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. 

[GlitzyCow]

That’s exactly where I’m at also. Around 400k in processing so far. Just because we process that much doesn’t mean we don’t have just as much it more in overhead and operating expenses. It doesn’t make sense to me why we aren’t receiving offers. 

[Joeyr437]

If I do receive another offer I will post but if not then saving the average $200-$300 daily loan payment might help out a bit.

[BIGK]

I’m still curious on how they determine loan offers. I’ve had 5 loans so far since starting my business back in June of 2021. The loans I received (in order) ranged from $2700-$4000-$10250-$10750-$4160. I just received the $4160 offer and I am already 56% paid on it! 

My metrics have always been green and I have paid each loan off very quickly with just the daily repayments and no extra manual payments. Sales have increased substantially compared to $42k in 2021 (started the business mid year), $112k in 2022, and $120k so far in 2023 (projected $150k+).

Even with the steady growth of business and a substantial increase of sales compared to last year, why would the offer I just received be only 38% of the offer prior to it? If they were basing loan offers on sales/processing/repayment then this offer should’ve at least been $15k+! 

The Square Liaison that was assigned to my business doesn’t have the answer either but hopefully the next offer I receive will make up for this last one! 

[lisap1970]

Can you tell me what a Square liaison is? I’ve never heard of that and been with Square since 2014. What do they do exactly and are they helpful at all? 

[BIGK]

She was assigned to my business last year and has been my point of contact for anything I might need. This is from an email of our first interaction:

This is Erin, your dedicated account manager at Square. 

Big Kahuna's Island Grill has seen a lot of growth as a business, so I've been assigned to your account as your dedicated point of contact moving forward. I am here to:

• Consult on ways to make running your business as easy as possible
• Be your liaison to Square's internal teams (disputes, Square Capital, support, etc.)
• Brainstorm ways to reduce your costs
• Record your feedback and relay directly to product teams

[lisap1970]

Well that’s just cool. I wander how you would go about getting one of these folks. It must be new I never was offered anyone. I would like to check into it. 

[BIGK]

It’s pretty awesome and Erin is amazing! I’ve never reached out to them before she was assigned to me and one day I randomly got that email from Erin so I’m not too sure about the process on how to get one

[Bagofjerks]

Sitting and waiting.  Like watching paint dry.  

I'm on my second loan and at 77% first loan offer came in when I was at 73% paid off.

We're small fries compared to most businesses I'm reading about.

First offer was given than declined? Second offer (which will be called first since it funded) was 2300.00  next offer was up a bit, now I'm sitting on my hands praying for another offer to get inventory.

All metrics GREEN, never missed a payment, always paid ahead of time.  At this rate I should be 💯 paid by end of month.

Come on SQUARE, love me long time and give me a loan...

[lisap1970]

I am right there with you . I have a small business and don’t have near the processing as some do. Always had a loan offer between 65-75%. Sitting at 81% and not a peep. I have been with Square since 2014 had about 2 loans a year always paid off and paid ahead . I need inventory for the holiday season also and I think I check the dashboard every 30 minutes. I wish they would check some of the comments and at least look into why some are not getting them . I’ve called and called and get the same response. 

[Bagofjerks]

I'm worried that when I uploaded my banking info someone or something alerted a delay.

I love Square and the ease it offers but like so many business today removing the humanity and hospitality of notification and being reachable doesn't sit very well with me.

I need funding and this is why I've remained loyal seeing when I was in need the most Square stepped up.  

As small as my loans have been I've been able to make it work and always paid down amounts due through transactions made to my account through sales.

I often tell the customer to pay via card vs cash so I can see my percentage paid rise and know a loan will be coming when I trigger the algorithm.

[Koleen1234]

You are exactly where I am at. Patiently waiting 

[Thewigglytail]

I am on my 9th loan with square process about 65 thousand a year in sales normally get a loan offer when i hit 70% I am at 71% getting concerned trying not to check it constantly.

[Koleen1234]

That’s how I feel I usually receive a loan. I am 75% paid off and sales everyday. Getting a little concerned 

[lisap1970]

Anyone have any loan offers this past week ?

[Twpchair]

I have seen a few this posted and the % was lower before I got mine at 91% paid off. 

[lisap1970]

I’m at 81% and nothing but I’ve had other offers way before now. Getting worried about the holiday inventory . Always used the loan this time of year for inventory guess I need to find another way. 

[Twpchair]

I know and it's so up in the air! I've seen 70% to 100% paid off. There is no trying to figure out their algorithm my best advice I watched my square loan that's where my offer came in vs previously I would get email and that has seemed to stop. I was not asked then to link my account either as most are now. Good luck and keep us posted ok!

[lisap1970]

Thanks you do the same!

[Twpchair]

I will! I just received my last loan in June and will probably be paid off by the end of month 🙃 ughhhhh I'll be joining you here 😆 🤣 😂 

[Joeyr437]

86% and nothing still.

[Twpchair]

I was 91% when I finally got mine! I have seen a few this week.