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? 

[Minion]

No rating it shouldn't be taken into consideration.  But I believe loan requirements/eligibility resets every year IIRC.  Have you met the 10k in CC sales in 2022 and all other normal requirements?

If you process high limit monthly sales, your APR will always be high, as you won't need the 15 months to pay back the loan, and you could probably benefit more from a business line of credit or traditional loan.  Just my .02.

[Dcjones73]

I was wondering the same thing. I was so proud that I paid off my loan early. Now I need an exhaust system put into my building and I was hoping to get a new offer to help with the cost but it says I’m not eligible at this time. My sales are up so how do I not qualify. I’ve been using Square for over ten years and I’ve never had an issue paying back my loans. I ate paid them back on time or ahead of time. It sucks that you can’t request a loan. 

[Ralphael84]

I feel the same way I swear 100 percent done meeting all requirements and no offer it’s very disheartening always paid my loans off

[Stefanieblue]

Hi, have you received a loan yet?  I’m at 92% and no offer in site?  I guess there’s a new way of doing things now…

[ianssoph]

I’m at 70% repaid and they just put my account randomly under review which in turn makes me ineligible for a new offer and froze my transfers! This is a joke!

[Stefanieblue]

Did they say why?  That’s odd… 

[ianssoph]

Just a generic “we periodically check accounts to ensure customers security” 

[Hudson7484]

Did you get another loan offer?

[bsa77]

Are you saying you will never be eligible for a new offer since they froze your account?

[ianssoph]

No, I received an offer the next week and was approved for $30k

[bsa77]

That is awesome! I am at 82% I think and nothing. The last one was at 50% and I always payoff early with no account issues. Still high volume, probably higher than ever. Not sure!

[ianssoph]

It will come! My offer was sent to me at 11pm on a Saturday. It always happens when you’re not looking for it lol.

[bsa77]

I know. Lol. Thank you for chatting. Have a great night.

[OceanicAvenue]

I am at 85% nothing yet. 

Have you gotten an offer yet?

[Vlashes]

Does it take into account the total amount processed? I've processed over 30k over the past 4 months and only getting offer 2/3k 😕

[Candlestore]

@Vlashes ;

I am not sure how Squares matrix works for giving out loans.  I know they say you need to process over $10,000 a year in Credit Card sales, but when I have my slow period and do about $8000 a month, I get no offers or very Low  offers.  When sales go up over the Summer, I get Offers of $15,000 to $30,000.  I took a Loan out at the end of May 2022 and was about 60% paid off in August 2022 and started getting new loan offers that were double the initial Loan.

At the $30,000 over 4 months that has you averaging just under $8,000 a month in credit card sales, which is where I get the low to no offers also during my slow periods.  Just keep doing what your doing and your sales will get better and then the loan offers will start being higher.  Square takes your Loan Payments from your Credit Card Sales which is why they want to make sure you do well with your Credit Card Sales and not just all forms of sales.  

[jjbarron]

After I made a manual payment, they did the same thing to me

[Pressure38]

Sorry that happen.I had 2 small loans this year.I’m at 54 percent now and was hoping to see one.Had a chargeback and submitted all info plus sign contract from customer.

I’m sure you will get one soon,Keep your head up it will happen for u.

[Candlestore]

I get different offers every Monday.  It is based on your weekly Credit Card sales Processed through Square.  Depending how well you do in a week depends on the offer.  My offers for my slow time of year (now) range from $0.00 to $16,000.  Last week was $9250, this week $0.00.  During my busy seasons my offers go up to $30,000 plus.  I have not taken a Square loan because of the 17% off the top Square takes with no limit.  Like you pointed out 17% or $51,000 for a month, 1 month into the loan, would have had you about 50% paid off, depending on the fees for that loan.  But to answer your question about the Thumbs down, no this should not effect you getting a loan offer.

[Jjarquin1111]

Seems like i have bad luck this all year ( 2022)  i have paid over 4 loans fully never later and this year i haven't received an offer and not even on busy season! Glad  you able to get this offers! 

L.J 

Owner

Bkmoversla