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. 

[Me2018_]

How much was your current offer?

[Twpchair]

It's based off your sales and current rate to pay it back. You're green bars are probably all great trending up, increase sales, daily sales ect. At the rate your processing now you should be able to pay back said loan at the time allowed. Be careful waiting to long as loans have disappeared. I get your concerns at 41% paid you roll over xxxx amount. I just wanted you aware that they re-evaluate and the offer could disappear until they re-evaluate and a new one pops up. Good luck!

[Jjpainting]

This is pretty much exactly like me.  First loan was on 04/01/23 for $2950. They didn’t offer me my second loan until the first one was 100% paid off. Second loan was offered on 04/25/23 for $7150. I’m currently at 59% paid off.  Would love to get a third offer of $17300 right now.  I’ve only been with square since October of last year, which was a few months after I started my business. I’m hoping they don’t make me wait until I’m 100% paid off like last time. 

[Denijo72]

Sorry i meant 41%

[ZOKZAC]

What percent have y’all be receiving offers?

I know square is offering later now, but I am at 90% and still nothing. All factors are green or “good”. 

[ianssoph]

My last three were at 60%, 70%, and 73%. Currently sitting at 65% repaid and no offer yet. Will update when it comes.

[TGHOST]

I’m at 98% and nothing!! 

[ianssoph]

Do you have a steady increase in sales compared to your last loan? How fast are you repaying? I’ve noticed that my offers come later if it takes longer to pay back than the previous loan. But who knows what the actual algorithm is! At least you know you’ll receive a loan offer soon.

[ZOKZAC]

I feel the frustration. They marked me today for processing frequency in the last week. I have a Hair Salon & we are closed on Sunday & Monday, and we were closed yesterday for the 4th. That’s why we haven’t had any transactions since Saturday. Doesn’t matter because I’m sure it will go green in the next few days, but frustrating none the less. I could really use the loan to stock up on products. I’m now at 91% so either way I’m kinda glad to have it almost paid off. 

[HelloSunshineGA]

Same thing happened to me today and then this afternoon I was back green with everything, supper frustrating.

[ejeje12]

I'm on my 3rd loan ($19,900).  I'm 89% paid back, 7 months into it. The only thing not paid off is the loan fee.  Business is up by 45% and no offer yet.  

[_Violet]

Hi @ejeje12  - Thanks for reaching out to us here on the Square Seller Community👋

Please see the reply from me at the top of this thread which has been marked as the Best Answer to this question for more details.

I hope this information is helpful but please do let me know if you have any additional questions.

[Hairbywhitneyjo]

im currently at 75% and patiently waiting! 

[Hairbywhitneyjo]

Hey everyone! Does anyone else wish we knew exactly when they would be approved for another Square Loan? I have had 4 in my years of using Square and it has TAMENDOUSLY helped me get ahead on products, bills, etc. Im anxiously waiting to know! I could really use one right now. 

[HelloSunshineGA]

It would be a big help to have more information or a timeline for the next offer. I know Square doesn’t have to give out loans, but they do and a lot of businesses really benefit from it. Having a clearer understanding of the algorithm would be nice. A lot of us pay higher processing fees and stay with Square because of the loans, but it gets to a point of wondering if the higher processing fees and the unknown loan stats are worth it anymore. 

[MuttWorks]

Exactly! I have been extremely happy with square. Considering moving, bought the new scheduling app (dog training, etc), could have changed everything to them for less monthly. But we stayed because square has treated us right with the loan. But truly expected that with 400+% growth and paying off a. $20,000 loan in exactly 6 months would get us another offer. Paid off 100% just through transaction history (never actually made an individual payment) and still nada. Makes me sad. 

[ianssoph]

You have a paid off loan and still haven’t received an offer?

[MuttWorks]

Yup, paid off in full on the 27th of June. Loan was offered and approved the 27th of December 2022.

[ianssoph]

That’s crazy! Did you have disputes? Decrease in sales? Just wondering so others can see if they have similar situations! I have seen where it can take up to 14 days for a new offer to show up after finishing a previous loan, but I have never not received an offer before hitting 80%.

[MuttWorks]

Never had a dispute. Doesn’t look like a decrease in sales. We just hit our first year though, so there has only been the previous month to compare against. Not a previous year. But we stay at a pretty steady increase. Varies day to day, but averages with increases month to month.

[MuttWorks]

But I have not seen the loan dashboard in a loooong time. The last time I did see it, everything was green.