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Higher fees are directly inverse to the withholding percentage. The less PayPal is allowed to deduct from your account each day, the higher your fee. By contrast, the more PayPal is allowed to deduct, the lower your fee.
To learn how to calculate your estimated APR, or for more information about what factors you should consider before borrowing, check out our article about APRs and short-term financing.
All you have to do to apply for a PayPal Working Capital loan is fill out an application, which you can access via your PayPal account. The application involves verifying your identity, place of business, and some financial information. Typically, PayPal auto-fills this information, and all you have to do is make sure that its correct.
If youre approved, youll have the opportunity to choose a fee and withholding rate. After agreeing to the terms, the working capital will be deposited into your account instantly.
If youve been denied, it may be due to problems with your business or because of PayPals sometimes finicky application and verification system. Unfortunately, the cause can be difficult to figure out. However, here are common reasons loan why requests get denied and what you might be able to do to get approved:
The reason for a denial isnt always easy to determine. Merchants report on the community forum that the application simply turns up an error code with no further explanation. The most common problems appear to be an identification error (the system could not verify your information), error code 646 (you have abnormal sales), error code 641 (sales holds or a pending balance on your account), or youre applying too soon after paying off another loan.
Although PayPal often doesnt provide a reason for denial upfront, it does send out a more thorough reason for denial via snail mail. As such, you may be able to get a more clear explanation for the rejection within a couple of weeks.
If you keep getting denied and dont have time to keep applying, you might want to seek out an alternative lender. Fortunately, most lenders will be able to give you an initial approval or denial in a few minutes. LoanBuilder, a PayPal service, offers decent rates and quick funding, so its a good place to start.
You should have a very clear idea of how the loan works before applying. That said, the latest version frustratingly dances around providing concise numbers. The loan calculator has also been removed.