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. 

[Me2018_]

Hi, good to hear, what is your average frequency/ month?

[Solstice]

We are sitting at 89% paid and haven't hit the first 60 day re payment yet and still no offer. also in the 10 years of using square we bought a business at a bigger scale so we are doing more processing then ever before but we are not getting new offers very quick. I think they are waiting till your loan is almost paid off. kinda odd seeings as I got more offers when our numbers and frequency was lower then it is now. we've done the amount in sales in three months then we did in a whole year. we also use square completely for everything, payroll, appointments etc. Its a little disheartening and this is the first time since using square that I'm considering changing our processor.

[Ccarol80]

I am at 84% paid off, have had several previous loans and still have not been offer my next loan.  
I am making sure to give feed back about being unhappy every time I log in. 

[Koleen1234]

I feel like we are all very close to having our loans paid off and nothing. It’s very frustrating. A lot of us count on these loans for our busy months and have been with square loans for several years. 

[lisap1970]

I absolutely count on these loans for inventory for the holidays. If the rules were changing for loans we should have been made aware at least so we could find other means. 

[lisap1970]

It’s the same for me. Where are you giving feedback ? 

[Ccarol80]

When you log in to the loans portion, there’s a smiley face and a sad face that asks something like, are you happy with us? I click on sad and it takes you to the other screen asking for feedback. 

[ashleymedina]

Did you receive an offer yet? I am also at 84% currently and have been using square for years. They sent me an offer thus morning but is significantly less than the previous. In years past they would offer a low loan and if I didn't accept snd continued paying off the loan the amount would go higher. But this last loan I accepted I continued paying and my loan decreased. My volume hasn't changed as far as profit. My business is doing the same amount it always has. 

[Gladonne]

82% still waiting patiently. Has anyone gotten a loan recently? I went back and looked, my first loan was at 88%, my second 100% and about 2 months after paid, my third 50%, I'm on my 4th and paid 82% and nothing. My percentages are all over the place lol

[Koleen1234]

I don’t feel like they are doing loans anymore. I wish they would tell us more guidelines because a lot of us count on them during this time I am 76% paid off and no offers 

I usually get offers at 60% 

[JARyan]

Just got an offer at 74%. Came right after opening a checking account. Far worse terms. Think I'll pass.

[Solstice]

97% and nothing … I’ll update once a new loan is offered. SMH 

[Solstice]

Well it’s official 100% paid off we will see how long till the next offer. Really frustrated 

[PricklyElder]

GUYS I GOT ONE! Well, an offer. The offer, like mostly everyone else, is way lower - but I snapped it up. It's exactly 1/3 of the highest amount offered a year ago (which is the last one we got). It says they will let me know 1-3 days; hopefully it'll be the 15mins like the others I've seen. I'll keep y'all posted.

[GlitzyCow]

I can’t remember. Were you paid off?  I’m two months and nothing 😩

[PricklyElder]

Yes 100% paid off around 07/01, so it took a while to get this offer. I guess I can now say too, that they ARE giving them, now let's see if it's approved - more waiting 😫

[GlitzyCow]

Did they approve you? 

[Gavindwyer]

Hey everyone. I'm in a unique position because not only have I not received another offer. I was told "We want to help every business grow. Unfortunately, your type of business is ineligible for the Square Loans program." and they will not answer me why after 6 loans I no longer qualify.

details last loan was $15,500 Paid $17,600 paid in full in less than 3 months.

Net sales 68%+ YTD 

projected $500,000 net sales YTD

second location opening next month 

and another business launching in the next 90 days

I'm changing my POS services 

[lisap1970]

If you don’t mind me asking what kind of business do you have ?

[Gavindwyer]

2 commerce 
2 service based

[GlitzyCow]

You said that same thing on august 7th. Have you not switched??