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. 

[brown17]

Same..always between 60-80% as they states in their wording...anything before is a bonus. Also everyone's situation is different!    Currently sitting at 61% hoping for something before my sales slow for the winter....

[HTB44]

I wouldn’t hold your breath. Ours have already started to slow and we are 72% paid and nothing. We are up 45% in sales compared to last year too. We got our last loan at the end of December for $82,000. 

[Koleen1234]

I am at 75% and nothing. I have had over 6 loans with square and would have had an offer by now. 
I am getting nervous because I counted on the my square loans for inventory 

[Gios1419]

I’m at 87% and still nothing. Just a waiting game. 

[Koleen1234]

I wish they would just tell us something. Best of luck to you 

[lisap1970]

I wished they would to. I spoke to someone at square today and got the same repeat script. 

[Sunflowersconsi]

I just received my loan offer and boy was it really low. It went from $10,150 down to $4,200. It feels like an insult but at least it finally came through. I was at 91% paid.

[lisap1970]

If you don’t mind me asking was all your sales the same ? No big changes ? 

[Koleen1234]

My sales are good and consistent. I process everyday. I usually would see a loan come thru at around 70% paid off. I am at 76% paid off and nothing. I am getting nervous. I count on my square loans 

[lisap1970]

I’m right with you. I’m at 81% and nothing always had N offer by now. I use mine for inventory for the holiday season.

[Koleen1234]

I feel we all are in the same boat.  But curious has anyone received funding in the last week? 

[Hotbear1]

I feel the same way from $16,600 to 3,700 what in the world they going backwards and our sale are way way up square has to do Better by its customers 

[photoguy2019]

Wow they are unbelievable! my first one was $1,300 and second one was just $800.. sales have increased so hopefully they give me a better offer this time im currently at 32% repayment 

[Stefanieblue]

I received one earlier this year but I wasn’t given one till my loan was at 100%… I don’t think they’re giving out loans like they use too.. all my loans offered has been at 100% before new offer… I’m 50% in so in about a few months I’ll be at 100%… 

[Itsme2023]

Wondering how it actually works. It says 6 months of processing and min $10k processed via Square. What I am more interested in knowing is the daily repay percentage.

[TheRealChipA]

Hi @Itsme2023.  Loan offers are going out.  However, those numbers you gave are the minimums that Square considers you eligible for a possible loan.  There are many other factors that go into getting a loan offer.  

As for the daily percentage, that is different for everyone.  It is calculated by taking the total loan amount plus fees and then coming up with a repayment rate that will allow you to pay off the loan within 18 months.  So the repayment rate depends entirely on your current card processing volume, including taxes and tips (if applicable).  No one can tell you exactly what your repayment rate will be until you receive your offer.  It is disclosed at that time.

[everest1]

It's difficult to know when I get an offer again. I am almost paying off at the 90% and progress is great but nothing yet. Hope I get another loan offer soon because, I needed to purchase new stove.

[photoguy2019]

in 2023

[TheRealChipA]

Hey @photoguy2019.  In my history with Square Loans, and with helping other sellers here in the Community, I’ve never heard of a new offer coming in at only 38%.  Even if someone had gotten one with less than 50% paid, I can almost certainly guarantee you it wasn’t recently.  The lending market is tight.  Nearly every Square seller I’ve seen here has noticed that new loan offers are coming much, much later than they used to.  There is a decent number of sellers who aren’t getting offers until they have completely paid off their existing loans.  I’m not trying to bum you out, but I would definitely not expect to see a new loan offer if you are currently at 38% paid off.  That’s just reality right now.

[mpmpmp22]

Hey @photoguy2019!

It might also be worth emailing Square by checking through your dashboard here. They also have a Loans Team that you can call Monday through Friday, between 7:00 a.m.– 5:00 p.m. PT. The number is 855-897-1838.

Best of luck with this!

[BIGK]

We just received an offer at 66% paid off and it is more than double from the last one. I have received 2 loans within 2 months so hopefully the next one will be double the amount of this one!