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. 

[glyph]

Yes, I got an offer and accepted it in January. I have completed multiple loans with Square. This time, due to what must be a rather short time period that the numbers are based on, my offers went from $26K to zero, to $25K over the course of less than two weeks.

[Me2018_]

Hi,how long did it take you to start getting large offers like that? And what are your sales like if you don’t mind me asking.

[DD_2019]

Ours started very low at $1,000 and has doubled every time. 

[Me2018_]

Ok that’s good, so this is like your 5th or 6th one?

[DD_2019]

Yeah, 6th I think. 

[Me2018_]

Ok thanks for the information, very useful 

[Bronze_Palms]

Hi! I have received loan offers from Square and I am curious why you would move forward with Square for a loan versus withdrawing a personal loan from your bank or a business loan from another place? Are rates better with square? Are repayment offers more efficient?

Thanks in advance for your reply!!

[ianssoph]

@Bronze_Palms i use the square capital sometimes because I don’t want a personal loan on my credit report. You do end up paying slightly more, but it doesn’t affect your available credit on your personal credit score.

[Deezus]

For me because it's taken out daily so it's quicker to pay back it does not show up on your credit report for some reason. And they're reasonable offers with a flat fee so in my opinion it's better then going to your bank.

[Oxbow]

Its a zero interest flat fee loan and direct deposit within 48 hours. No documentation required

[Obulldogs]

For one its much faster and less of a hassle.  Banks will want to see everything before they take the risk and then charge you probably higher interest-bearing loan.  Square already has your sales info so they are more inclined to loan you money based off your sales.  No interest. Just a loan fee added toy our loan.  And like IAN said, no credit reporting.  

[AllNewU]

Thought I would chime in about my square loan history. Started at being offered 5K I didn't take the full amt last offer was at 118K. It is based on sales. My sales increased from 300k in 2021 to 1M in 2022 and looking at 1.5M-2M by the EOY. I believe we will see lower loan amts being offered and higher fees. I did receive an offer when I reached out and requested more funding.  They pre-approved me then declined me so I am not eligible until they decide I am eligible.  I am at 62% repayment. Like I said I didn't take the full amt so I thought they would let me increase but that did not happen. I think my numbers speak for themselves!   I'll manage without it I have CC's to hold me over while I await a new loan offer from square. I'm not holding my breath!  Once I am repaid and not in need I may shop around for a new system if I can find a better processing rate. I pay square quite a bit to be an unhappy customer!  I continue to let them know when I open square and give my feedback. I am paying back faster and faster and they are working in the opposite direction. Holding on tight to their pennies!

[Me2018_]

Hi, how exactly did you reach and request for it ?

[CTC18]

When did you receive your last offer? How much did you take of the 118k loan? Also, how did you reach out asking for a loan? I didn’t know you could do that. I’m at 71% of a 48.3k loan.

[AllNewU]

Nov 11, 2022 I took 55K and have paid back 62%.   I asked for an increase because I didn't take the full amt and I was pre-approved then declined when I accepted the offer. Indian Givers! I didn't know either but I reached out through support. 

[ReptileLyfe]

I’m just as frustrated, however at a much lower rate. I just got an offer of 19,900 at 76% repayment. After 2 weeks I thought it would go up (our sales increased during that time and we then went to 82% repayment) but the offer dropped to 18,300 and the interest went up! I then paid an additional 2% manually which cancelled the loan and am hoping they give us a better offer (our sales were much higher over the last couple weeks!) but it’s been a week and still nothing. We’re currently on our second loan (never max it out) and have a revenue of about 330k per year.

[Me2018_]

How much was your first loan and how long did it take you before you got the new offer?

[Jalisco20]

Have you received an offer yet? Im at 73% and im hoping to get one soon!

[Tritter82]

I've had quite a few loans and have received new offers from 68% to being fully paid off. There is just no telling when it will happen but it will 

[Lazarus5502]

Did you recieve an offer yet?