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. 

[BigA]

Just received a loan offer today 77% paid off 16th loan and it’s pending approval. I did notice the applicant has alot more wording I assume now that they are a bank (legal jargon) as well as it now states you have to agree to a credit pull, I don’t remember that being there before but I wonder if now they will be based on credit as a way to also eliminate people from qualifying. We shall see if the approval comes as it’s very evident something has changed, I have been with square over 10 years with no complaints so far let’s see what happens with this application. Never been declined in the past 🤞🏽

[brown17]

They always do a soft pull and require a 300 credit score....but yes I think that now that new "management" let's call it took over more verbiage has been added....congrats! 

[Me2018_]

Hi, how much was your offer for? I believe they do credit checks over $75000

[Brooke34]

I think it's personal guarantees over 70k. They might do credit checks on all of them now. 

[mrAs]

Did you get approved?

[Cafe290w]

I’m at 82% now still not  see any offers usually the offer at 75% square they might have a very hard time for now.

[ClareJ]

I’m at 82% right now as well! Please let us know if they make you an offer soon

[lisap1970]

I’m at 85% and never have waited this long for an offer. 

[Krb22]

FINALLY today at 85% I received an offer (it’s under review) for $1000 less than my last at $4050. But hey- finally an offer! So hang in there 

[Koleen1234]

I am at 81 and nothing 

always had an offer by now 

[royalphotos]

I am currently at 93% and no offer. I have always had offers and paid my loans off well before they were due. So not sure what is going on. I have started to transition to other processing vendor for some stuff while I figure out if I want to stay with Square or not. 

[HTB44]

We have had meetings with other processing companies too.  This is getting completely ridiculous and very frustrating.  Many other companies have a plethora of features Square can't even touch AND offer capitol as well. So we will see if Square comes through and has something other than a copy/paste response or reading from a script when we have questions.

My favorite was "I'll send this to the escalation team" and got the same scripted response 3 times in a row.  Sad they are not taking care of the people that pay the fees

[Koleen1234]

I also looked into other processing. I choose clover and the offered me capital. Just had to show my years with square. So we will see 

[royalphotos]

Who are you looking at going to, if you don’t mind sharing? I am starting to look elsewhere 

[Cafe290w]

I don't know if they changed the policy or if they have a difficult time with the business it can happen with many big tech companies or it is relegated to the system that went down in September. If any getting an offer soon please keep updated 

[ClareJ]

Has anyone connected given square access to their bank account for improved eligibility. I haven’t connected my account and was curious if that’s why I wasn’t given an offer yet

[Tritter82]

I received one recently and mine isn't connected 

[Jjbeautyco]

I’m not sure if it coincident or not because i connected mine and received offer 3 days later but also hit 70% and I’ve always received mine between 50% -70%.  

[ClareJ]

Thank you! I was against it, but I’ll add mine to see if it helps.

[photoguy2019]

Thanks for this info im currently at 61% and all green. I will add my banking to see if that does anything for me :).

[ClareJ]

Keep us posted if it works for you!