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. 

[ReptileLyfe]

I just double checked, we're at 207k as of today, we should end the year with at least 330k at this pace but I believe it'll be closer to 355-370

[ianssoph]

Okay. I’m currently on my 16th loan. I will post if/when I receive an offer. The plus side to them offering you a lower amount is it will be paid back quicker and you can borrow more again, hopefully!

[GlitzyCow]

It def benefits square to do that because they are making bank on the fee… 

[Oxbow]

I feel ya! Im at 58% paid and 1st payment was due 7/23

[AllNewU]

I am at 81% and I think it is my 7th or 8th loan. My eligibility that I am being told on the dashboard and form letters is that I am not eligible. I am at 900K in processing for the year. Have had loan offers up to 118K but didn't take that much when it was offered. I am now at 81% paid and not being offered a new square capital loan. I would prefer to use square capital and have been patiently waiting as I pay on a daily basis. What I am looking for is anyone that has a new loan, can you tell me what their current rates are so that I can compare and go elsewhere for a small loan? I might have to switch to stripe. I am being told I am not eligible due to a declined loan. I have daily offers and received 2 loans since they have marked me as ineligible.  I was eligible and accepted months ago and then they marked me as ineligible for bogus reasons that are not true.   Just wanted to put this out there for everyone else that is waiting. It isn't just the smaller businesses. I think it is time for my bigger business to not wait for SQUARE CAPITAL.   It is easier to make that daily payment. I like it, but am being forced to pursue other options. Based on what I read here I must be in the top tier of businesses with over 1M in sales. I don't care if they exclude me because I speak the truth in square community.  Other issues like your call will be answered in Albania and my rep not returning my calls (I don't think he has a job anymore) Probably replaced by a robot or virtual assistant in Albania. I am starting to dislike square and will start looking for a new CRM to manage my over 1.2 M dollar business.   Best of luck to all of you that are building your businesses without square support.  Please share the current rates if you have a new loan. 

Thank you!

[Oxbow]

Thanks for the input. I will look into Stripe as well. After having 13 square loans and all being paid off in advance through sales the last off was so low Im at 47% paid before payment 1 is due. Im feeling like taking the loan was a waste of time and money.

[Tjl87]

So one thing changed on my new loan I just got, the rate went down. From 18.5% on the last one to 14.5% on this one.

[everest1]

Did they offer you more or less than the last time? I am just waiting and see what happens.

[Coscitycos]

I’m sitting at 86% for a couple days now , no new loan. Busy just read this whole thread and it seems like they are still giving loans out early. Just gotta wait

[Coscitycos]

Yeah it’s annoying I wish there was more transparency, everything get tight at times . Would be nice to plan ahead 

[Healthyketo]

I usually get an offer at 60-65%. Sitting at 88% and still waiting on an offer. All of our factors are good and on green but still remain not eligible. Very frustrating! I call square capital team everyday to get some answers and insight but still same ole generic answers. Hate to switch to another POS service but think once 100% paid will be parting ways with square.  

[everest1]

Hey, I am thinking the same. I have almost 90 % paid and nothing yet. If they do not offer after this, I am going to find new pos for less processing fee or even thinking no process fee terminal. Square has high processing fees.

[Otlf2018]

Who are some other processors with less fees? I’m thinking the same. 

[Hotbear1]

Hummmmm can’t understand square sitting at 84% and no new offer everything is green and paying off our 6th loan there is no clear details on what a business need to correct just strange business practices 

[Otlf2018]

Just curious…. Does your dashboard show green including the line that says loan repayment in progress. Mine shows that in progress in grey. 

[Ash2328]

I got a loan offer today around 77-78% about the same amount as the last one! I hope everyone gets theirs soon!

[Healthyketo]

That's awesome! Congrats! Praying and hoping the rest of us are next! Question? Did you receive it at the time your eligibility page was updated with the time stamp or was it after it was already updated?

[alexandriak]

I don't need anything right now but I have noticed my loan offer decrease by about $5,000 and my CC sales, and sales overall are more. Not sure why.

[Taranto20]

Im at 85 percent paid.  My sales are up over 50 percent.  2 problems customers have been paying cash  and we added Doordash to our restaurant. So by square my credit card processing has gone down.  Hope more people use cards next week to get it back up. 

[Twpchair]

We are taking more cash and checks this year than any year before! I've been with square since 2014! More and more people in my area are using cash vs cards. 

[brown17]

I offer an incentive for card payment only to gwt my sales up at times...alot of people have steered away from card payments because of all the hacking and fraud...BUT  in the 5 years I've been with square no one has ever had an issue.