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. 

[TaylorA92]

Are people receiving offers without connecting the banks? 

[lisap1970]

I’ve seen a few . I did. Still no offer 

[Koleen1234]

This is getting ridiculous for all of us that count on these loans and that have been with square forever. 

[lisap1970]

I know. I get more and more upset every day. I have vendors calling me where I got inventory on credit . I should have known better to depend on the square loan after they told us not too. But after 18 loans why would I think I wouldn’t get another offer.  I just wished they would give us more information.

[Lshaver60]

Paid in full yesterday $67800 loan!  No defaults! Paid in 8 months well before the time a lotted to pay back!  No offers!  **bleep**ed beyond **bleep**ed!  I bought the building i have my restaurant in and have renovation plans and projects that i need to do!  No reason or answers but the same stupid responses! 
my sales have grown!  They were taking 20% of my sales which averaged at least $2000 per week payback!  Not sure why no offer but they are not looking after their customers!  Guess i will find a company that does!  

[anchohoney]

You just described my situation precisely. 

[Brooke34]

Same situation. Been 100% paid in full for around the same amount for three days. No new offer. 

[Jen14]

Yeah I’m pretty **bleep** as well. 87% and nothing. I had a big sales weekend thought that might do it…nothing!!!! I have old inventory in the back that was damaged. I’m about take it to the tailor to fill in empty spaces and make my shop look some what  like Fall. The only down fall your regular customers get to start saying I brought that last year from you! So embarrassing. This is Annoying! Don’t appreciate this at all. Only thing I start doing was shopping the sales section on my vendor’s site and try get warm/ fall colors that was summer styles  but still pass for Fall. 

[lisap1970]

Same here. It’s so embarrassing to use last years inventory. I don’t know what else to do.

[TaylorA92]

I am at 73% back now on my 6th loan. Will update with any progress. Not expecting much but my last loans would come from 69%-75%.

[lisap1970]

I’m at 83% and always had an offer between 65-75%. Still nothing 

[Twpchair]

I was usually around your range as well. My last loan came in at 91% paid back. Good luck to you!

[Gios1419]

I’m at 93% and no offer yet. 😢

[lisap1970]

You are not alone at 83% no offer and always had between 60-75 %

[Kimmiesue12001]

Currently sitting at 82% paid on my loan. I have had about 11 loans. Some offers came in at 80% paid some came in at 100% paid. My suggestion is do your best to process and run your business the best way you know how without relying on a offer. If you get one great! If not ser up a square savings to auto save the percentage you were paying them from each sale. Then you earn interest and pay no fees. Think of the loan as a bonus and don't expect it. 

[Twpchair]

Excellent response! I do the same and the savings part is a big plus for the winter months where I am. January-March are slower for us in Central Michigan. I use that to help pay our bills and expenses! Good luck to you!

[brown17]

Best response I have seen.   Run your business without counting on the loans.    As you said, bonus if you do get offer.   Personally I could use one, but I am continuing to run my business as usual.      Good Luck! 

[lisap1970]

I continue to run my business exactly that way. I had no reason not to think I would get an offer so it’s my fault for including their “possible” loan in my holiday inventory planning.  And slow time planning. But I do think they could have given us a heads up that the loans you have received for the last 10 years will stop would have been nice. 

[Jen14]

You will get an offer it’s just taking longer than usual. Sending positive vibes your way. This week will be the week we all receive one. 

[BellaXpress]

That is a great idea!! I will be doing this going forward🤓🫶🏾

[Lshaver60]

Paid off loan on 9/26, $68k in 8 months! Got loan offer of $13,800 on 9/29!  Really??? Im befuddled!  I saw Kevin from Shark Tank on the news saying banks are not loaning to small businesses and its going to be a huge problem because we rely on them to support our business!  Meanwhile big businesses get huge tax cuts and loans a plenty!   Come on square dont insult us!