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. 

[Oxbow]

So too update... !st payment on loan number 13 due 7/23. Loan was so low the 1st due date I was already paid off 58%!! Going shopping for different processor

[GlitzyCow]

My first actual payment isn’t due for another three weeks and I’m at around 75% paid off. Not sure what to think. 

[HelloSunshineGA]

This process makes no sense, I’ve reached the point that I will use Square to payoff the required amount for my loan each month until it’s paid and use my salon booking site cc processing for everything else. No need to keep paying the high fees with square if there is no perk of a loan offer in the future, or at least an actual clear explanation of when we will receive a loan. 

[Twpchair]

Hun, I am so sorry but I see this daily now! I sit on 6 different forums but not the loan one so I'm as lost as you! Mine was 91% paid off before new off compared to the old days around 70% ish.  I wish you the best! Hopefully, the loan department or forum is looking at the feedback because a lot of loyal long time square users are leaving unfortunately. I truly wish you the best!

[Otlf2018]

What processors are others recommending?

[Twpchair]

Ughhhhh,  hun I've been with square since 2014 there are a ton from pay pal to swipe etc, but be careful read the fine print to your bank offers pos as well but the hidden fee's for them can range from free to 99.00 a month and up. I belong to the chamber of commerce and a lot went to Clover. I personally don't know much about them but they were the same as you I'm keeping it 100% real if square likes it or not their loan is what drew a lot of business in and with it being so iffy people are looking now for the cheapest processing and less fees imo

[Otlf2018]

I’ve been here since 18’. I understand that there is no guarantee for a loan renewal. It can’t be a coincidence that we are all on here talking about the same topic and Square just keeps posting the same tired answer. Something has definitely changed. All we are asking for is transparency so we can plan accordingly. Clover is what a lot of companies are using. I’m gonna check them out. I’m at 78% paid and look forward to being at 100%. 

[Healthyketo]

Any update? Anyone gotten an offer yet? Currently sitting at 93% already I’ll be just about paid off by Sunday. 

[MillieC]

Now at 94 and no offer, we’ve made the decision to go elsewhere after it’s paid in full if we’re able to remain open.

[GlitzyCow]

Not yet but praying. Every little bit helps us keep running. I’m almost paid as well. How long has your repayment taken? 

[Healthyketo]

It’s taken 5 months for a 38,000 loan. 

[Twpchair]

Scrolling down I saw 1 unless I missed any?

[Otlf2018]

Same boat here. Like everyone else just waiting to pay off what we owe and make some decisions from there. 

[BIGK]

Update 7/28: I finally received an offer after fully paying off my previous loan of $12k in June. 1 whole month of waiting and my new offer is $4k even though I have tripled sales/processing with all factors green. I’m not too sure what algorithm they’re using but how do my offers go from 2.5k-4k-11k-12k-4k?! 

good luck to everyone else

[Otlf2018]

Wow! But nothing has changed according to them. Not even worth taking unless you absolutely have to. 

[BIGK]

If the pattern would’ve continued then I should’ve received an offer of at least $23k. Business has been setting record numbers lately and has surpassed 6 digits so if I were to take the $4k it would be paid off in 2 weeks haha

[blueberrymae123]

Thats where I'm at as well! 

I have used square for YEARS. I've done at least 5 loans with them. Each loan has gone up and so have my sales. NOTHING has changed with my business. ALL factors are green just like in the past. I was at 93% when I finally received my offer. My last 2 loan amounts were $25,500 and then $33.800. My sales have almost tripled since the $25,500 offer last year. This offer that I just received was for $12,350! I was shocked. And their people on the phone literally just read you the same thing over and over that theres an algorithm thats done by a computer. Someone needs to check their software!

[brown17]

This reply isnt necessarly for tou i just dont how eles to post lol.   I've been with square 5 years now.  One thing I've learned about loans is patterns matter...are your sales all credit sales? Are you paying loans too quickly?   They have to make money off the interest. I'm not saying something isn't off but definetly take all the factors in...businesses just like them still need to make money.  The longer you hold the loan the more money they make.   I've seen more and more people who's small loans are getting paid off too quickly but aren't bringing in enough sales to get a bigger loan for square to make get more money.  These are usually the ones being offered less than their previous loan.   It's the computer saying you'll make more(meaning square)  by doing it this way. 

[GlitzyCow]

Replying to Brown17:

this isn’t necessarily true. Square makes money with processing fees every time someone swipes. If someone’s sales are up Square is making money. If we instant transfer, square is making money. No matter what if we are growing 400%, square is making money on us at the same rate. I think what is happening is that they aren’t getting money on the loan fee by offering early.. which is still dumb bc if processing is up it doesn’t take much to get that loan fee back in fees, so you’d think square would continue helping businesses grow by offering capital bc they are only making more money doing so. 

[Hotbear1]

Square is making tons of money off the loans because the interest is already built into the loan win win for them even if you pay it off early all I know is we have been outstanding to square and in return look at how they treat the small business in which they say they help but there in nothing we can do about there process and there business just remember when you are trying to grow you small business partner with a company that help you grow if you are great customer to them

[Healthyketo]

Any updates? Anyone receive an offer yet? 95% paid and still waiting.