1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Paypal Working Capital Approved, What's Next?

Discussion in 'Business & Tax Advice' started by Jibberish Jones, Feb 5, 2017.

  1. Jibberish Jones

    Jibberish Jones BANNED BANNED

    Joined:
    Feb 3, 2017
    Messages:
    16
    Likes Received:
    2
    Gender:
    Male
    Lately, I have been really stressed about my financial situation as I was coming up short on funds and I was having a bad financial turnaround. I have car and house loans to get rid off, as well as insurance to pay off. I was contemplating whether to have my Nissan GTR sold to make ends meet.

    A friend of mine got me into getting loans from Paypal. Now that I've paypal working capital approved, what amount of loans and payback percentage do you guys think I should impose? I have my whole credit score hanging onto balance in this, if I am unable to payback Paypal, they will be sending collection agency straight to my doorstep.


     
    Last edited by a moderator: Feb 5, 2017
  2. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

    Joined:
    Mar 10, 2010
    Messages:
    15,876
    Likes Received:
    29,149
    Occupation:
    I don't actually have a job
    Location:
    Not England
    Home Page:
    Without knowing one's entire financial information it is impossible to give any advice that would make any sense.

    Any answer is literally throwing a dart at a map with their eyes covered.
     
    • Thanks Thanks x 1
  3. Alchemizt

    Alchemizt Regular Member

    Joined:
    Aug 25, 2016
    Messages:
    221
    Likes Received:
    204
    Do the 10% so you aren't stressed. You can always make voluntary payments and pay off early. Be aware of the fine print that you must pay a 10% minimum on the entire loan amount (not the balance) every 90 days. So if you borrow $10,000 you are required to pay a minimum $1000 every 90 days to avoid default. If you have any other questions let me know. I've used them a few times.
     
  4. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

    Joined:
    Mar 19, 2010
    Messages:
    3,811
    Likes Received:
    973
    Gender:
    Male
    Home Page:
    I would find something like Bitcoins or so to invest in.. works pretty good for me ;)
     
    • Thanks Thanks x 1
  5. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

    Joined:
    Jul 14, 2016
    Messages:
    148
    Likes Received:
    20
    Gender:
    Male
    Occupation:
    IM Fluent Accountant
    Location:
    Vancouver, Canada
    Just looked at "https://www.paypal.com/workingcapital/", it appears as though your credit score will not be affected if your loan goes into default, what will happen is that your paypal working capital account's "entire balance could become due and limits could be placed on your PayPal account." Like others have said, we don't know your financial background, so giving you a realistic answer would not be possible. Read the paypal working capital page. You must pay back 10% of your loan every 90 days so you should have reasonable expectations that this loan will be able to generate you a good return in a short period of time.

    Good Luck!