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. 

[TheRealChipA]

@brown17 Processing volume and gross sales are two different things. Processing volume is card sales only. So if your cash sales as a percentage of total sales is higher lately, your card processing volume is down.

Remember, Square can only count on card sales when considering how much you can repay, and how quickly. Otherwise they have to rely on sellers to make extra payments when cash sale percentages are high. Many, if not most, don’t do that. 

so… processing volume is a very important metric to them.  Cash heavy businesses will receive lower offers, if they receive offers at all. It’s all about card processing! 

[brown17]

I understand that...95%of my sales are cc sales the other 5% are checks..  

[TheRealChipA]

@brown17 Interesting. Ok. Ignore my reply, then. Not everyone understands that. And it doesn’t apply to you, obviously. 

If I live to be 200 years old, I’ll never understand the mysteries of the Square Loan Black Box. Lol. I just wait for it to say I’m eligible and then decide if I want the loan or not.

Part of me thinks Square made a mistake trying to be transparent with their whole “here are your eligibility factors” page. It just invites more questions than answers.  Either an offer is available, or not. Maybe they should get rid of this page and keep it that simple. 

i think I’ll suggest to them they get rid of that page. In the end, they will never make everyone happy with it. Or obviously even most people. So, why should they bother trying?

[brown17]

Agreed lol honestly it's given me more anxiety lol.  I normally don't get this obsessed over it...but it's there so I look and stress lol

[TheRealChipA]

I’m going to quote you on that. Lol. I think Square might need to rethink how that entire page is worded. Thanks for your honesty!

[Me2018_]

Did you get ever get an offer?

[Conciergenurse]

My current loan is 77% paid off in 7 months, with Square indicating the next offer will be $10k. It is definitely taking longer to receive an offer this time. I read several questions and answers and it seems like the threshold to receive $10k may be a little harder, besides what Square offers as a guide to increase eligibility (all green checks). Has any business received a $10k loan offer, and if so how long did it take after paying off your existing loan?

[TheRealChipA]

Hi @Conciergenurse.  First, I think you might be misreading the “Your next loan” page.  Square never indicates what your next loan offer might be until they make the actual offer.  The eligibility page DOES indicate when you hit the $10k card processing milestone, as well as indicating whether or not they estimate that your Greg’s payment volume (GPV) is going to be over $10k for the next year.  Neither of these numbers, however, is an indication of a loan offer.

As to the rest of your questions, I’ve had a couple of $10k+ offers, including the one I am paying off now.  :They always coincided with periods of time when my credit card processing volume was very high.  Square will only offer you a loan amount that they are comfortable that you can pay off (at current card processing volume) over 12-18 months.  That usually requires having a solid track record of consistent processing volume.

Lastly, I’ve been reading a number of posts lately from people who are paying off loans and then waiting for a while for new offers to come.  In a way that is not a surprise.  With the current economic environment all lenders are cutting back on how much they are exposing themselves to in the way of loan risk.  Square hasn’t said anything, but I’d imagine that they are being much more conservative about new loan offers as well.

Regards,

[hum3kimp]

94% paid off then received an offer for 12,450 just last week

[Conciergenurse]

After posting this, I also received a new loan offer at 84% paid off last week.

[Me2018_]

Hi did your offer increase from your last offer?

[Me2018_]

Hi did your offer increase from your last offer?

[hum3kimp]

Hi, no it dropped significantly. It was only about 30% of the last offer. My sales have been okay, they haven't increased or gone down, just steady. So the drop was quite surprising!

[TheRealChipA]

@hum3kimp I wouldn’t be too surprised at the drop.  This is not just happening with Square, but with anyone who lends money right now.  The uncertainty and instability in the market and in the economy is causing most lenders to be much more conservative than usual with how much exposure they have on their balance sheets.  And it is looking like today the Fed is going to increase the base lending rate another .25%.  It’s getting very expensive for borrowers every day (I’m betting but can’t guarantee that my next Square offer will come with a higher fee).  And it’s getting more risky for lenders every time the rate goes up, even if it is just .25%.  

[hum3kimp]

Yeah that some fair points. Probably more about the economy and whats happening right now, than our business. A small skid in sales probably factored in it too. 

Definitely when I got my first 19,500 loan it was only 10% of daily repayments, now for the 12,450 its 14% of daily repayments. I don't believe the fee has changed much from what I can see.

[cardtraders]

Anyone know how the 6 month period works? Everything is green for us, except the "History with Square".

Assuming it doesn't go from the 1st of the month and likely from first process date since it didn't reset for us today. (First transaction Nov 11). 

Everything else is good, roughly 100K in processing, roughly 200 unique customers, no chargebacks, etc. 

Assuming we will see something later in the month (or June?) 

[Me2018_]

It’s exactly 180 days before you can qualify

[Paula_hanks19]

I was running an errand this afternoon and while standing in line to pay for the supplies, I decided to check my Square checking balance and “Thank You Lord!”🙌🏼🙌🏼 I actually had a new loan offer! I was paid down to 80% as of this morning on my current loan and still showing ineligible this morning when I had checked so I believe they update around 2 pm daily. This could not have come at a more needed time! Sales are beginning to pick up after the horrible winter months but I have been struggling to keep my doors open and to keep things going while waiting for it to pick up.

[Me2018_]

So glad to hear that, happy for you. So are you saying your screen was still showing ineligible but it had an offer for you? Also about how much more was your increase compared to your last one ?

[hum3kimp]

Can someone send a screenshot with blurring any sensitive details of this white ineligible screen. Would love to see what people are talking about. I am not sure I have come across it yet. 

[aceshighcyclesh]

I went to go and take the screenshot and hooray I’m back to showing eligibility factors!! It’s just a blank white screen that says your business is not eligible for square loans program.