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. 

[VanKalkerFarms]

In the last 3 months (Q2 2023) Square Loans has facilitated approximately 119,000 loans totaling $1.10 billion in originations.  So yes, they are making lots of loans, more than ever.  On average 1,322 loans per day with a value of $9,243 per loan, or $12.2 million a day.   Now it may or may not be to repeat loan recipients or just new customers I don't know as who they offer loans to isn't public info.

[GlitzyCow]

Can you look that information up for let’s say a year ago today? I’d like to compare what is going on. Or can you provide the link? 

[VanKalkerFarms]

@GlitzyCow It is all available publicly in Square's quarterly filings.

in Q2 2022, so 1 year before the most recent filing I listed above, they had offered 122,000 loans totaling $1.01 billion in originations, up 30% year over year.  So Q2 2023 they had 3,000 fewer individual loans but $90 million more loaned. 

[TaylorA92]

Thanks for such enlightening posts. The 68k loan paid in 8 months only to be followed up by a 13,800 is slightly concerning. They might have just shifted to smaller loans for quicker payoffs. Seems like their position is to offer loans that aren’t as risky. 

[GlitzyCow]

What is your yearly processing this year? Just curious if I should still be hoping for something decent or throw in the towel with them. 

[TaylorA92]

The 68k loan mentioned above was not my loan. The last loan I received was 30k and I’m 75% paid. We do about 225k in processing. And normally have an offer in hand by now. 

[HTB44]

Our last loan was last day of December. 82k. Our sales are up 40% from last year even being closed for a month and a half. We are 76% paid and have always gotten a new loan at 60-62%. Nothing. 

I wonder if enough people start switching processing companies if they will get the hint. 

[Jen14]

I got so encouraged today thinking that my account was going to get reviewed because the customer service said he was going to escalate it to the loan department for them to review. However, when I received an email it was the same generic message that we all received all the time talking about your file is monitor daily. 

[HTB44]

They say they will escalate to shut us up and then send that exact email. It’s total BS. If you reply to that email you get another one the same. It’s a complete slap in the face. 

[Jen14]

Thank you for contacting the Square Loans Team!  I will be assisting you today. 

I looked into your account and see that your business currently has an active Square loan. New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again

[Jen14]

I’m at 89% percent! 

[GlitzyCow]

I’ve been 100% paid for 9 weeks. I always got loans timely too. My processing is just shy of 500k. They won’t help me either. It took me 5 weeks to pay the last one they gave me in June. 

[Kendall1117]

Yes! I received my second loan offer after 65% was paid off. First loan offer was $13,200 last year after about 6 months with square, I was averaging about $8k-$10k per month for my last 3 months leading up to that offer at 6 months. After taking the $13,200 I paid off exactly 65% then I had received my new offer of $22,800. That was in January, I’m now at 63% paid off so hoping to get a 3rd offer before the 70% mark. I could use more capital. But honestly I think every loan qualification is different. Your processing volume, to number of sales per week, to if you have any disputes or returns, to discounts given or how many times you’ve gone on vacation. It’s wayyy too personally tailored to compare offers with other businesses, I’m afraid. I’ll keep updating on my loan journey with this chat to contrast notes though!

[Gios1419]

Was 99% and no new offer.Just payed off the balance of $200. Hopefully that helps. 

[HTB44]

Unfortunately I don't think it will. We have had 12 loans with Square, all paid on time and in less than 12 months except once when we were doing a buildout and closed.  We are at 77% paid, always ALWAYS got our offer at 60-62% and nothing. A lot of people are saying they are 100% for weeks or months with nothing.  We are up 40% over last year as well.

[Gios1419]

I believe you. Now I have this message Loan eligibility is based on many different aspects of your business, not all of which are listed here. We can’t guarantee a loan offer even if everything looks “good.”

[anchohoney]

We’re at 87% paid on a 70k loan. It’s our 11th loan. All criteria green. No new offer. Despite the data that shows they are still lending, something has obviously changed in their lending criteria, and not explaining it sucks.

I’m desperate for my loan to come through because I just signed a lease on a second location. When I get the doors open, I will be using a different payment processor for that location. Feeling very abandoned by Square. 

[Koleen1234]

I believe the criteria has changed. You would think square would read this forum and realize majority of there customers are stressed out 

[HTB44]

But they don’t care. They won’t read it. Won’t send a actual response that isn’t copy/paste. They know it’s a hassle to change companies but a lot of people are doing it. I have been googling and researching for a week or so to see what’s out there. We get calls constantly to switch. It’s sad they aren’t treating us with any respect. 

[anchohoney]

Read this forum? Ha! Why bother, when there’s already been a “best answer” given? 🙄

[Jen14]

I’m probably going to go else where. I don’t like the waiting game. How do Square think small business owner are supposed run a business. I like Square cause it makes it easy. I don’t like Square because they have communication issues. Instead being up front.