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. 

[GlitzyCow]

You got a 47k loan on 140k annual revenue? 

[PricklyElder]

The 140k was someone else. I got a loan offer of 70k on ~$500k and took $47k loan

[PricklyElder]

Last year $516,000 and on the factors the year that have for processing volume is at $532,707...

[Twpchair]

Hold tight mine came in at 91% paid off and usually 70% ish the percentage seems to be higher ( not all) but most. If you read through the thread it's trending 90% or higher 

[Twpchair]

Hold tight I've been with them since 2014 and I was 91% paid off before new offer. They are doing them daily. Watch the thread and it gives you a good estimate 

[Twpchair]

Hold tight give it a couple of weeks to be eligible again. They are still doing loans daily. I got mine at 91% paid vs 70ish paid off. They are still coming in daily 

[Otlf2018]

Wow! Im almost paid on a loan that’s over $100k. On the bright side I will have my full payments available and no payback fees to worry about. IF a new loan is not extended. I’m starting to lose hope with everyone’s posts. 

[GlitzyCow]

What is your annual revenue for 100k loan??? I process around 60k a month and haven’t gotten over a 12k offer. I’m on my 11th ish loan and I’m already almost 50% paid back on my current taken three weeks ago. 

[Otlf2018]

I think last year we processed over 1.2.

[ianssoph]

It seems like they’re not doing earlier loan offers anymore, statistically I am seeing more and more not being offered even when their loan is 100% paid back. Granted, we don’t know all of their business flows, but I am on my 15th loan at $40k and have been with them for 8 years I’m 68% paid back and sales are up 45% from last year. I will update if I receive an offer.

[Otlf2018]

I remember last year seeing the savings account option pop up. Maybe that was designed to prep us for this. Who knows at this point. 

[Lashlady]

I’m at 87% paid back and no offer have come in I’m wondering why it’s taking so long for the offer to come I’ve never waited this long for an offer to show up are they still giving out loans 

[Twpchair]

Yes they are! I was at 91% paid off before new offer. It's trending at a higher %  

[MillieC]

Im sitting at 91% paid. Unfortunately, due to large unexpected expenses, I think we’ll be forced to close our doors next month unless a loan offer happens to arrive.  This is our 3rd loan & we’ve always paid early. I was hopeful something would come through but not so much after reading through this thread. 🥺

[Oxbow]

All our numbers are doubled and our loan offer went from 12k to 4k. now we are 34% paid off before payment 1 is due.. really didnt work to take the loan

[GlitzyCow]

Same. Almost 60% paid before first pmt due. My offer went down also with a 700% increase in business. I’ll be fully paid before the first payment at this point. 

[Oxbow]

Its so sad. For 6 years I felt that square was behind us for growth or emergency expense. I no longer feel that way, At 47% paid and 1st payment isnt due till 7/23

[GlitzyCow]

I’m at almost 60% before the first payment is even due. Def hard to understand the metrics. Maybe I’ll get a better offer sooner than the last one which was around 92%. 

[ReptileLyfe]

A few weeks ago my current loan was 76% paid off. At around 330k annually and steadily going up, they offer a loan for 19,300. I waited hoping it would go up, 2 weeks later it changes to 19,900 with higher interest!! Hoping to get a better loan offer, I make an extra payment to take an additional 2% off the current loan which automatically cancels out the offer. Exactly one week later (86% paid off at this point) our new offer comes in this evening for 15,800... talk about a disappointment!! For a business that's constantly growing you'd think the offers would go up, not down. Especially paying each loan off early and never taking the entire offer. I was hoping for 25k but at this rate I'm pretty sure it's a take it or leave it offer and I'm afraid they'll just keep going down until the economy changes or something.

[ianssoph]

What was your loan before all of this? I am right at 300k annually and my current loan is $40,500 at 71% repaid.

[ReptileLyfe]

I got 11,500 out of 17,500 that was offered I believe-which is my second loan through square. The first loan was around 7000 or 7500