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. 

[ianssoph]

You should probably check! My last 3 loans were on the dashboard, not via email.

[MuttWorks]

How do I find it? The only thing I find it the one that just says we are not currently eligible 

[Sammie_C]

Hi @MuttWorks!

Thanks for your post!

Your Square Loan information is located in Banking > Loans tab of your online Square Dashboard.

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. We determine eligibility based on many factors including your processing volume and Square history. To learn more about Square Loan eligibility, visit our Support Center.

Let us know if you have any other questions!

[FirstLook]

At 65% after only 3 months, and definitely hoping/looking forward to a new offer sometime soon since this last one was the same amount as my previous. Definitely helps every time they come around!

[ZOKZAC]

I finally got an offer today at 91% paid off on previous loan. It is less than my last loan but I am thankful either way. Waiting approval! 

[TGHOST]

About what time did you get an offer? Was it thru email or on the dashboard? 

[ZOKZAC]

Just about 15 mins ago I checked and it was there, I didn’t receive an email, it was on my dashboard. 

[Denijo72]

Same here . No email and approval like 10 mins later  with funds .

[Ashleycsa7974]

Hey, I'm wondering if you ever got a loan offer, if so, when? I am at 81% .. I have always got an offer between 71-75 but not this time. 

[Otlf2018]

I wish! I’m on my 5th or 6th loan. Green all the way down. Like everyone else, usually get an offer between 65%-75% percent. I’m at 71% paid. Sounds like they’re not as giving anymore. Understandable. Best of luck to everyone waiting! 

[BKO]

Hello my fellow entrepreneurs!

I have been using square since 2020 right before the pandemic, & square has been amazing, being a small business owner, there is a lot thrown at you but square made the entire application process incredibly easy from the PPP loan to square loans. I have had about 5-6 loans with them (i should have confirmed) but nonetheless I have had many loans with them.
Each one was bigger than the last, this last one was $26,500 I am 86% paid off and owe $3500 ish left.
We really did get used to receiving these loans, it has helped our business grow, & with the new construction, neighbors and concepts coming to our area we would have loved to have another  so we can get ready for all of new business we hope to receive.

But of course like many of you we have not been offered anything new, it’s all green up and down, so I am not sure what’s going on.

On 1 hand if the loan is paid off I will be glad to get all of my daily earrings, that would definitely help with the next phase of our store.  It’s extremely frustrating because  they get you hooked to something & then you have to go cold turkey. Yes I know it’s not guaranteed yada yada yada, but some accountability would be nice or at least a heads up, I’m fine being told no & it’s easy to send an email stating that after this loan is paid off you will not be receiving another [insert whatever reason here] but just tell me that! don’t get me into a rhythm & then ghost me 😂 that’s all I’m saying. Good luck everyone! I hope we all get what we need may it be with square but if not hopefully you have other options 🤍

[ejeje12]

Our stories are similar.   I'm on my 3rd loan have paid off all but the loan fee in 7 months.  I'm at 89% paid off and been waiting for over a month, checking daily and kicking myself for ever taking the first loan.  🙃  While square loans have been helpful in the past the uncertainty of them and no way to check eligibility or if an offer is coming is insane.  Owning a small business is hard enough without praying for an offer every day + paying too much for processing.   Square is a good product but I feel swindled because business is up tremendously this year, they have gotten me hooked on these and helped my business but when I need one I'm told an offer is not guaranteed and then the only place to talk is to type on a forum and hope you can figure out the algorithm.   It seems like bad business. 👎  I'm very seriously considering changing all of my processing and banking. 

[Chacana]

I have been working with Square since 2013, and this is probably my ninth loan. Currently, I'm paying off $63k, and I'm at 77% progress. I received my last offer in August of the previous year when I had already paid off 75% of my previous debt. I spoke with a representative from the loan department, and they informed me that the loans are still operating the same way as in previous years. I'm eagerly awaiting a new offer and hope to receive it soon.

[Chrissy3]

Anyone wanna be offer buddies? Lol my anxiety is to high and from the comments everyone else is in the same boat so not feeling alone in this helps for some reason! This would be my 4th loan, I’m currently at 79% paying off my minimums within 2 weeks when they appear and all green, but still no near offers! My last offers were at 64%, 72, and 68%!

[ianssoph]

I’m at 68% and waiting, mine have always come around this time frame so I’m guessing that I’ll be waiting until it’s almost paid off too before getting another offer. 

[PricklyElder]

Me! I'm checking the portal every. single. day. To the point that a part of me feels like I might not be getting an offer b/c they know how much I check. I have finally reached total payoff of a $47,000 loan and all of the factors w/ the exception of having a current loan were green, until now that it is paid off - all the factors are green. I wish there was more transparency on why no offers are extended or a timeline for when they would be.

[TGHOST]

I’m officially 100% paid off for 3 days. Dash good all green. Still no offer. I don’t understand what more else I can do. It’s already 100% paid off!! It’s extremely frustrating with zero hole in sight. How can we be 100 % paid off and still not be eligible for a loan. Seriously thinking about moving over to another card progressing unit. 

[BIGK]

That’s exactly what I’m going through right now. $12k paid completely off since 6/24 and still no offer despite being all green + 200% sales/processing increase for the past 4 months! 

[PricklyElder]

I'm glad to see that I'm not the only one in this exact same situation. I thought that upon reaching 100% paid off I would be for sure be receiving an offer. This was my 7th loan paid off - for $47,000. I don't know how much better of a candidate I could be, I have been with square for 5 years and year after year all my metrics have gone up.

[GlitzyCow]

What is your annual revenue? 

[Oxbow]

140K