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]

I’ve been with square since 2014 and they renewed my loan at 76% repaid.

[brown17]

Ive been with square since 2018.  I got a new loan in June. (i have had many)  My sales are up 134%, customer mix, etc etc.   Im only at 38% paid off.   All the requirements have to line up in order to get an offer.   I dont think they are only giving to new and younger businesses.   No doubt it is frustrating (we need it too due to some unexpected expenses)  with out the traditional clarity but they do loan a lot out and have continued to do so.   

[GlitzyCow]

Hopefully soon 

[Healthyketo]

Mine is still pending from Friday and I’m nervous as to why it’s taking so long to approve when usually we use to get approved almost instantly. 

[ianssoph]

Mine took 4 days the last time I got approved.

[HealthySF9]

Has anyone not have all greens under the eligibilty check list  but got an offer? 

Everything was green for us except for the " account activity" because we had 10 chargebacks/disputes in the last 2 months. But these disputes were from 3 cards and all of them are valid charge but the customer's card did automatic chargeback because they went over limit.  That is so bullcrap isn't it. We are stuck with the chargebacks/disputes now and it's pending decision by the customer's back.     We paid our previous loan 100% and did not get any offers for 2 weeks until few days ago. 

Got offer 47k despite the red" account activity" .  But what are our chances of getting approved? I'm so nervous because of this. I hope we get approved. We are doubling sales and growing, hope Square loan don't hold these disputes against us. Has anyone have these chargebacks/disputes open and still got approved? 

I guess we will find out in 1-2 days. 

Praying we get approved. 

Thank you Square

[GlitzyCow]

I’ve never had a charge back or dispute in years of being with square. Square asked us to provide a cc auth form for one of our main customers which we did and they said that was perfect. Everything is in the green and processing increasing or steady and I’m 100% paid. It’s a good sign they gave you an offer I would say. 

[HealthySF9]

Thanks for sharing !! Ill update you guys as soon as I get the e-mail of Approval or Denied haha

[ianssoph]

I’ve never had a chargeback, but last year my account mistakenly had a lien attached to it and it put my account reviews in the red. As soon as it was cleared up they offered me a loan and approved it, but it did take 4 days.

[HealthySF9]

What does it mean a lien was attached to your account? 

[ianssoph]

I assume it was something on their end. All they would tell me was that it was mistakenly put on and taken off.  No clue. Around the same time my cashapp was also hacked, so I don’t know if it had any correlation.

[HealthySF9]

Update( 1 business day after I accepted offer and waiting for approval) ;

I got e-mail asking for more information ; 

bank change / statement  ( i changed the deposit bank account ) 

Business verification 

I just submitted everything they asked, now waiting. 

I'm excited and hopeful it will be approved 😃 

Square always gives our business life.  Pray for approval !!!!C'mon Square haha

[Khabilah]

Paid off 5th loan 2wks & 2days ago. Been all 'good' forever. Hoping for an offer soon.

[VanKalkerFarms]

It can for sure be frustrating and I do wish there was some type of gauge that said you are this close to an offer just repay 5% more etc.

But, Just to put the enormous amounts of loans that Square makes I thought I would break it down to an average of How many loans are fulfilled in a day (not offers but actually starts).

In the last 3 months Square Loans facilitated approximately 119,000 loans totaling $1.10 billion in originations, up 9% year over year.

That breaks down to...

1,322 loans per day with a value of $9,243 per loan or $12,220,168 (Twelve million!) a day in loans.  
So as you can see it may feel like there aren't any loans happening because you aren't getting any but with Twelve Million dollars a day in loans on average that is a lot of loans being originated.

And this is public information from their Quarterly results.

[Healthyketo]

I needed to submit more information. So now just waiting for an answer. This process use to be so much easier and approvals we’re quick. I hope I get approved today. 🙏🙏🙏

[HealthySF9]

Good luck ! I'm in the same boat.   They requested more info this morning, I sent and waiting !  Update us here too. 

[BC500CG]

Thankfully paid at 100% in July. Been with square since 2013. Always received at least 2 loans annually with sales in the upper six figures. I am very appreciative of what square has provided for my business. The support is unmatched and the capital was an unexpected benefit. I wish everyone much success. 

[HealthySF9]

I 100% agree with this even though I get anxious sometimes during the Loan Approval / Offer process. The growth and survival of our business is due to Square Capital's help through out the years. We made it through some of the toughest times and grown so much because of Square Capital.     For people waiting and hurting, keep doing good business, the help will come at the right time...hopefully. 

We been waiting for a new offer and it came at the right time again, we are just waiting for approval now. 

[CTC18]

 

Do you have your bank account linked where it asks in the loan eligibility? I’m debating if I should or not.

[elissa198]

I just had this in my dashboard today. And I have also been waiting for a new offer. I feel like I’ve been waiting a lot longer this loan. Has anyone had this “link your bank” and then have a loan pop up? Just curious if they are actually giving loans with the economy. My little business can use one right now for some new inventory and equipment upgrades. 

[Healthyketo]

Just got approved! Thank you God! Praying for the rest of you to get offers & approvals soon!