member
Posts: 1
Registered: ‎10-07-2010

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60
I did. I applied for the loan through PayPal and within 10 seconds after clicking submit and choosing my payment method of choice I looked into my account and had 8 grand in there deposited through Paypal. I was really amazed. That's unheard of for a loan of this amount. I IMMEDIATLEY withdrew money out and bought extra inventory from a great deal I found and have made double that 8 grand in sales within a few weeks with the money I borrowed.

They only charged me 5 hundred something fee total with no interest and no length for repayment required or penalties. Even though my sales will repay it back very quickly.

I would take advantage of it if it will help your sales and don't listen to any negative feedback.

Where can you get a loan with no credit check, money in your account within seconds, one fee, which is not too bad because your not limited to any amount of time to pay back and no late payments ever. All though should try to pay back as soon as possible as I will pay mine back quickly because that will mean I'm selling a lot of items to pay it back and in return making money while pay it back.

I hate all these negative reviews about this Program from Paypal. It is Great.

Community Member
Posts: 2
Registered: ‎02-19-2014

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

We received the invite too and applied for the loan but turned down immediately.

I called to find out why but paypal couldn't answer and asked me to try again few days later.

I did and got turned down again.

I called again but told to wait for the letter explaining why.  So, we did and the letter came explaining that we were turned down because our account was in "not in good standing" . 

 

I called to ask why we are in "Not in Good Standing".  She simply said because we had few disputes, maybe???.  Not an answer but question back to me suggesting perhaps that is the reason. Meaning, she had no idea and couldn't explain to me how to fix the "standing" with the paypal.

 

We do over $160k a year in sales.  When you do this much sales, you are bound to have few disputes.  We had 8 and 7 of them resolving in our favor in past 24 months.  1 resolved buyer's favor because USPS couldn't find the package. 

 

Paypal agent told me that you need to be in good standing with paypal for past 18 months without any dispute.  She made it sound like you can't have any even if the dispute resolves in your favor.

 

 

Any with more than 1 dipsute in past 18 months got approved????

 

Meanwhile, I am sticking with Kabbage and Bank of America.

 

 

 

 

Community Member
Posts: 898
Registered: ‎07-21-2006

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

Pay pal got this one right , on a grand with a $38 one time fee , whats not to like? 

I didn't take the max they offered this time, but it sure helped with inventory and increased sales, It is a good deal , a very good deal.

Community Member
Posts: 4
Registered: ‎02-28-2014

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

Hello everybody,

I'm doing a competitive analysis for my company on small business financing options and looking for screenshots of the user experience for PayPal Working Capital.  Since this program is limited only to those invited, I haven't been able to see that experience.  Is there anyone that has gotten a PayPal Working Capital offer that is willing and able to take screenshots (please remove any personal information) and send them over to me?  Please let me know if you have any questions.  Thanks for your help!

Community Member
Posts: 2
Registered: ‎04-16-2014

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

I think this is a wonderful idea.  No credit check, no posting to your credit report, based on sales--flat one time fee based on amount.  No set payment date, no late fees, no hazzles.  You pay back percentage you set between 10% - 20% of your sales.  I borrowed only $2500 as I didn't realise the total amount offered wouldn't be available later.  I had the funds in about 5 mins in my account and the fee charged was only 10% once!  Not every month you owe them.  I did this the first of Feb and the way it comes out I don't even miss it.  In only 2 1/2 months 35% has already been paid back.  The title loan I did on my car was horrible,  never again.  Paid back at loan shark interest rate.  This is extremely fair given there loaning without the benefit of collateral or knowing your credit history.  I love it and and thankful to have this available with no stress or outrangeous fees and interests attached.


discount60 wrote:

Has anyone borrowed a large amout of $ thru PAYPALS WORKING CAPITAL. It sounds great. anyone know


 

Community Member
Posts: 3
Registered: ‎04-18-2011

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

[ Edited ]
in reply to malibu4u2

I think is a great service. No credit check, no deposit, no BS. Paypal had 90% of my info already, i filled out a few feilds and had the loan in less than 3 minutes and the money in my account in less than 30 seconds...

They look at your previous sales over the last year and determine the max amount you can borrow. My first loan was $1500 and the only charge was $56 dollars, or close to that. No intrest and no time frame to pay them back. You also choose the percentage you pay back from your daily sales. 10% - 15% - 20%...I think it goes up to 25-30%....

