Does Square give loan renewal offers on weekends?

[Blueberryhill]

The title of this thread has been edited from the original: Square Loans weekends

Does anyone know if square gives loan renewal offers on your dashboard on weekends? i know they dont do approvals on weekends but do they send offers on weekends?

[VanKalkerFarms · Accepted solution]

Yes, it is possible to receive an offer on a weekend.

[Blueberryhill]

i wonder how many chargebacks are too many? i have 2  one is over a year old and one is still open. im at 92% and no new offer. this offer would be my 4th loan.  before i always got an offer around the 80% mark

[Regina_B]

Hi @Blueberryhill ! Thanks so much for posting in the Seller Community. When it comes to chargebacks, we look at a variety of factors to determine eligibility. Chargebacks are taken into account on a case by case basis. That being said, there is not a set number of chargebacks that is deemed as "too much." Let me know if you have any follow-up questions!

[BigA]

@Regina_B  I have had several square loan offer and approvals process on weekends. Did the process change? Does square only process on weekdays now?

[trudy]

Is square even ACTUALLY doing renewals at all? I’ve always received a new offer between 60-70%. I’m not at 73%, sales are higher than ever, hardly any chargebacks, new and old customers, consistent sales! I need loans for an event and square is refusing to look into my account but just assured me their algorithm will keep up and I’ll be notified if I’m eligible! 

[Ria]

Hi @trudy - Thanks for stopping by the community.

Square Financial Services will have be contacted directly with regards to loan renewals, for they will have the best insight to your actual account.

https://squ.re/2LW3Gz3

Options to contact Square are here: squ.re/howtocontact

[Laura123]

Hi @trudy,

Thanks for reaching out on the Seller Community and sharing your experience.

Our Square Loans program is currently ongoing and we are still extending loan offers. But new offers are not automatically extended when a certain percentage of an existing loan is repaid, but business may become eligible for a new offer when an existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in the business directly rather than repaying an existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying an existing plan does not guarantee that a business will be eligible for another offer.

If you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. To learn more about Square Loan eligibility, visit our Support Center.

We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

If you have any other questions or concerns, please feel free to contact us directly. 

[AshleyJerez]

In August, I got a square loan of $790.00 for my first loan offer (everything was processed and approved the same business day that I applied). I got my loan 83% paid off by yesterday, and got an offer for $660.00 (a little less, but that’s okay - I’m very grateful if it’s approved). My business is really active with square, so I’m excited to have it paid down so quickly. I really hope they approve this second loan. I need to order more business cards and other supplies for my business.

[Sally145]

I’m on my 4th loan and at 83% paid off. Like you said I always get a new offer at 80%. Anxiously waiting the next offer. I love square loans! No worry about making payments. 

[piratetaxi]

Yeah we are now at 90% paid on our loan. Got the loan a little over 3 and half months ago and have yet to recieve another loan offer. We love the square loans too but the waiting game while seeing everyone else getting offers at lower percentages is getting really frustrating. Wouldn't be an issue if they would just let us all know what is wrong with our accounts or what we need to do differently to get another offer.

[Dilly96]

Be Patience it will come at the best time! let square do what sqaure does best. Continue to makes sales and grow your business. Your offer will come at the best time. Im very eager like you but Ive learned to be patience. Im on my 5th loan atm. @piratetaxi 

[piratetaxi]

Finally, paid loan on Friday night, and got a new offer yesterday morning. However, offer was lower than the previous loan which seems odd to me. Not sure exactly how they figure out the amounts but we have done so much more business the last few months than we did before. We doubt checked our reports and yup..... definitely more transactions and more money. But oh well. Hopefully we can expand with what we got.

[Mrswashington25]

I normally get offers around 78% but no offers yet. I would like to know what is different this time.

[Gam1]

@Sally145 Did you eventually get an offer?  I’m at 81% and nothing. 

[Sally145]

I did. 

[Gam1]

@Sally145 Nice!  I checked mine today (Sunday) and I got an offer. It’s lower than the last. Waiting for approval. I’ll probably hear back tomorrow instead. Also it gave an option for instant increase if I link my bank account for a third party to view which I opted out. I’ll update once I get the approval. I was at 81% paid to my current loan. 

[Sally145]

Awesome!

[rzrshop]

I paid off my 1st loan early and still no new offers, any advice since it seems like most of you have had couple loans with square.  Our business is doing much better than when I was offered the first loan, I use their credit card processing mostly, only few emailed invoices.  Any advice would help I really need another loan before end of the month

[Kassi_]

Hi @rzrshop - Check out this link with helpful tips on getting another Square loan from us.

[Angelamcdannold]

Why does Square Loans penalize you for having a handful of refunds when sometimes we have a health issue and things just aren't perfect for business, I've been a business 25 years and always been able to rely on Square Loans and now they just disappoint me so much and it's so sad and I just don't get it..