Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[_Violet · Accepted solution]

Hi all 👋 @Blackbear579 @DD_2019 @Me2018_ @Swain - I just wanted to drop in to provide some context on Square Loan offers:

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[sayra · Accepted solution]

Hello, @Fca. 

It's understandable that you're curious about the timeline for a new loan offer after being denied, especially given your previous experience. Every case and account is different, on this platform we do not have greater visibility regarding your account and loan qualifications. 

For Square Loan related questions and Loan availability or eligibility you will want to reach out to the Square Banking team. They are available at 855-700-6000 between 6 am - 6 pm Pacific Time Monday-Friday. Our designated team will be more than happy to help you further. 

In addition, we went ahead and merged your post to this existing thread where other Square Sellers have discussion their Square Loans. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Thank you. 

[OpulenceHair]

My loan was paid on 9/13/2023 still nothing 🤦🏾‍♀️

[BeeBraids]

Anything yet?

[Sagmane]

I just received my 4th loan and it was much larger than my third which was half of the previous loan. I think when your loan comes up for renewal makes a difference. If your sales are higher or lower during the last quarter seems to impact it. Also, I think the national economic climate and what the market was doing last year seems to effect things, but it is better this year for me.

[Rainstar]

Where you paid in full?  If not how far along and if so how long have you been paid in full?

[BeeBraids]

Ahh thank you and glad u got another offer! 

[perkits]

Received 4th or 5th Square Capital loan in Dec 2022. We are always way ahead of the payment schedule.

[Pecard81]

Any news on new loans? I'm at 68% usually I would have got an offer

[maddington]

I’m on my 4th or 5th loan with them as well as my largest. 76% paid since Oct 2022 & no new offers. I have never waited this long either. Hopefully something comes up soon😬

[Pete425]

What percentage were you at?

[ajcuriel]

square loans are a trap.... get something from American Express (kabbage) small business, they don't charge you based on what you process for the day.

[perkits]

We love Square Capital! It may not work for you, but has been a perfect addition for our business. We've had 6-7 loans with no issues. 

[PartyManiaMD]

Can you explain how they are a trap? They're extremely up-front with the amount they'll give you, the amount you'll repay, the percentage you'll repay per day, the % they're making, originating fees, etc. There is literally no trap when it comes to them compared to traditional lenders that charge interest and thus you end up not knowing the total cost of said loan.

As far as loan amounts and "interest/profit on Square's part" I find it more than fair considering many of us aren't able to qualify for traditional financing.

Banks don't lend without significant credit history or business length and they're just as predatory to those they actually loan to.

In a perfect world I wouldn't need a Square loan but they've provided an invaluable resource when I've needed financing the most.

[Sagmane]

Not as easy 

[Pecard81]

Any news on new loan offers, Iam at 80% 

[CircleP20]

Been paid off 100% for two months, had 5 loans, everything is green........ and still no new offers....

[Mollick]

Did you get an offer yet ?i paid 100% too but no new offer yet .its been 4 weeks already.

[912guy]

did you allow the system to take payment or did you manually pay it off early?

[CircleP20]

Ive never made a payment. Always allowed Square to pull from our accounts receivable...and always paid them off inside of 4-5 months

[DD_2019]

Did you get an offer yet?

[Mollick]

No not yet .

[912guy]

We are at 85 percent...and my 11th loan....I am hoping get a new loan but its questionable due to the financial sector.