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Paypal Working Capital Loan Default
 

I have had to close my business and my Paypal Working Capital Loan has gone into default. They made their first collection call this week. After looking through all the paper work nothing appears to be "personal" so I am thinking it is really just a business loan. Merchant processing loans typically are only based on monthly sales etc. and they charge such high fees because it is high risk. I am assuming only my business assets are at stake not my personal assets or credit. Anyone else get to this spot on here? It sucks but I really can't pay them back and I have other business debt. The company is essentially broke so there is really nothing for them to come after but I do have an investment property in my name so want to be sure. Also I don't want this to go on my personal credit so I am going to ask a professional about that.

Re: Paypal Working Capital Loan Default
 

I think you should consult a lawyer.
you have a business,what kind?sole proprietorship,LLC,corporation?
Paypal has sold billions dollars worth of receivables to Synchrony Bank after Syn lost the WMT cc business.,

Re: Paypal Working Capital Loan Default
 

Welcome to the forum - all the best as you master steatlh :thumb:

Re: Paypal Working Capital Loan Default
 

It is an LLC

Re: Paypal Working Capital Loan Default
 

single member LLC?
Did you sign to personally guarantee the loan repayment?

Re: Paypal Working Capital Loan Default
 

this thread is from 2019

Re: Paypal Working Capital Loan Default
 

morning chuckles :lol:

Re: Paypal Working Capital Loan Default
 

You must have some sales history and good on time delivery low dispute rate.