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  #1  
Old 07-12-2016
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Default Paypal Working Capital Loan

I have a stealth account on paypal with ⊗⊗⊗⊗ name but a real EIN number. If I apply for a Working Capital Paypal loan which only requires an EIN number now, will they see my real name and then start asking questions such as why am I using a different name on Paypal? I don't want to have paypal nor ebay shut down for applying for a loan. They should be able to get this information anyway when I had to put my EIN number in Paypal a few years ago. Anybody with a stealth paypal who has received a Paypal loan please tell me what happened to you and your circumstances if you have time. Thanks.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

I'm not sure whether my experience has any baring on yours as I'm UK based, but I'm already on my second working capital loan, with not a hint of a credit check and the account, whilst in my name, isn't perfect in terms of my personal details, nor identification, to say the least.

How significantly different the above is to yourself in the US with the lines of SSN/EIN... I don't know. In principal, you should be OK - contrary to popular belief they really aren't doing any background checks on you whatsoever (yes, really), the application & approval process is entirely automated and exclusively based on your 12 month sales history and trust of the account (lack of disputes etc). *Disclaimer- with the exception, perhaps, of the US requiring an SSN/EIN.

My gut instinct says you'll be fine, but there's most definitely a risk to your account with that kind of discrepancy, how big of one, who knows.

Last edited by UKGiftWarranty; 07-12-2016 at 04:43 PM.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

I went to the second page of the loan request and it DOES ask for a SSN number which drops me out of the game.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

I just took my second working capital loan out. They don't appear to check
anything besides your sales on ebay. You have to provide ss# but I don't
know what they use that for unless it is in case you take the loan and vanish.
I don't think you will have any issues. The entire process is done through
your paypal account.
One note, if you do apply and they offer you a loan, it's not guaranteed to
be there again. I had that happen the first loan i took out. I was offered
a loan and decided to wait and when I went back to accept it, the offer
had changed. They go off your sales, etc. so the amount varies according
to the day you fill out the application.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

Yeah I figured they would ask for an SSN.

Chicago, I'm assuming your situation was on an account with your actual info? I don't see how you provide an SSN with a stealth.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by phaz0rz View Post
Yeah I figured they would ask for an SSN.

Chicago, I'm assuming your situation was on an account with your actual info? I don't see how you provide an SSN with a stealth.
hmm, yes it was
You can use a EIN number too
Can you get one of those?
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

I have several but I'm not interested in any loans.

The point was you still have to use your SSN, even if your trying to get a loan on an EIN-attached business account. Paypal would quickly get themselves into trouble if they handed out loans to any shell company with a 6 month selling history. You know what I mean? There has to be a person held accountable for the debt, not just a business. One of the main reasons people get a LLC is so they aren't held responsible for debts incurred by a business.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

You can not supply the EIN in place of an SS. It will instantly say Number does not match.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

Isn't it kind of fishy taking loans out on stealth accounts? I've had the offers but surely, surely its not THE best way to go about your business?
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by Haidukken View Post
Isn't it kind of fishy taking loans out on stealth accounts? I've had the offers but surely, surely its not THE best way to go about your business?
USA is quite different than UK in account creation. We have several different levels of stealth. ALL my big accounts are in my real name with real business details attached. To me, it is not sketchy at all to have normal business loans.

Now if it is like you guys in the UK with all sorts of docs required then yea, it would be pretty sketchy.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

My business accounts all have BS details other than the EIN. I wish I was as organized as yankee. But most of my big accounts were purchased from here and I had no idea I was allowed to change info on the account when I bought it. Now that they're old, Paypal won't let me change any details without extensive verification or a phone call.

I was able to pay my taxes last year without being audited so I'm good with my setup. I wouldn't ever take out a loan on a stealth account though. Besides it being potentially deadly to a stealth account, I just don't like loans.
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Old 07-12-2016
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by yankee View Post
USA is quite different than UK in account creation. We have several different levels of stealth. ALL my big accounts are in my real name with real business details attached. To me, it is not sketchy at all to have normal business loans.

