Paypal Working Capital- pay off then apply for a second one
Discussion
Has anybody had any experience of getting a PPWC advance then paying it off around halfway through to get another one? If so, was there any issue with applying for the second one (bar the fact you need to wait a few days for the system to record the old one being paid off)?
We put 6 figures through PP per year and the account is in good standing. I phoned PP to ask the question above and although they couldn't give a definitive answer, they said the account looks fine (they did mention 2 catch up payments but said this probably wouldn't pose an issue- I obviously just moved PP funds to the bank at the wrong time)
I'd be looking at paying this lot off and then applying for another one in around a week's time. Reason- I need to kit out a warehouse.
Thanks
We put 6 figures through PP per year and the account is in good standing. I phoned PP to ask the question above and although they couldn't give a definitive answer, they said the account looks fine (they did mention 2 catch up payments but said this probably wouldn't pose an issue- I obviously just moved PP funds to the bank at the wrong time)
I'd be looking at paying this lot off and then applying for another one in around a week's time. Reason- I need to kit out a warehouse.
Thanks
veevee said:
Have done this a few times, as long as your turnover remains constant and no account problems. Also rejected earlier this year after turnover dropped post Christmas.
turnover has went up significantly since last time so that's made my decision a bit easier. Have you only had that one rejection?seaninog said:
There is a very competitive market out there in companies looking to led to SMEs. Paypal are one of the more expensive and more cumbersome options. You need to look around.
One of the least cumbersome IMO, minimal faff, instant approval based on turnover, money straight into account, fixed fee rather than interested based. Whole things takes 2-3 minutes. Last time I borrowed 10k it cost about £300 all in, IIRC.veevee said:
One of the least cumbersome IMO, minimal faff, instant approval based on turnover, money straight into account, fixed fee rather than interested based. Whole things takes 2-3 minutes. Last time I borrowed 10k it cost about £300 all in, IIRC.
I'm inclined to agree. PPWC seems a lot less hassle than iwoca, etc. and isn't that expensive. I will have a look around though.Cyberprog said:
The FAQ's say you can take another one out 3 days after the previous one has been paid off.
Apparently that is now the case but until recently Paypal were advising to wait longer than that. Nevertheless, I had heard a lot of stories that suggested it may be wise to wait for at least a week to allow the computer system to catch up with the payments made. I took out one around Sept to pay off a credit card, very easy. Will likely get another at some time - around £7-10k seems good, the fees go up exponentially after that. Also, if you fill in your details just to check what rates you get and don't commit, they may phone you and ask why.
Darth Viper said:
I took out one around Sept to pay off a credit card, very easy. Will likely get another at some time - around £7-10k seems good, the fees go up exponentially after that. Also, if you fill in your details just to check what rates you get and don't commit, they may phone you and ask why.
The fees do go up exponentially but the more you take through Paypal, the higher the point that will start to happen. The fees were extremely reasonable up to around £20k this time while borrowing just over £15k would have cost £4.5k the first time.Gassing Station | Business | Top of Page | What's New | My Stuff