| |
Re: Paypal Working Capital
That kabbage.com has huge usury fees |
| wired | 05-03-2015 09:00 AM |
Re: Paypal Working Capital
Quote:
Originally Posted by taerese
(Post 665364)
While I am not advising that a stealth account should do this. I am thinking that it would be possible for a solid stealth account to do.
Your perception is that, you are a stealth account, you are ⊗⊗⊗⊗, your details are not genuine BUT PayPal is not viewing you as such, otherwise you would not have been able to operate a PayPal account under a false name, you would not have been able to withdraw tens of thousands of pounds from PayPal if they have any IOTA of doubt that you are not who you claim you are.
There might be manual random checks at some point in future but still I dont believe it wont be possible for a lot of stealth to use this feature. Its less risk to PayPal anyway.
| I know what you are saying, but I really do not believe they will start loaning out money without doing further checks. It would be complete stupidity for one, and they have invested huge amounts into fraud detection that there is no way this idea has slipped past the boardroom meeting about security regarding loaning out their money.
Withdrawing money from sales is one thing...but withdrawing advance money, nah not a chance.
But as I said, hopefully someone will give it a go and report back. I might run off to Tibet one day and stopped selling on ebay, ill remember to do a PayPAl capital loan before I go just to make sure I have £20k in my account that ill never have to pay back :) |
| dan_ebay | 05-04-2015 07:39 PM |
Re: Paypal Working Capital
I've just got this on my legit account, they don't credit check you. As others have said though I wouldn't get it in a ⊗⊗⊗⊗ name unless you're 100% sure you can pay it back. Imagine it would be fairly serious fraud.
The fees are high also, they base on your average sales volume over the last year too so if you're sales are growing fast or you've sold for less than a year it will work out ridiculously expensive. |
| wired | 05-05-2015 12:43 AM |
Re: Paypal Working Capital
Quote:
Originally Posted by dan_ebay
(Post 666049)
I've just got this on my legit account, they don't credit check you. As others have said though I wouldn't get it in a ⊗⊗⊗⊗ name unless you're 100% sure you can pay it back. Imagine it would be fairly serious fraud.
The fees are high also, they base on your average sales volume over the last year too so if you're sales are growing fast or you've sold for less than a year it will work out ridiculously expensive.
| You work at Paypal? Wish you had said, some insider information would be ace! :) |
| Dazzler87 | 05-05-2015 05:52 AM |
Re: Paypal Working Capital
Not had time to read through all comments but just to let everyone know there are no credit checks involved. The loan they offer you goes off your paypal sales history in the past 12 months. Then the loan is paid off each order you make rather than a set monthly amount, you have the option before the loan to choose 10%, 15%, 20%, 30%. So for example I choose 15% so each sale i make 15% of the total of that sale is paid back to the loan. If one day you have no sales, there is nothing to pay. If you have lots of sales then you pay 15% on each sale made from that day. It's took from your paypal balance ant the end of each next working day. I borrowed £6000 on my 1st one and it was only £400 interest. But the profit i made from the extra £6000 of stock and more sales helped me out and paid it off faster and end of it im better off as stock levels are a lot higher. Last week I got another one they offered my £17,500 this time, after this one is paid off I should have enough stock to grow my business without the getting another. great idea by paypal to be honest but will work for some and not for others, you have to make sure you have a good profit margin mine is 25% so I could afford to pay 15% to the loan and manage on a 10% profit margin until it was paid off |
| Callidus | 05-05-2015 05:54 AM |
Re: Paypal Working Capital
Lets hope the product doesn't go stone cold over night, otherwise there's a lot to pay back. |
| wired | 05-05-2015 08:37 AM |
Re: Paypal Working Capital
Lol, maybe they wont actually limit you if you have a loan out, not in their interests to take away your ebay business when they realise you don't exist and you owe them £6000 :)
Dazzler - you have been operating these loans on a stealth account? |
Re: Paypal Working Capital
Quote:
Originally Posted by wired
(Post 666202)
Dazzler - you have been operating these loans on a stealth account?
| Interesting potential if yes |
| Dazzler87 | 05-09-2015 02:00 PM |
Re: Paypal Working Capital
Quote:
Originally Posted by Callidus
(Post 666173)
Lets hope the product doesn't go stone cold over night, otherwise there's a lot to pay back.
| Good job i don't just sell the one product then. Otherwise yes very risky and don't think i would of even been offered an loan in the first place. |
| Dazzler87 | 05-09-2015 02:01 PM |
Re: Paypal Working Capital
Quote:
Originally Posted by wired
(Post 666202)
Lol, maybe they wont actually limit you if you have a loan out, not in their interests to take away your ebay business when they realise you don't exist and you owe them £6000 :)
Dazzler - you have been operating these loans on a stealth account?
| yes my account is stealth. nearly 2 years old. |
| Dmshark25 | 05-09-2015 08:16 PM |
Re: Paypal Working Capital
Quote:
Originally Posted by Dazzler87
(Post 666171)
I borrowed £6000 on my 1st one and it was only £400 interest. But the profit i made from the extra £6000 of stock and more sales helped me out and paid it off faster and end of it im better off as stock levels are a lot higher. Last week I got another one they offered my £17,500 this time, after this one is paid off I should have enough stock to grow my business without the getting another. great idea by paypal to be honest but will work for some and not for others, you have to make sure you have a good profit margin mine is 25% so I could afford to pay 15% to the loan and manage on a 10% profit margin until it was paid off
| That's really good I'd definitely take a loan for £6000 and only £400 interest, and I like how they take a percentage of sales each day, to me this is a no brainier considering there's no credit check and the interest is great
Do they deposit the loan into your available PayPal funds?
Also is there something buried in the fine print saying If your eBay account gets suspended or restricted than you need to pay the remainder of the loan balance off immediately or something?? |
| Lucifer | 05-14-2015 08:09 AM |
Re: Paypal Working Capital
Today's Update: I have applied for that loan and its approved. Amount is not that great but its perfectly alright for me. |
| Callidus | 05-14-2015 08:27 AM |
Re: Paypal Working Capital
This subject I think brings wandering eyes. I personally am saying avoid at all costs unless the account is in your name. |
| Ebayorbust | 05-14-2015 08:39 AM |
Re: Paypal Working Capital
Quote:
Originally Posted by Callidus
(Post 669339)
This subject I think brings wandering eyes. I personally am saying avoid at all costs unless the account is in your name.
| And you are spot on.
Borrowing money under a false name is fraud / deception and there are no "grey areas". |
| JamesNorth101 | 05-14-2015 08:44 AM |
Re: Paypal Working Capital
This is a VERY bad idea |
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