Solved: Re: Has anyone recently received a square loan off... - Page 7

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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lyndalarsen · ‎05-31-2022

NO ..Over the years U have had 7 loans. All paid off ..perfecto..&early..2 years 0 income ..(beauty industry)..Back at it. I could use some help..Now they say I am ineligible because I have “asked” for the loan..😡I am so angry ..just don’t have energy to look & pick a new company to process credit cards..

Lynda LARSEN

jules72 · ‎03-18-2022

Hi @Itislv,

We understand that not being immediately eligible can be frustrating.

There are other factors of your business that are also reviewed to determine eligibility. Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential eligibility for loan offers.

There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. We balance different factors of your business that may positively and negatively affect your business’s eligibility for an offer. To learn more about Square loan eligibility, visit our Support Center.

If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

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

Jules
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Stefanieblue · ‎12-08-2022

Within a couple of hours… I guess my sales had to process that day but when I woke up the next day my offer was there…

Stefanie Mitchell

Bigbodyblendz · ‎06-06-2022

Coming up at 78% percent on current loan and still nothing. Plz advise

Minion · ‎06-07-2022

I know this is going to sound like the robotic answer that is always said but loan eligibility is checked daily. Many sellers are and have received loans (based on replies in similar threads). Just keep processing payments and doing business like normal and hopefully you will see a new offer on your dashboard sooner than later.

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.

Beardgal2006 · ‎11-14-2022

Did u ever get another offer?

Prince1 · ‎06-12-2022

I paid off 4 loans very fast(less than 1year) and haven’t received another offer. Just curious if anyone else received one lately.

PartyManiaMD · ‎06-12-2022

I would just check weekly and keep using Square to process transactions. I myself can't wait to use Square to propel my business forward.

Square has honestly helped my business far more than my local bank has and in my opinion the fact that they offer loans based on your metrics puts them far ahead of traditional banks.

www.PartyManiaBethesda.com
Please Require Customers to pick time/date at checkout for Square online. Thanks!

ianssoph · ‎12-17-2022

Just letting everyone know that I just received a new offer at 70% repaid, so they are still monitoring everyone’s businesses!

bsa77 · ‎12-17-2022

That is awesome!

thehealingplant · ‎12-18-2022

Congrats! That definitely lends some optimism. We’re sadly losing a bit of hope over here as we’re almost past our remaining from our smaller loan without an offer and over 77% while continuing growth.

We’re afraid that a mix up with square last month is going to keep us ineligible but we can’t seem to get a clear answer on it.
We’re keeping our fingers crossed we’ll be considered soon ourselves.

congrats again and happy holidays 🙂

ianssoph · ‎12-18-2022

I wouldn’t lose hope! Just keep processing. On my last loan I had a mix up and it didn’t affect anything!

thehealingplant · ‎12-18-2022

We got an offer within two hours of posting this 🙂

Bizcredit · ‎12-18-2022

I'm sitting a 69%. Hoping I get an offer at 70%.

Prov · ‎01-05-2023

have you recieved an offer yet ?

Sweetmagnolia · ‎12-18-2022

That’s awesome! I’m currently at 77% paid and no offer in sight. Very discouraging but I keep praying someday soon I’ll get an offer! How many loans have you had with square?

ianssoph · ‎12-18-2022

This is my 12th loan

Sweetmagnolia · ‎12-18-2022

That’s awesome! I’m praying for my 3rd to he offered. I’m all in the good. 77% paid off. Way over the 10,000 in card sales in a year. Just hoping it comes soon!

TrendzbyM · ‎12-18-2022

I’ve had 14 loans with square over the years

Sweetmagnolia · ‎12-18-2022

That’s awesome!

bsa77 · ‎12-19-2022

oh wow! congrats! fingers crossed over here 🙂

Has Anyone received Square Loan offer in 2022?