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Has anyone received a loan offer in 2023?

I'm at 71% and usually see a offer by now (between 65%-70&).

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Re: Has anyone received a loan offer in 2023?

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. 

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Square Community Moderator

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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.

Violet
Community Moderator, Square
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Square Community Moderator

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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. 

Sayra
Community Moderator, Square // Moderadora de la Comunidad, Square
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Square Community Moderator

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Hello, @bsa77

We understand that not being guaranteed a loan offer can be frustrating. 

If your business isn’t eligible for another loan at this time, rest assured your account is automatically reviewed regularly to determine eligibility.

 

We recently added a eligibility page that you can navigate to by going to the Loans tab on your Square Dashboard to gain more insight into the status of your Square Loans eligibility. We analyze your business’s data for key factors that determine eligibility, such as processing volume, payment frequency, and account activity. Please note that there are many factors that may affect your eligibility, and accounts are evaluated as a whole.

 

If you’re eligible for another loan, we’ll notify you through email and in your Square Dashboard.

 

I hope this information is helpful, but please do let us know if you have any additional questions or concerns.

Kacey
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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I’m at 95% and still nothing. It’s extremely frustrating. This loan was a 22k. 

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I know!!! Its so frustrating!! All my marks are good and my last loan was 12k this after reaching 97% 4600 offer

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Mine is paid in full, actually paid off quite early, and I’m projecting a $40k-50k  increase in sales over last year. For some reason the only thing flagged is the monthly processing volume, which I don’t understand because literally every transaction is processed through square via credit card. I have a customer that pays once a month to the tune of around $5k. Don’t understand why I haven’t gotten another offer yet. 

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I'm so confused.   I'm 83% paid of a $19,900 loan taken in Nov.  It's my third loan.  Sales are up 46% YTD and processing up 40%.  Everything is in green.  No offer.  It's frustrating that you can't probe an offer or choose when to take a loan.  We are at the mercy of an algorithm that changes daily.  

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Square Champion

If you scroll down through the thread the majority (not all) are around 90% paid off. Offers are coming in daily but the % seems be higher than what we were use to. One yesterday at 90% just received theirs. Mine was 90 or 93% paid off. Hopefully very soon! 

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I'm currently at 73%  and this is my 6th loan. 
I'm in urgent need of the money right now, and I hope to receive an offer soon. I've tried reaching out to customer service in the past, but unfortunately, I haven't had any luck.

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I have paided 83 percent of my loan can I get another loan and deduct my remaining balance

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Square Community Moderator

Hi @Bobbyperez!

 

Thanks so much for your post! 

 

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

 

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

 

While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

 

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

 

Please let us know if you have any other questions!

Sammie_C
Community Moderator, US, Square
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Message 449 of 1,981
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Another robotic form letter response. We all know that we are reviewed daily. What I have a problem with is the ineligibility for a 1.2M dollar business and a bogus claim that I ahve been denied a loan. The only funding I have been denied was from Square Capital. It's tIme to find new funding since Square doesn't care about keeping my business. 

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Just received an offer, was approved, and money deposited within about 20-30 minutes. Hope everyone is else doing ok in their process!

AS
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Message 451 of 1,981
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What was your percentage paid off at? I’m at 96% and nothing yet. Super frustrating. 

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It was 72% paid off. Normally I start receiving offers sooner than that. The offer was lower than usual to but still more than my last loan. 

AS
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Message 453 of 1,981
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I'm hoping a new offer comes in soon. It would really help. Usually around 75%...at 90% now. All signs good. Sales steady and climbing, all projections good too. 

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85% now.  business is up by 45% &processing is too, all factors are green.  Still no offer.  

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I think my biggest frustration is that in my case I pay back that loan in a fraction of the actual term. So instead of square making $2000 on me every 18 months it’s more like every two months. I wish that when you hit your payment for the period you had an option to cut the rate down or opt in to pausing repayment til the next period rolls around. I am very happy to get offers but the last one I had repaid in two months and they offered me a lower amount for my current with a giant growth %. I did notice the trans % went down quite a bit from 17.5 to 12.5. Maybe that is square addressing the concern of rapid fire repayment. I am still at almost 15% repaid within a little over a week.  

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Agreed, my loans end up getting paid back very quickly because of the daily loan payments. I’m waiting for another loan approval and love the ease of the process, but I have suggested to Square to not continue to take loan payments once the requirement for that month has been met. Between the high pay backs, the higher processing fee and the uncertainty of getting another loan it may be time for me to go back to the original processing system that I used. If I had all the extra fees and payments still in my account I wouldn’t need another loan as soon. 

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Agreed! I had 18 months to pay back a $19,900 + fees loan.  I'm down to $500 of the capital + the fees left in only 7 months.  I'm in need of more funding and can't do anything to probe that.  My business is literally at the mercy of funding when they tell me I can have funding not when I need funding.  I'm overpaying for card processing and paying 20% daily in loan repayment and even with a massive increase in numbers I can't keep up.

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But the reality is that if you weren’t a year ahead on payments, you probably wouldn’t need the loan as badly. 

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Message 459 of 1,981
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exactly 

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Maybe square is trying to regain some or most of the fees before reissuing. Because typically you get down to nearly the fee and they offer a new loan. 

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Message 461 of 1,981
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Yesterday I received an offer  at 59%, not sure i will accept since i have 49% still to pay on last ine . 
this is my 3 rd loan 

#1 4300.00

#2  8400

#3  17300.00

 

not sure how they come up with the offer amount . 

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