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. 

[Gavindwyer]

I have started to make the switch with the new business.

[Gavindwyer]

Yes the 2 new stores are different POS

[Solstice]

Well they updated our eligibility after being 100% paid off yesterday and nothing…. SMH. All green way up in processing and nothing. I’ll update tomorrow or if something changes before then 

[Solstice]

Good news we got an offer it was more then double of our last one… repayment percentage was a little high though… but hey it’s progress. 

[Koleen1234]

That’s great! So happy for you. Was your last loan paid off before you were offered another 

[Solstice]

It was. Both my last two were paid off before reviving new offers. 

[anchohoney]

Just adding my voice to the chorus of people who are at 83% with no new offer, after 6ish previous loans all paid back in time and with increased sales this year. New offers previously came at 60-70% It’s literally killing my business. The total lack of explanation is beyond frustrating. Is Square trying to cover their ridiculously tanked stock price? C’mon Dorsey, loosen the purse strings for those of us who have been loyal for years and paid back every loan as agreed. 

[Koleen1234]

You are 100% correct! 

[GlitzyCow]

Well I seem not to be in the majority with being paid 100% off on my 11th for nearly two months with no offer and everything in the green. 

[Jen14]

Honestly, I think they are very slow with us because maybe we fall in an high risk business and they want us to be close to paid off b4 they offer a new one. That seems to be the trend. I’m at 86%. Everything in green and I always get my offer at 75%. I don’t like how you can’t call anyone. You just wait by your phone and check whether or not this computer pick you randomly for the day. Christmas and fall is here and I’m still on last season pick over inventory. Such a bummer. 

[lisap1970]

We are in the same boat. I’m on the last of the season inventory and the leaves changing is my busiest time of the year in my mountain town. I’ve called and called and no one says anything different. I’m at 82% with no offer and been with square since 2014. I’ve had more than 18 loans with square all paid off on time and early. I don’t know what’s happened. 

[anchohoney]

Same here. My shelves are empty, and I can’t restock without a loan. Guess I don’t have a retail section anymore.

[TaylorA92]

I wonder if they fear small businesses will start to shutter in this economy and have a bunch of loans that won’t be paid back. 

[GlitzyCow]

My opinion which has been worth almost nothing is that they want businesses to prove they can pay back the loans and sustain business after the repayment before issuing again. That ensures them their money back and shows a business is healthy. However… I’m stuck on month two paid with no offer and business as usual. They’ve gobbled up my processing fees though. I think they have moved on from me with no explanation in sight. 

[Jen14]

My thoughts are a lotta small business loan are defaulting. Square go’s from giving our businesses 2 loans a year which keeps half our businesses afloat for the next season. It’s pretty wrong to not give any of their loyal customers an heads up. You don’t do that. Now I’m going far and beyond to make more sales to feed their pockets. 

[lisap1970]

Totally agree

[Gios1419]

At 91% and nothing yet. I think they are not giving out loans anymore. Will post if anything changes. 

[anchohoney]

I’ve started looking into both Toast and Clover, who both now offer a similar loan program to Square. I realize my 15k in annual processing fees and 15k in loan fees are small potatoes for them, but maybe another company would like to have that revenue.

[lisap1970]

I agree with you. I’m a very small children’s boutique and my loans have been on the low side. But I still have lots in loan fees and processing fees.

[Koleen1234]

I tried talking to someone at square nothing. I am looking at other cc processing companies. This is just kinda ridiculous for businesses that count of these loans 

[photoguy2019]

so true its crazy how they don’t let us know anything valuable about this process….