I owed $397 today, I paid the balance in full and was eligible for a 2nd loan for up to $2500 in less than 6 hours... The loan amount was $2500 and the fee is $252.... Im happy with that, a bank would not touch me with a 10 foot pole....  I will buy inventory to resell on ebay make some money!!! You got to love it, you can buy items and resell them on ebay for a 100% profit, sometimes more.


malibu4u2 wrote:

I think this is a wonderful idea.  No credit check, no posting to your credit report, based on sales--flat one time fee based on amount.  No set payment date, no late fees, no hazzles.  You pay back percentage you set between 10% - 20% of your sales.  I borrowed only $2500 as I didn't realise the total amount offered wouldn't be available later.  I had the funds in about 5 mins in my account and the fee charged was only 10% once!  Not every month you owe them.  I did this the first of Feb and the way it comes out I don't even miss it.  In only 2 1/2 months 35% has already been paid back.  The title loan I did on my car was horrible,  never again.  Paid back at loan shark interest rate.  This is extremely fair given there loaning without the benefit of collateral or knowing your credit history.  I love it and and thankful to have this available with no stress or outrangeous fees and interests attached.


discount60 wrote:

Has anyone borrowed a large amout of $ thru PAYPALS WORKING CAPITAL. It sounds great. anyone know


 


 

Community Member
Posts: 1
Registered: ‎11-07-2007

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to 1snicsonic2

I also applied for a Working Capital Loan after debating it for a few weeks .

i have to say it was the fastest easiest process ever . I'd rate the entire expoeriance

an A+ save that its somewhat difficult to get you loan bbalance owed quickly . There should be a quick link on the Paypoal home page just for that purpose !


1snicsonic2 wrote:

In my opinion, its a great offer for the simplicity of it, and they dont run your credit and stick a hard inquiry on you. Correct me if Im wrong, but I dont think its reported as a new loan on your credit history either (although I wouldnt care either way on that one). I decided to take the loan on a Saturday night after debating it for a week or so. I was offered a max $13,000 loan amount (you can choose less than max if desired). The process was amazingly simple. After accepting the offer, the funds were in my paypal account within 30 seconds. One payment of $10,000, the other of $3,000. They must have a $10,000 limit for single payments. Again, this was a Saturday night and funded very quickly, so nobody was there to "review" it. If you were one of the 90,000 people to receive the offer, your loan offer is already saved in the system ready to be paid out right away when you agree. You can withdraw right away and use the funds for anything you want.

 

Paypal got this one right. Its a very smart program and should expand next year.


 

Community Member
Posts: 619
Registered: ‎12-21-2010

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to northcountrycollectibles2014

Congratulations on reviving a 7 month old thread.

 

We use the Classic version of PayPal. On the Account Overview page, on the right side of the screen, is a box that says "My Account Tools". There is a link there to "Pay Working Capitol".

 

On the "New" version of the PayPal Account Overview page, there is a section on the left side of the screen called  "Tools". Click on the "More" link to get to the page that has a collection of things, including a section called "Grow Your Business" which has the link to PayPal Working Capitol.

 

Of course, you could also just bookmark the actual PayPal Working Capital page for quickly logging in and going to your loan information:  https://www.paypal.com/webapps/workingcapital/

 

Good Luck!

Community Member
Posts: 1
Registered: ‎08-27-2003

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

I have borrowed money via PP Working Capital and it has worked out very well.  I was able to purchase inventory with the loan and repay at a rate of 30% of each paypal sales transaction.  This resulted in 4% borrowing rate!  No bank can match this!

 

Just exercise common sense and discipline and this will help you grow your business. 

Community Member
Posts: 10,642
Registered: ‎04-18-2004

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

What happens when you borrow, say $5,000, buy inventory, then eBay gives you a few defects, suspends your selling account?  How do you pay back the money?



Advice of the day: Vote for the person that is best for your COUNTRY.
Community Member
Posts: 619
Registered: ‎12-21-2010

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to n.s.sherlock

You can make payments via PayPal at any time. You do not have to sell exclusively on Ebay. There are other venues where you can also accept PayPal, or just sell the inventory elsewhere for cash, and use that to pay back your loan. Good luck.

