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? 

[Candlestore]

For those with a Square loan and looking for another offer before paying off their current loan look on your dashboard in the loan section for information about Refinancing.   Which is what Square basically did when they gave out New loans before and Old Loan was paid off.

Here is a link to the Square article for Refinancing : https://squareup.com/us/en/townsquare/what-is-refinancing 

[Stefanieblue]

Hello Everyone, I'm just checking to see if anyone has received any loan offers yet?  I'm currently at 67% and haven't received anything offers.  Normally I would receive an over around the 60-75% mark but nothing so far... just curious.. I've read comments but everyone has said something different...  Thanks in advance...

[Prov]

I’m also at 71% right now and usually see another offer . Just waiting ….

Hope you get an offer soon 🤞

[Stefanieblue]

Hey Everyone! I'm at 71% and checking to see if anyone has received a loan in the last few days or the start of 2023?  I'm curious because I've been reading that many on here has received loans right after 70%... 

[Candlestore]

I can not find it right now but in your Loans section I saw before there was a way to Refinance your Loan with Square, which is what a New loan does it your current one is not paid in full.  I have a Needs Work notification and am wondering if that is why I can not see about the Refinancing.  Every year after Christmas my sales drop and this is when my Loan offers start heading down or hit 0 then the next week are $12000, then 0..... it's usually a roller coaster ride with offers previously for me.  I also saw that with some bad Square loans that the algorithm was changed and that some loan offers may not be available until fully paid off.    You might have to log in to your Dashboard go to the Loans section and contact support to see about a Refinance.   I posted a link to the refinance article here before (in this thread) somewhere I believe.

[Nancy__]

@Stefanieblue 

Thanks for taking the time to post. 

New offers are not automatically extended when a certain percentage of an existing loan is repaid.

Accounts are 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.

We recently added a new eligibility page that you can navigate to by going to the Loans tab on your Square Dashboard.

For any other loan questions, you can reach out directly. Our Customer Support number is 855-897-1838. 

[jaykpizza]

Hi @Nancy__ 

Thanks again for helping with all of these messages. Square’s loan program is an amazing asset for business owners, in my opinion. Do you happen to know if accounts are still being reviewed daily? On my loan eligibility screen it says it was last reviewed one week ago. Jan 16.

[ianssoph]

That’s so weird! Mine always says it’s been reviewed everyday. Usually around 12pm/2pm. May just be a glitch!

[Stefanieblue]

I was messaged privately about my comments about square loans but it sounded like a robot answer about it’s always being monitored and  still no offers… 

[Sweetmagnolia]

Where do you see when they have reviewed your account? I’ve never seen that before on mine 

[jaykpizza]

Under the loan repayment header. Mine would be updated every single day around the same time… now it’s just stuck on “Last Reviewed 1/16”

[pamperbeauty212]

i don’t see this on my loan dashboard. 

[Melthenailgirl]

Same here?!

[TrendzbyM]

I’m also at 71% and waiting ! 

[BodyLabPhilly]

I’m still waiting also. Sitting at 76%, with everything green (good) on the dashboard.  Have had 3 loans in the past, always got offers around 70% repaid.  

Hoping it comes through soon, as we’re entering our busy season and could use the capital. 

[Lashexperts]

That's encouraging cause I'm at 83% and waiting. All other factors look good so just hoping for sooner rather than later. I've had over 10 loans woth Square and never past 78% paid off on current loan before new offer. Hopefully it'll come soon!

[Sweetmagnolia]

I used to be able to see that I was in the green and good on my loan repayment and sales processing and all that but now it’s completely gone away. All it says is I’m not eligible and doesn’t give me anymore info. Has this happened to anyone else?

[Melthenailgirl]

I haven’t received one and I’m at 80% plus it’s saying I’m ineligible and when I click into it doesn’t even come up with my loan stats and eleibilty factors looking good etc. it just says I’m not eligible to be part of the square loans program which it’s never said that before. 

[Affordable]

How long after you paid your loan off did square offer a new loan?

[burntstarr]

i've paid back the most recent loan over 85%. previosly offers were recieved by the 70% mark...now in late 2023 square's algorithm isn't making a peep. does anybody out there know what metrics have changed other than ramped AI and the date? 

[TheRealChipA]

Hey @burntstarr.  You are in a boat with good company.  There have been lots of posts and comments on posts that new Square loan offers are coming later than usual this year.  I’ve read more than a few where sellers were paying their current loans entirely and then waiting for a while before offers come.  There haven’t been any metrics changes, other than the fact that the worldwide lending market is very tight right now.  It’s not just Square that is being cautious, it’s everyone who lends money (except for those that lend it with extremely high interest rates!).  All you can do is wait for the offer.

You might have missed it, but Square recently announced a new feature where you can link your bank account to your loans and possibly improve the loan amounts and eligibility.  Here’s a link to that for you to look over and see if it is something you want to do.

Otherwise, I wish you well.  Let me know if you have any other questions.