Now if it is like you guys in the UK with all sorts of docs required then yea, it would be pretty sketchy.
No they dont ask for anything in the UK, just the normal details on the account like name, address date of birth and phone number

and then they only require your sales history which they normally give you 10% of your annual sales.

It works great with stealth in the UK.

However i have read that if you pay your loans off to fast, they tend not to give you another one??
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by Bunneh View Post
No they dont ask for anything in the UK, just the normal details on the account like name, address date of birth and phone number

and then they only require your sales history which they normally give you 10% of your annual sales.

It works great with stealth in the UK.

However i have read that if you pay your loans off to fast, they tend not to give you another one??
I understand because you dont have the equivalent to an SS. I was referring specifically in how you have to supply docs for paypal to collect any significant amount of money compared to real details.
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Old 07-13-2016
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by Haidukken View Post
Isn't it kind of fishy taking loans out on stealth accounts? I've had the offers but surely, surely its not THE best way to go about your business?
Depends entirely on your circumstances. If you're able to go out and secure business funding in your own name on similar terms, then that's definitely the way to go. The reason I've used PayPal WC in this way is each time the loan has/is being/been paid off within 3 months and I'm stable enough in that short time frame to be confident I won't find myself in trouble.

Furthermore, as long you pay a minimum of 10% of the balance every 90 days you're fine, if you don't make a sale on day, you simply don't pay anything. There are no set 'minimum payments'.

Quote:
Originally Posted by Bunneh View Post
It works great with stealth in the UK.

However i have read that if you pay your loans off to fast, they tend not to give you another one??
This was definitely an issue as they were honing the system, it's completely automated with no human intervention which is why these problems come up. I'm still hearing of instances where people apply, then reapply a few days later and the amounts offered are double or half of what was said just 48 hours before!

The only other thing to remember is you need to wait 3-7 days after paying off the current loan before reapplying. If you get denied, wait another week and you should be set.

P.S Don't rely on catchup payments either- make sure you have a balance at the end of each day when you receive payments as that's a big factor in trust for new loans.

Last edited by UKGiftWarranty; 07-13-2016 at 05:23 PM.
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Old 07-16-2016
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Default Re: Paypal Working Capital Loan

I have an old paypal account still open. If i add my ssn to the stealth, would that be an issue?? or should I just close the old one???
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Old 07-16-2016
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by macnicolas View Post
I have an old paypal account still open. If i add my ssn to the stealth, would that be an issue?? or should I just close the old one???
you can only use this siervice if you are invited.
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Old 07-16-2016
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by macnicolas View Post
I have an old paypal account still open. If i add my ssn to the stealth, would that be an issue?? or should I just close the old one???
Never ever close a paypal account.

Also, if possible, avoid ever adding your SSN.

Do not put that SSN near stealth accounts. Does not work.

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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by Bunneh View Post
you can only use this siervice if you are invited.
That's not true. It used to be the case, now any account can apply but you need a minimum of 9,000 in annual PayPal sales.
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Default Re: Paypal Working Capital Loan

Quote:
Originally Posted by phaz0rz View Post
I have several but I'm not interested in any loans.

The point was you still have to use your SSN, even if your trying to get a loan on an EIN-attached business account. Paypal would quickly get themselves into trouble if they handed out loans to any shell company with a 6 month selling history. You know what I mean? There has to be a person held accountable for the debt, not just a business. One of the main reasons people get a LLC is so they aren't held responsible for debts incurred by a business.
Entering a social is very different than actually signing a personal guarantee for a business loan etc. They may really have no way to collect from an individual without an explicit personal guarantee in place in the USA at least. I am in collections with them for a large amount in the name of my business and don't even see my name anywhere in the paperwork so I think I am personally clear of my LLC debt.

Will update as my situation progresses.
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