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. 

[CTC18]

 

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

[sbukovsky]

Hey guys
I’m curious if anybody has received any offers in the last month or two? I have had more than 15 successfully paid off Square capital loans each one increasing as they are offered. Usually I receive my offer when I’m between 70 and 80% paid off. One rare time we got another offer at 65%. I am currently at 83% pay back and still have not received an offer from Square. We are being presented with an opportunity to be able to purchase some more inventory at a fantastic rate and expand our business. This would require us to purchase a brand new square, register system, and ultimately will create more processing for square. While we absolutely love everything that square has the offer I would have to say this capital program of theirs is a bit frustrating. I have heard there are other capital systems out there that do their capital differently. On another capital system there’s actually an eligibility bar every time you make a payment that little needle slides closer to the eligibility line where you are reviewed automatically for another loan. It gives you something to work towards. I actually love this idea and wish square would do the very same. It is very frustrating as a client and a longtime client of Square, we’ve been customers for the last 10 years. We invest in square stock. We do everything right and I’m sure Vet Sq. has had its fair share of businesses may be closing with open square loans or whatever. Which I think probably adds to their trepidation about providing new loans. We get calls all the time asking us to switch from square, and we never will because the square is much better for our business. we have always loved the square capital system ever since the first one was offered to us. I guess we’ve just become quite used to receiving it at certain times. It’s extremely helpful and to my opinion the best type of loan you can get because it’s paid off so quickly.

If anyone from Square is reading this, it would be super helpful if the capital program could be made to be slightly different. people get used to getting loan offers when they’ve paid off 70 to 80% of their loans so when no loan offer comes through after many years of her being the same way it gets frustrating as a customer. Especially when all of your markers are in the green and your sales are actually up. because telling people that everything Has to be in the green, and showing this as an eligibility requirement, but not offering anyone alone when they’re all in the green obviously means that a certain dollar amount Hass to be paid back on that particular loan before you offer another one. I owed $17,000 on my last loan and was offered a much bigger loan which is the one I’m paying off now I owe under $14,000 on my current loan and I’m still not offered another loan yet . It is very frustrating. If I knew I needed to achieve a certain number or rather, a certain amount, paid back before a new loan would be considered that would be hugely helpful. Honestly, the square capital system is hands-down, the best loan system and it is extremely helpful to have it all in one place being paid off out of my sales so I don’t even have to think about it. 

Just food for thought hopeful that square will be able to offer us capital again so we don’t miss out on this wonderful opportunity. We have right now for our business. 

[VanKalkerFarms]

Yes, multiple 1,000s of people do get offers daily.  It definitely is frustrating that it isn't a clear-cut way the Square loan process works.  It can seem like if I'm not getting a loan offer then they obviously aren't giving out loans, but just in the last 3 months, Square Loans made 119,000 loans totaling $1.10 billion in originations, up 9% year over year.  So their loan department keeps on growing.  That is over 1,300 loans started each day, loans not offers.

The idea of a "goal" payback is a great idea though. 

[sbukovsky]

Thank you that is very helpful. I know that they still offer loans. I just wasn’t sure if they had changed their algorithm on when. Obviously, for us, we have an opportunity in front of us now that we don’t want to miss out on an obviously we would prefer to use Square capital to purchase this opportunity. In the past Square has never let us down and has always been there somehow when we needed them. 

We eagerly check every day to see if we have a new offer. Truthfully, Square is the best possible loan scenario for us because I do enjoy the repayment system and how that works. 

[JanH6473]

I used to always get an offer at 75% paid back and I’m sitting at 83% paid Now and all in the green. Sales are way up this month and I very much need if. They have to have changed the requirements, bc there are too many people who aren’t getting their new offers until way later. It’s so frustrating 

[ianssoph]

I just received an offer of $43k yesterday at 76% repaid. Your offer will come!

[sbukovsky]

We are at 83% paid back. Nothing yet. It may be that I need to be at 85 or above. We shall see; I will keep you all posted. 

[ianssoph]

I just got approval and funds were instantly deposited. Good luck to everyone!

[GlitzyCow]

Did you have to provide additional info for them?

[ianssoph]

Nope, but nothing has changed for my business in 10+ years.

[CTC18]

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

[ianssoph]

I linked mine and received an offer less than a week later. They say it just helps us with loan offers.

[Chelseahitt1]

I am in the same boat as you! With 84% paid back. Still no offer. I have an opportunity to buy some very nice equipment for my business at an extremely good price I sure hope square pulls through before I miss out on this deal!  This is the first time in 9 offers I have not received an offer before 80% . Please post an update if you receive an offer. Good vibes your way that it comes soon! 

[CTC18]

I received one in June, it was 10k less than my previous offer although sales and processing rates are way higher than ever. I’m already 36% paid back just 2 months in. This was my 9th loan with Square and all have been larger than the previous except this one. It also took much longer to get this one; I was at 85% I believe when typically they came in 60-70% paid back before.

[Kacey13]

Hi @sbukovsky,

We appreciate you letting us know about your situation.

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

While you may not currently be eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.” I understand this isn’t the best experience, so I’ve shared this feedback with the product team.

Don’t hesitate to contact us directly if you have further questions or concerns.

[Gavindwyer]

Don’t pretend like you guys answer questions. 

[PricklyElder]

Thank you for taking the time to respond, but your explanation doesn’t alleviate any concerns and, in fact, makes my specific situation even more confusing.

The disconnect between the listed eligibility metrics and the actual process leaves me feeling misled. I’ve been paid off for over a month, my metrics have consistently been good, my business has shown growth, and none of the negative aspects you mentioned apply to me. So why am I ineligible? If the visible metrics aren’t a comprehensive representation of what determines eligibility, then what purpose do they serve? It feels to me that if all the metrics for eligibility aren’t going to be listed, it’s almost as good as listing none.

Furthermore, the repeated use of this standardized response, which we've seen many times before, adds to my frustration. This approach does not reflect an understanding of any unique situation or a genuine effort to engage with any specific concerns.

I recognize that Square has policies in place, but I urge you to consider a more transparent, personalized, and empathetic approach when dealing with loyal and committed customers like myself and others. Your explanation might follow company guidelines, but it does not foster trust or satisfaction in the process.

[GlitzyCow]

@PricklyElder AMEN!! I am in the same exact situation as you are and I feel as if I’m doing something majorly wrong. It’s like a silent punishment. Why post any metrics at all if they aren’t the ones determining your eligibility. 

[Jjbeautyco]

I emailed them first thing this morning and got this exact email in return a few hours ago.   I just want LEGIT answer or offer. 

[danengine2004]

Hello - I am more convinced that there simply is NO square loans any longer OR they have paused it - These people coming on and saying they just have received funding I believe they are not really processors but are fake messaging put out by Square. Face it there is no square loan program any longer. 

[Jjbeautyco]

No there is a few of my stylist at my salon said they’ve still been receiving them as of yesterday. I just think they’re being thrown out at random no rhyme or reason. Which is frustrating