Community Member
Posts: 159
Registered: ‎03-31-2003

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to jv.retros

The only negative I will give this program is that the function to make extra payments on my dashboard does not work.  I have called CS and they are aware that about 60% of those using IE cannot make direct extra payments.  Essentaly theform is there, but there is no "pay" button.  I was on the phone with CS for over an hour one night,we tried Firefox and Chrome, still nothing to click on to authorize the payment.

Community Member
Posts: 1,696
Registered: ‎11-29-2014

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to jv.retros

jv.retros wrote:

You can make payments via PayPal at any time. You do not have to sell exclusively on Ebay. There are other venues where you can also accept PayPal, or just sell the inventory elsewhere for cash, and use that to pay back your loan. Good luck.


It is easier said than done,try selling on other venues will take much longer time than selling on Ebay.

Now I understand-an Ebay seller I know who has been selling just as long as I have,must have applied for such a loan and she told me she has an addiction,she cant stop buying .

When it comes time to make payment,she would drag her heel,she would only pay back whatever she has in her Paypal account from the sales proceeds,finally they warned her and she ignored them and they dipped into her bank account and took the money she owed them.

She said it is in the terms of agreement that they can accessed her bank account,so it must be in the loan agreement,did you guy read the loan agreement?

she also said they meaning Paypal is not running the show,they sold the loan to third party.

when you go to a doctor office,they make you sign on the form,if you read carefully,it said if you dont pay us,we will sell this debt to third party.and interest will accrue.

This is how some doctors manage their cashflow,it would cost them,like they dont get back 100% but they dont have to chase after deadebeats 

Community Member
Posts: 1,696
Registered: ‎11-29-2014

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to 1snicsonic2

1snicsonic2 wrote:

In my opinion, its a great offer for the simplicity of it, and they dont run your credit and stick a hard inquiry on you. Correct me if Im wrong, but I dont think its reported as a new loan on your credit history either (although I wouldnt care either way on that one). I decided to take the loan on a Saturday night after debating it for a week or so. I was offered a max $13,000 loan amount (you can choose less than max if desired). The process was amazingly simple. After accepting the offer, the funds were in my paypal account within 30 seconds. One payment of $10,000, the other of $3,000. They must have a $10,000 limit for single payments. Again, this was a Saturday night and funded very quickly, so nobody was there to "review" it. If you were one of the 90,000 people to receive the offer, your loan offer is already saved in the system ready to be paid out right away when you agree. You can withdraw right away and use the funds for anything you want.

 

Paypal got this one right. Its a very smart program and should expand next year.


The problem is you have to know what to buy with that loan so you can repay the loan with interest,some said they already know what to buy and sell quickly and profitably,but not everyone can do that,10k merchandise is a lot of merchandise for an indvidual to acquire.

we are talking Ebay,to be able to sell profitably,you have to find things cheaper and better than your competitors,aint easy.

and you are not going to find 10k worth while items in garage and thrft shops.l  

Community Member
Posts: 1
Registered: ‎10-03-2010

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

Hi.

 

I have done a $11,500 and i am paying off a $12,500 loan as of now. My payback and % for the second loan was smaller then the first time.

 

I have never been denied and i received my second loan within 24 hours of paying the first one off.

 

Here is what i have.

 

10+ years of excellent standings with PayPal

2+ years with PayPal payment PRO

Many Websites with PayPal Payment Pro

1000's of transactions a month with up to half on eBay

vendors world wide

eBay Top Rated Plus status since it was started and have not loss'ed it since.

Power Seller

all tracking uploaded to paypal and not just eBay.

 

 This is the credit they are searching for. Your FICO score has absolutely nothing to do with it nor does 1 year in sales. It takes a few years of consistency.

 

AM I GOING TO DO IT AGAIN??? NO!

 

It does hurt even though it is a small % of daily sales. When you pay back 2000 in one month you feel the hit at bill time! I will use it for emergency's only in the future. 2 months to go then i can breath again. This will make 2 loans in 1 year at about 26.5K

 

26K a year in a Roth for 10 years = a millionaire.

 

Thanks for reading. Nathan owner Level 3 Manufacturing LLC

 

 

Community Member
Posts: 1
Registered: ‎08-24-2008

Re: PAYPAL WORKING CAPITAL, HAS ANYONE BORRED $ THRU THIS SERVICE

in reply to discount60

I have borrowed $6000 on tow seperate occasions. it is awesome! love that it deducts payments daily based on your sales!