Paypal Working Capital Loan Default

[ozziebee]

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.

[agent006140]

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.,

[rsot]

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

[ozziebee]

Originally Posted by agent006140

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.,

It is an LLC

[agent006140]

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

[agent006140]

this thread is from 2019

[rsot]

Originally Posted by agent006140

this thread is from 2019

morning chuckles

[VIPStealth]

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