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. 

[Tlew]

How do you tell? 

[Paulynne]

I’ve always paid my loans back via sales and they have really helped us grow, I appreciate Square so much for that. We are at 61% paid off. I hope an offer comes soon so we can get more inventory for the Summer season. We realllly need it. 

[ejeje12]

I'm at 83% paid back 8 months into my 3rd loan.  No offer yet.  Business is up by 45%.  Previously had offers around 60-70% and really could use an offer for summer inventory now.  

[cardtraders]

We are 65% into our first loan. Loan was not too large, but came literally a few days after the 6 months of processing. 

We've paid off 65% in just under 2 months. All metrics are green except for "Current Loan Payoff". Will be interesting to see if we get another offer at some point, or if it waits until after the loan is paid. 

At current pace, loan will be paid off in a month or two. 

We do use the full suite of products - loyalty, etc so we can see the growth on customers, average sales, etc. Obviously the computer just makes its decision but will be interesting to have a baseline for our next one. (We are around 145K in card processing in first 8 months). 

[cardtraders]

Ironically after I posted this, we had a loan offer within the next two days. Looks like based on our metrics with consistent funds coming in a new offer came at just over 65% paid. Took a bit longer to approve (2 days). First loan was approved within 10 minutes of us accepting. 

2nd loan was about double the initial loan. Slightly higher repayment rate, but I expect we will pay this one off again within 4-6 months. 

I suspect it's a combination of both your payment history, number of transactions from both new and old customers, etc. We use the full suite (loyalty) so we can see consistent trends around customers and transactions. 

[moxiemavenandco]

Has anyone determined if paying their loan early allows for a faster offer of the next loan? I have always opted to have the percentage taken out of sales because I feel it’s easier to track and kind of “out of sight, out of mind”.  I typically receive an offer bi-annually as 6 months seems to be about the amount of time it takes for me to pay about 50-60% the previously loan off.  I’m at 69% of the loan from November & fund myself nervously checking the dashboard daily😅😅😅

[ejeje12]

I've read that paying off a loan early actually may take longer for an offer to come through.  

I'm literally just paying off the loan fee at this point and still no offer.  

[GlitzyCow]

I’ve been paid off for a week and nothing. It’s my 11th I think. Usually offers way before now. The last offer was low and I’ve actually paid it off before the first payment was even due, which is august 14th. I didn’t make any extra payments just what they automatically deduct. Square has always helped but I’m just discouraged even more with each day that goes by. Still hoping I get an offer soon. 

[photoguy2019]

Did you ever get a offer ? i’ve been experiencing the same issue im currently at 32% i know an offer won’t come anytime soon but i have saw someone say they had one come at 40%, i just wish we knew the algorithm.

[Sknight23]

82% here and have usually gotten an offer but nothing so far. I check daily but hate how it just doesn’t tell you and you can’t call😩

[photoguy2019]

Wow its been so slow lately 😩 i check daily as well 

[Gladonne]

70% paid on 4th loan, hoping for offer soon. Last loan was given at around 50% and my biggest. Praying for a bigger loan and soon. I love square loans and they help buisness grow.

[Jjpainting]

This is what I need. A loan offer when only 55% paid off. My first loan was in early April and only $2500. They didn’t offer me my second loan until I was 100% paid off which was in and then got $7100 end of April. Third one came early august when I was 80% paid and was $8500. I’ve been with square just over a year (when I started my own business)  and did around $130k in card processing.  People have commented on here saying that there loans are around 13% of what they process through cards over the year and would be amazing to get an offer like that right now. But I’m guessing that I won’t receive an offer until I’m at least 80% paid.  

[CSFM]

Same here no offers yet 95% paid off 

[Mistylh4]

I have had 6 loans through square I am currently at 72% and know new offer. I did however have an option to link my bank acct on the loan dashboard. Has anyone els had that option. 

[GlitzyCow]

Everybody got that recently. I refuse to give sq capital my log in credentials to my bank. My bank is already verified through square pos. 

[Tlew]

I received this today so hopefully it’s a good sign lol. 

[Gladonne]

Anybody get a loan offer recently 

[trmapmck]

I’m at 98% on my 2nd loan with all green  lights. 🤷🏼‍♀️ I could really use an offer and wish I had a clear understanding of this system selecting and offering. 

[Dena19]

They waited to give me a new offer 1 day after I paid it in full

[Gladonne]

76% still nothing