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. 

[Jalisco20]

I agree. It seems most ppl not receiving a loan are running high numbers. I just received a loan and nothing too exciting. They are definitely getting lower and lower.

[lisap1970]

Has anyone received an offer in the last few days ? Since the outage. 

[Mtc12]

Yes, I received a offer yesterday. Was 66% paid off. Just waiting for approval. 

[lisap1970]

I’m at 80% and nothing. I’ve always gotten one by 60-75%.

[Koleen1234]

I know I seem to always get an off at around the same percentage- but nothing. 

[Kaspitzer26]

Sounds about the same situation as us. We received ours Sunday too and we were around 66-68% paid off (I can’t remember lol). Did you receive your approval yet?

[Mtc12]

Haven’t received approval yet. Our first loan, we received approval within two business days. Our second loan, we received approval the following day. This will potentially be our third loan with square. Hopefully it comes thru today. 

[Koleen1234]

What was the percentage Liam repayment were you at when you got an offer 

[pinkcottonco]

On a Sunday? I'm at 68% and hoping for one! What time did your offer come through that day?

[Kaspitzer26]

We received a loan Sunday night, we applied for it last night and received the approval less than 20 mins later and already have the funds in our account today (and we don’t have our checking with Square). 

I was honestly surprised, we do run over $100k but it’s been slower lately and our current loan was only like 66-68% paid off. Granted once we have received an offer at exactly 50% paid off, but lately they seemed to be giving them later. But also it seems like people aren’t getting them often anymore. I was also surprised to see that people get denied after receiving an offer. I know it’s only a “pre-approval” but still most of us have had numerous loans and so they know who they are offering them to for the most part. 

Anyways, I just wanted to answer your question to give out some hope hopefully! 

[TaylorA92]

How was the loan amount compared to previous? 

[Taranto20]

I got mine at 93 percent and it was less then half then the previous offers

[CTC18]

Has anyone gotten one recently between 50-60% paid off?

[Mtc12]

Yes, approved today. 66% paid off. It’ll come, just keep processing. 

[CTC18]

Thank you! I process 7 days a week. Typically my offers have come between 55-65% but my last loan in June came at 87%. It was 10k less than the previous (on my 10th loan now) but I’m already at 52% paid off. Hoping this one comes when they typically would instead of later.

[Joeyr437]

83% paid off.

All criteria are "good" besides loan repayment it says "in progress"

Process 340k a year

9th loan so far 

Last loan was 47k.

Still waiting for new offer...

[Koleen1234]

I am still waiting - it will come 

[Joeyr437]

What percentage are you currently at?

I have usually always gotten mine at 60%-75%

This is the most I've paid back. I'm at 44k paid back 8800 left to pay.

[PricklyElder]

Someone’d said earlier that it seemed like larger processors weren’t getting loans and it made sense to me… In any other circumstance I would never consider myself a “larger processor” w/ ~$550k/yr, maybe square does? Especially now that I’m seeing a similar scenario to mine. 

[Joeyr437]

My buddies that share a parking lot with my also use square.

They got a 150k square loan end of May at around 70%.

They're around 550 600k a year.

[PricklyElder]

This was the first of 7 loans that I paid the full amount before getting a new offer. Been paid off since the beginning of July, all green, metrics up and nada.