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. 

[brown17]

I have a "slower Season" Dec-Feb  but still process a significant amount.    The increase I have had in March April and now May has been drastic with no offer.    I now have a processing dollar amount  in my factors which is less now that my season is in full swing.    Customers either pay in full for our services or monthly, the in full customers have slowed 

[Bonzy2010]

where is the processing $ amount located? inside the same screen that the factors listed are in? either I don't have it listed or I'm looking in the wrong place

[brown17]

I have never had it till last week when it appeared. And I've been with square 4 years now   Yes in the factor screen. I can't share a screen shot.   

[brown17]

Here I copied the text 

Processing volume

Needs work

The dollar amount of card payments processed with Square

[Bonzy2010]

so it's under the processing volumn where it says for example $245,489/$10,000 in past year? if so I've always had that there

[brown17]

Yes I've had that box too but not in the actual factors...always been processing frequency... and I am always well over 10,000 ao it makes no sense 

[CTC18]

It’s under eligibility factors. “processing volume”. I’m up 4.5k in the last month over an average month.

[brown17]

Received Loan offer yesterday Sunday at 6pm...My processing dollar amount that appeared was at needs work to just before they offered loan.   I was at 70% Loan doubled from last...

[CTC18]

Do you mind me asking what your average month is and what your loan offer was?

[Ralphael84]

thats odd makes me wonder and feel actually more hopeful as I am 93% done

[Ralphael84]

Have you gotten any offers yet

[Ralphael84]

I’m at 93% all green but as I checked due to extra payments it says pending still 😩😩😩

[Me2018_]

Ok that’s great, if you dont mind me asking how much does your new offers usually take increase by , and whats your average  monthly? 

[CTC18]

From my 6th to my 7th loan, it tripled. From 7th to 8th it increased 10k. 8th to 9th it increased 13k. My monthly ranges from 25-40k, average is 26.3k. 2,016.5 average transactions per month.

[CTC18]

Any updates? I’m sitting at 77%. I’m 30.5k ahead of repayment schedule and nothing yet. 🙏🏻

[Me2018_]

Wow thats great to hear .i’m assuming you been with them for about 5 years or so 

[tcdstores]

We are at 78% paid. No offer yet as well. This is loan #13 for us. We usually have an offer by now. The last loan was significantly lower than the previous 2 loans but our volume as remained pretty steady on growth. Hoping to have a new loan offer soon so we can fund our spring expansion. 

[Bonzy2010]

seems like we both are in a pretty similar situation...my current loan was less than the one before too even though sales really didn't change much. My guess is they limiting their offers now internally, before you can pretty much count on an offer coming in by 75% or so for years (been with square about 6 years) now it's just super random and you could end up paying it all off before a loan is even offered like a few people here have said

[tcdstores]

Yeah, I think loan amounts have to do with processing volume for a specific time period before the offer is made. Maybe an average over a set amount of weeks. I'm still not sure to be honest. Since my last comment a few hours ago I'm at 80% paid off now. Still no offer. It's nerve wrecking sometimes. 

[Sammie_C]

Hi @tcdstores,

Thanks so much for commenting!

Potential offers are based on many factors related to your business including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. You can learn more about how your business may become eligible for a loan in our Support Center. Square Loans are currently offered by invitation. While you are processing with Square, Square Financial Services automatically reviews your processing activity to evaluate loan offer eligibility. If we spot that you’re eligible to apply for a Square Loan, we’ll proactively reach out to you (via email and in your Square Dashboard) with a customized loan offer.

Square Loans are currently offered by invitation. While you are processing with Square, Square Financial Services automatically reviews your processing activity to evaluate loan offer eligibility. If we spot that you’re eligible to apply for a Square Loan, we’ll proactively reach out to you (via email and in your Square Dashboard) with a customized loan offer.

Let us know if you have any other questions!

[Tiffanygalchutt]

Anyone get one yet? Im at 92, I wonder if it’s the debt ceiling/bank crisis