Has Anyone received Square Loan offer in 2022?

[TheMercantile]

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? 

[bsa77]

It is time to look elsewhere. I have been loyal, zero issues, high volume and here it is Christmas when businesses are looking to take advantage of growth options with new inventory and nothing. Super disappointed and going to meet with the our local bank to process our cards going forward. Much more affordable fees since there are no loan benefits!  

[Bizcredit]

I'm at 60%. Been looking for a loan but guess it's too early.

[ianssoph]

I’ve had loans as early as 60% and heard of others getting offers at 50%. I think it’s all based on how much you’re actually processing.

[AliciaMQuintero]

I’ve had such great success with square and their loans have helped my business tremendously! It has given me the opportunity to expand by purchasing additional equipment which allowed me to make more product. Everything we sell is handmade by me and cost is up on supplies. I’m currently at 83% paid off on my current loan and I’ve been looking for an additional offer since I hit 70%. I know the process of getting a loan offer could not be guaranteed but an additional loan offer would help get my business ready for the holidays which is the busiest time of year we have. Does anyone know or have some kind of insight on what percentage is most likely to generate a loan offer.  I do not want to apply for an additional loan from somewhere else because the convenience of square loans is what makes it so nice. 

[Tritter82]

I've had offers from 70% to fully paid. It's hard to say for certain. Make sure you go on your dashboard to check though because I often times didn't receive an email it was just on my dashboard. 

[bsa77]

It is time to look elsewhere. I have been loyal, zero issues, high volume and here it is Christmas when businesses are looking to take advantage of growth options with new inventory and nothing. Super disappointed and going to meet with the our local bank to process our cards going forward. Much more affordable fees since there are no loan benefits!  

[thehealingplant]

It is definitely frustrating for sure. We’ve constantly shown growth throughout each of our loans and to be sitting at 75% with Christmas a week away and no help to market is really just painful. 
We’re going to keep our fingers crossed but for us it looks like we’ll have to shut down for a few weeks entirely since we can’t keep up with our competitors marketing budgets that already far exceed our own.

wishing everyone the best of luck along the way and a blessed holiday season 🙂

[ianssoph]

Hey! Wishing you best of luck as well! Keeping my fingers crossed that you receive a loan offer as well, if you don’t mind posting when you receive an offer that would be great! Gives us all hope! 

[KatherineM]

Here looking for answers to. We consolidate our three locations in to one location show our gift cards can be used across all three stores. And our loan offer went away and now we are looking for a loan and we have a great sales each store does about 1 million a year and yet they won’t offer any it is maddening and frustrating and makes me want to go to a different POS system

[vickie_]

Hello @KatherineM, 

Thank you for taking the time to post.

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

[Bray26]

We are paid up on our loan, way ahead of schedule at 73% on our loan 4th loan as well as all our our standings are “good” unfortunately we are in need of a new loan in a major way as this crazy economy has greatly affected us and our customer base and we are approaching slow season which is super scary right now. We appreciate the ability square provides for small business that may not be able to get another loan elsewhere but we may also start looking at a different pos system with a more reliable and transparent process for when we need it. As a provider to small businesses as y’all are I feel like the whole “there no way to predict a loan offer” is a crock and very disheartening when sometimes it’s the last shred of hope a business may have for the moment. Really wish we could get a new offer or atleast know what marks were supposed to be hitting to obtain it. The lack of transparency is my biggest issue here. 

[Nicole9k]

I have been using square for almost 2 years now with multiple loans. We are reaching the holiday season very soon and holiday product is starting to come  in at an alarming rate. If we don’t get a renewal soon this is going to drastically hurt our business. We are at 65% on our current loan and never had to wait this long for a renewal. Our business depends on new product sales. Just like everyone else this is beyond frustrating. Square loans have always helped us grow and it seems this time we are doomed to fail due to a lack of renewal. We are soon to reach $200k in annual card sales in our second year of being open. If it’s based on sales, customer mix, and usage of card sales then what gives? We far exceed all these requirements. If we don’t get a renewal soon we won’t be able to provide the product for our customers that they have been patiently waiting for to be released. 

[Nancy__]

Hi @Nicole9k ,

We appreciate you letting us know about your situation.

Since this is a account specific question, I have followed up via email directly.

Please contact us directly if you have any other questions.

[Mo570]

The biggest mistake that anybody can do with square loan is to pay it off straight from your bank instead of from your daily sales.  I have always for years paid off my loans by December 25th and sometimes paid off few times in a year straight from my bank.  Last year I paid off and my offer from square after that was almost $6000 less.  I don't think they look at when your best time is.  I think if square finds more than one loan institution then you might get fair loans based on your past credit history with them.  I decided to pay off my loan a month ago and I am done with them.  You might get offers when you really don't need it which is right before Christmas. Many loans throughout years and recently not happy with it.  

[Rhinolinings]

Are they still doing the loans? I’m 85% paid off with everything green and in the  good. Starting to look elsewhere, but I’ve been with square forever.

[Doran]

Yes, they are but I know they have a huge backlog of applications right now.  One of the Square loan team members posted a few weeks ago about it.  https://www.sellercommunity.com/t5/Square-Loans-Discussion/bd-p/capital-faqs 

[Rhinolinings]

Hmmm thanks, yeah we haven’t even received an offer. Always paid and months early. Weird, I love square been here with them since 2016 but might have to look else where.

[Jjbeautyco]

Anything come of this?  I’m currently at 48% and hoping at 50% I’ll have another offer available 

[jules72]

Hi @Jjbeautyco,

Thanks for taking the time to reach out. We appreciate your interest in Square Loans.

Keep in mind, new offers are not automatically extended when a certain percentage of an existing loan is repaid, but businesses 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 the existing loan balance.

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 the 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.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

[Mansellmc]

Hi there.  While I understand the percentage thing and I understand why on all the other reasons, but when we are moving strong and we need a capital bump it really would help if we could request a new loan when very much needed.  I am moving at a rapid pace and I need new equipment and supplies.  It would help tremendously if a new loan offer would come thru for me now when I need it most, even if it's a bit diluted from the remaining funds in the current loan.  Sometimes waiting is the worse especially when you know how much better you could be doing if that bump would come on thru.  I'm currently at 67% and my 10th loan.  That alone should say how much I have grown since my first loan and how well I have managed to keep up my end.  I think I have proven myself pretty good.  I know that isn't supposed to mean anything in the term of getting the new offer, but it would help if we had something to go by so we could plan appropriately.  It's just frustrating. 

[Jjbeautyco]

Absolutely! Couldn’t agree more, my business has just about tripled since I’ve opened my business! Frustrating to say the least.