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. 

[Paula_hanks19]

$24,000 with a rate of 18.25%

[Dolledup2018]

I agree! This is the only downside….you never know when it’s coming! I wish they had an eligibility review tab so you would know once you hit that marker an offer would be coming. Of course as long as all requirements were met. These loans have helped my business tremendously and I am praying a new offer comes soon! 

[Paula_hanks19]

I so agree with you! I have clicked on the “not eligible “ tab but then I am shown where my account is in “good” standing on all requirements listed except for the “loan repayment “ which shows in progress. I don’t understand why the repayment wouldn’t also show good standing when I have averaged paying back $3800 or more monthly, have always paid in full way earlier than required, and have daily card sales that exceed more than 70% of my overall payment methods. I didn’t receive any of the EIDL funding nor the restaurant reviltilization funds so the square loans have been a life line for my business since the pandemic began.

[Dolledup2018]

I have not taken any federal fundings either since the pandemic. I just saw where people were saying their eligibility went into hibernation mode and it would no longer show the eligibility factors. Mine just went into that as well and now no factors are being shown 😞 I’m 78% paid on my 4th or 5th loan and have always been well above schedule when paying back. My small business thrives when I get these little capital boosts!

[Blackbear579]

After doing research for the past week it looks like (FOR THE MOST PART) square is not renewing loans as early as they once did. For example, if you are around 70 to 90 percent paid off there will not be a new loan offered like once upon a time. Some people I have come across said that they got new offer in the low to mid 90's. Most people are fully paid off with no new offer in sight. This is unfortunate because like myself, some businesses only use square loans as a source of lending. 

[Me2018_]

Ahi, what source is that from?

[Blackbear579]

If you fish around the square loan forum, you will find all of this info from various users.

[aceshighcyclesh]

That sounds like it could definitely be the case as I’ve been seeing that this is happening to many people with many past square loans and early repayment history. I could definitely see them being more cautious with lending due to the current state of things.

[Dolledup2018]

I only use square as well! I have constantly been looking since hitting 78% because that is what I have always been use to.  I have never not been offered a loan by now and I am on my 10th square loan. I was all green, I have always been way ahead of pay schedule! I don’t mind paying a little more for processing fees like we do with square for these opportunities they provide our small businesses. Until then I will look at my white screen and keep hoping for the best 🫣

[Me2018_]

That’s great, thanks for the information. And were your increases doubling on average  from your  previous loan amounts?

[aceshighcyclesh]

In general yes at least the max amounts. I never take them though cause the repayment percentage is more than I want to take on the more $$ you take.

[Dolledup2018]

I’m at 78% and way ahead of current loan schedule, and have been. Eligibility is all green. I love square loans but this is the only down side…you need know when another is coming 😞 

[Dolledup2018]

Never*

[SageIntentions]

Im at 73% on my most recent loan it is my third one. Not only do I not have an offer for a new one like I usually do, I am not even able to view the eligibility factors screen anymore. I have always had green on every factor on all three of my loans. I love square loans but the lack of transparency in what qualifies you is nerve-wracking. Right now I wonder if the algorithm knows something about my business failing that I dont.

[DD_2019]

My eligibility factors screen went away on Sunday with the daily update, but came back when it updated again on Monday. The screen that is just white and says ineligible for the loans program was there instead of the eligibility requirements. It changed back on Monday like it never happened & everything is still the same.

[SageIntentions]

I really appreciate this response. Wondering what the algorithm knows that I don't is stressing me out. But maybe its just a temporary thing as you experienced. 

[DD_2019]

I really don’t know why it did that but I for sure panicked too. I’m at 85% paid back and have never gone past 75% repaid before receiving a new offer so I worry about it too.

[MelissaBlast]

I appreciate this response - I just got the white screen myself and was looking forward to eligibility so it had me worried, I have been checking my factors since hitting 70%

[OwensMarket]

I am at 84% repaid and am ahead of schedule on my loan. I am not getting the screen that shows the green just the not eligible at this time screen. This is my 2nd loan. Need some new equipment for my store 

[Dolledup2018]

Just checking in….has anyone received a loan offer ? 

[Me2018_]

Not yet, 80% paid on 3rd loan. Been on not eligible screen for 3 days now. All green prior to going to not eligible screen, with daily transactions. Usually get an offer at 75% range.what’s your status looking like?