Error with loan offer algorithm?

[ZizikisEthos]

Processing History: "Good" - Nov 11, 2022, to June 18, 2023 (7 months, 1 Week 1 Day)
Processing Volume: "Good" - $413,840.34
Processing Frequency: "Good" - 11,907 with 1400/monthly avg
Customer mix: "Good" - 1539 unique customers on Square
Project Growth: "Good" - upward trend at 45-degree angle
Account Activity: "Good" - No Payment Disputes, No Prior Applications, No Account Reviews

Additional info:

Owner's Credit: Fair/Good with FICO Score 8 on Experian @ 689, Transunion @ 692, and Equifax @ 720
Business Credit: Fair - Not much credit history but no derogatory remarks
Prior Non-Square Loan History:

• MCA No. 1 - $5,000 (Repayment of Principle + Interest Complete)
• MCA No. 2 - $20,000 (Repayment of Principle + Interest Complete)
• MCA No. 3 - $4,000 (90% Paid)
• MCA No. 4 - $30,000 (55% Paid)

Any thoughts as to why we wouldn't get an offer right now?  We wanted to use it to get to pay down MCA No. 3 and 4 and to provide some necessary funding for some food manufacturing equipment, as we just landed a deal with a local grocery store chain to sell our hummus at their 4 locations throughout the county.

[TheRealChipA]

Hi @ZizikisEthos.  You might want to edit your post to remove the sensitive personal/business information, per Square’s Community Guidelines.  (See attached screen shot).  This is a forum that is very public.

Otherwise, this is a hot topic in the community right now.  The general conclusion I’ve been able to reach is that Square, like every other lender in the world right now, is taking longer to offer loans.  And, when they finally do, they are usually for less than expected.  We are in a worldwide credit crunch with no relief in sight for the immediate future.  Square is no more or less sensitive to this fact that any other lender.  I wouldn’t take it personally, but there’s nothing to do but be patient until the offer comes.  I can assure you that there is nothing else you can do.  Also, FYI, your personal and business credit reports are irrelevant to Square.  They don’t even check those, nor do they report to any credit bureau.

I wish you well,

[Sammie_C]

Hi @ZizikisEthos!

We appreciate your post!

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.” I understand this isn’t the best experience, so I’ve shared this feedback with the product team.

There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. There’s no additional information we can share at this time, and we can’t go into further specifics about program requirements because the criteria we use is proprietary.

We will continue to review your account daily for loan eligibility. If you become eligible, you’ll be notified directly on your Square Dashboard and through email.

Let us know if you have any other questions!