Solved: Re: Has Anyone received Square Loan offer in 2022? - Page 3

TheMercantile · ‎02-14-2022

Has anyone received a square loan offer in 2022? For some reason it says I’m ineligible, however I was just offered 100k in Nov. I turned it down because the payback rate was 17% so that means with a good Dec, they would’ve taken $51,000 of my profits in just 1 month. I did a thumbs down on the offer because of that. Does rating the offer poorly take me out of receiving offers?

ianssoph · ‎04-24-2022

I have always received offers between 60%-80% paid back. They don’t give you their exact algorithm for offering a loan, but if you login to your dashboard they now give you more insight as to why your business hasn’t received another offer yet. It basically goes off how much you are processing and the mix of new to old customers. Best of luck to you! I am on my 10th loan and the offers always exponentially increase for my business.

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ianssoph · ‎06-07-2022

They were definitely offering capital sooner last year. It looks like everyone is 100% paid back before receiving another offer this year. I’ve never gotten past 80% before being offered a new loan. But at least they’re still offering!

Nchairsalon · ‎10-17-2022

where you stats all in great shape when you got each offer? im at 77% paid in on my 4th loan last offer came in February at 75% i hope i get one soon

ianssoph · ‎11-03-2022

I had one “square review” and my account was actually frozen for about 4 days. When that was done they offered me a new loan within a week and I received it. I’m currently at 50% paid and hopefully get another offer before the year is over.

Shanestowing · ‎06-08-2022

I recently got my first loan. 65% paid back in first 60 days. Will my second offer be larger? The first loan was about 40% of my average monthly sales. So I’m hoping for a much larger second load.

Thistledome1840 · ‎06-08-2022

From my experience it has come close to doubling each loan. I started low and this is my third. Each time I’ve come close to doubling. 2500,4500,8500 last 19500. It just depends on how your card sales are. Cash sales aren’t really included

TrendzbyM · ‎06-09-2022

I am at 76% paid off and haven’t received any offers yet . Waiting patiently , I usually don’t Have to wait this long. Maybe square is doing it different since they changed it from capital to loans .

MayaP · ‎06-10-2022

Hi @TrendzbyM,

Welcome back!

I am happy to create a case and escalate this internally to Square Capital?

They can hopefully provide some more insight. On our end we don't have much.

Let us know!

MayaP
Square Community Moderator
Sign in and click Mark as Best Answer if my reply answers your question ✨

ianssoph · ‎06-10-2022

They also switched from square inc. To block inc. In December. So who knows.

ianssoph · ‎06-11-2022

Just letting everyone know that I am 73% paid back and was just offered $30,000 which was $5k more than my last offer. I accepted and was almost instantly approved. Hang in there! The offers are still happening!

TrendzbyM · ‎06-11-2022

Wow! I am at 78% now and still no offer . Still patiently waiting.

ianssoph · ‎06-11-2022

Idk if it helped but I did their survey every time I logged in to my dashboard. Who knows, but it will come!

TrendzbyM · ‎06-11-2022

Thanks for the tip!

OceanicAvenue · ‎06-16-2022

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OceanicAvenue · ‎07-06-2022

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OceanicAvenue · ‎07-19-2022

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Lavieenrose1912 · ‎07-19-2022

I’m in the same boat and it’s so frustrating. I’ve never had an issue getting a loan and now I’m at 84% and nothing. I process quite a bit in cc every month so I’m so confused. And sad!

BarronW · ‎07-19-2022

Your loan should be reviewed within about 7-10 days and you’ll get another offer. Or if it was your first loan, you’ll have to pay it fully like me.

OceanicAvenue · ‎08-18-2022

This is my 4th loan issued last year November and no offers this year.

At almost 86% no offers yet

Asiana25 · ‎08-18-2022

Okay so the first one has to be paid off to get another offer.

_Violet · ‎08-20-2022

Hi there @OceanicAvenue - Sorry to hear your frustration surrounding Square Loan eligibility 😔 I can certainly offer some general info that you may find helpful but ultimately, you'll want to connect directly with our Financial Services Team to discuss the eligibility status for your account.

Please know that Square Loan offers are only available for a limited time. Offers are based on a variety of factors, including recent Square processing volume, outstanding balance, and account activity. The expiration of your offer does not prevent you from receiving or accepting a Square Loan offer in the future. Please be assured that we will continue to monitor your account and notify you if you become eligible for a Square loan offer.

You can learn more about eligibility in this Help Center article, Square Loan Eligibility FAQ.

I hope this information was helpful! Please don't hesitate to reach back out if you have additional questions or concerns.

cc: @Asiana25

Violet
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.

OceanicAvenue · ‎08-20-2022

Hello.

I haven't recieved any offers in 2022 to accept or deny.

4 offers in 2021.

Last dashboard showed I processed less than 10k in a month ... yes i thought it was in a year but it shows needs work according to the eligibility factors. Now I am not sure if the eligibility automation will offer any loans at all?