Introduction: I applied for a Solicited “Business loan” from Paypal and was denied for the following TWO reasons: “Poor personal credit payment history” (Paypal said from “transunion”; I subscribe to Personal/Business Credit monitoring & DO NOT have Poor payment history on my Personal or Business Credit. It’s the LITERAL OPPOSITE!!!) I can produce Documentation to support my good Personal/Business Credit payment histories.
So I will provide a brief summary of my experience with them and you can go to supermoney. com & other sites and read Plenty of reviews on Paypal Business and MANY recent reviews that will PROVE to be invaluable to you if you’re thinking of applying with Paypal Business loans.
They prequalified me for 25k. They asked for 4 months bank statements. I gave them 12 months. They required a minimum of 42k a year in revenue. I did 100k in the PREVIOUS 6 months alone!! I have no Business Debt, Deposit on average, either weekly, two weeks and NEVER go ANY MONTHS without depositing a MINIMUM of 10k, I average 16k a month. I have a average personal credit score of nearly 700!
I can produce my credit report as evidence (my report is CLEAN= No past dues, All paid as agreed, multiple different credit lines, accounts,etc. , ONLY using 23% of Credit available. No collections, No deragotories). On my Experian Business Credit Report, I have a “1” for “liability” factor which means I am “LOW RISK”. Now, these are the FACTS, so you be the judge. Their reasons for denial is literally a “farce”!
The second reason for denial= “erratic revenues/sales” is BEYOND comprehension! I thought EVERY business in existence have Differing revenue/sales EVERY month? Again, I have Sales/Revenues deposited either weekly, bi-weekly and AT MINIMUM 10k EVERY SINGLE MONTH since I Founded my business!!! It’s ALL DOCUMENTED FOLKS; I can’t make this stuff up!! Please google Paypal Business loan reviews and you will have PLENTY of reviews that will support what I mentioned here and MANY ARE WAY WORSE than my experience!! They NEED to be investigated ASAP!!!!!!