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]

That’s not normal at all!  You must have caught them on a Slow Loan Day! 😆

[PartyManiaMD]

Yea it's weird. Our first loan was approved immediately, I think the second one took like a day, this one just feels like it's dragging. I don't have any disputes open and I feel like the process Square uses leaves less room for rejection since they already have the metrics they use to determine loan amounts. I guess it has to go through some underwriting process after the loan is accepted but man this timing couldn't be more perfect. I have one company offering 30% off our wholesale prices and a few other companies I need to buy in bulk for.

They could have at least offered the loan on a Monday so I won't have to wait the entire weekend! So inconsiderate. (JK Square underwriters, we ❤️ you).

[Twpchair]

My approvals are normally 10-15 minutes just the deposit part seemed to be longer than prior but it was a late Wed and that could have been it ??? I did receive it late Monday in my bank and available Tues. If I scroll down it seems to be the new norm for timing? I did read a response from square on someone's post that they are processing a high volume right now and getting them out as fast as they can.  

[Twpchair]

Hello, my last offer was on a Wed and I didn't receive the deposit till Monday night and was available with my credit union on Tuesday morning.  I also got nervous as prior loans took about 10-15 minutes after I accepted it and 1-2 days to hit my bank so from others I've read here there's was taking longer from once you signed till it hit the bank type thing.  I think imo your fine it just seems to be the trend going on. Good luck and congrats on the loan and best wishes for your business!!!! 

[PartyManiaMD]

Thanks for the reassurance guys. @TheRealChipA @Twpchair  I just got the approval email 😄

The only downside to this loan was the repayment rate went from 14.5% to 19.25% which is a bit rougher but easily manageable for me.

This puts me in a much better position and I can't stress how helpful Square has been compared to traditional lenders. It's at the point where even if my bank eventually offers me a commercial loan I'll probably tell them to pound sand. 

[Tran1313]

I had to call the square loans department and had them check on it. Push the people who was checking my loan to make sure I had sent the correct paper work over. People are very nice there and help with the approval. It took 3 days with calling them everyday bc I had to resubmit more paper work. But it finally finished and funded. U have to call in and bug. But it gets done. 

[Oxbow]

approval time was 15 minutes

[CTC18]

Received an offer tonight at 11pm. Was at 83% paid off on previous loan. Didn’t have an email or an alert on my dashboard. Went into the loan and saw it there. It’s for 25% less than my previous loan although sales, credit card processing are all way up. I’ll still take it! Applied and had approval within 15 minutes.

[thehealingplant]

we’re currently sitting at 72% and up about 45% YTD along with significant increase in processing volume. This is our sixth loan and it’s typically come between 65-75% so fingers crossed. Our biggest concern is seeing how many are saying their offers are so much lower than the last ones.

[PartyManiaMD]

Don't be discouraged and keep in mind a lot of it has to do with processing volume and sales. If business sales are down it would make sense the offers are lower because Square wants a healthy ability to pay said loan back. 

Without going into specifics my latest loan was almost twice as much as my last loan so I'm guessing it really comes down to volume and in my guess total amount.

I've found Square has been eerily able to predict when and how much funding and it's been a huge help compared to my local banks.

[thehealingplant]

I'm not saying that they listen or monitor these... But we got an offer today finally 🙂 And it was higher than last time! (Not by a lot but by enough it's a huge help to our business!)

[BodyInBalance]

Congrats! I'm happy for you.

[jackiebee12]

can I ask what type of industry you are in? i have always gotten an offer at 75% and i’m sitting at 83% as of today. my sales and processing is up compared to last year and the first couple months. 

i have been checking regularly since 71% and nothing. it would really help my business right now!

[BrnzBarbie]

I have a small café.   With the warm weather,  my sales have increased dramatically in the last few weeks .  All my factors are still green but no offer.   

[Oxbow]

bar and rest

[BrnzBarbie]

I paid off my last offer at the beginning of May.  All my factors are green and still no offer over a month later.  I'm tired of being given the same cold,  uncaring answer.  If one has a good account history, one should be offered another loan. Period.  Maybe it's time to consider another processing company.  

[BrnzBarbie]

Update: I finally got an offer.  Albeit small, it was needed.  Still, it took almost two months since the last loan to get another offer. 

[ZOKZAC]

I am so confused. My card processing volume switched to needs work Monday, then back to good yesterday, then back to needs work today. My processing volume and sales are up tremendously. I am now at 85% 

[BIGK]

I am on my 4th loan from Square and I am at 93% paid on a $12k loan received back in October 2022 but still haven’t received an offer. My sales have doubled, every single factor is green, no disputes or chargebacks, and I have been processing almost 200% more than the last few months. The last loan, #3, received was for the same $12k in April 2022 and once I hit around 80% paid I received the new one for the same amount. Prior to that I received my 2nd loan in March 2022 for $4k after paying 50% of my 1st loan that I received in November 2021 for $3k.

[Oxbow]

Im very frustrated too! And to get an offer for 4600???

[Kkelley1226]

I'm at 81% and usually see an offer by now