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]

I guess I'm confused as to what you mean by linking your account.  you just enter your Bank account info here and you're good to go, no entering login and password.  

I don't use Square loans personally since they have never made anything close to financial sense to me, but they keep offering them though.

[pawsperrydise]

It does make you provide your log in and password for your bank and permissions to get back account information 

[Jjpainting]

I connected my account a while back before they offered me my last loan. If I remember correctly, no you are not providing square with your login credentials to your bank. Like every other site, they use plaid.  Plaid is so you can connect your accounts securely to any site without actually giving the site your login credentials. 

I’ve never heard of any site personally asking for your credentials which is why plaid exists 

[GlitzyCow]

In the capital dashboard it asks for people to connect their bank accounts directly by asking for log in credentials to the bank. 

the bank account linked to do transfers in your profile is different. 

[VanKalkerFarms]

Interesting that it is different. Thanks for the clarification on the differences.

[Jjpainting]

Like I mentioned in a previous response, I did connect mine when they asked shortly before my last loan offer. They ask for it so they can see how much extra revenue you bring in.  Which is the reason why I think my last loan offer was double the previous one. And if I recall, like every other site that needs access to your bank account, you’re redirected to Plaid. That is so you can securely allow them to see your account without giving the site your login credentials. So square never has access to that information 

[GlitzyCow]

Ok so you are giving plaid your log in creds instead of square. I have zero relationship with plaid. So that is even more of a hard pass. Square capital does not need to see my bank account. Period. 

[Twpchair]

I'm not sure if I remember correctly but were you the the one that had you're accounts hacked? This past Feb I had ID theft bad! They got into my bank accounts and routing numbers not my card. Opened 15 cards in my name and 2 loans. Nothing I could do as it started Saturday night and it was my bank not my debit card. I was there Monday at 9am and had to file a police report, credit bureaus investigation etc. I did get all my money back that day thanks to my small credit union. The first thing they told me and the state police was to never give anyone access to your accounts. I didn't but they still got me. Destroyed my credit it's still a nightmare dealing with it. That's why I'm so hesitant about it. I've never had 1 issue since 2014 with square. Using a 3rd party is what I'm worried about. 😟 

[GlitzyCow]

Yep. It was a nightmare for us which is why I told my previous to kick rocks. I refuse to give anybody log in creds to my bank which is what square wants, which is a third party with plaid. My account is connected to do transfers but square capital isn’t getting access to my bank. They can’t even answer simple questions nowadays and give me the runaround, why would I trust them with my real life bank info. Square used to be helpful when I called in for answers, now I’m lucky to get a real person who knows anything at all besides reading a scripted response. 

[anchohoney]

Finally got an offer today, at 91%. Half of my last loan, even though sales are up. I had no choice but to take it, but I’m disappointed.

[lisap1970]

I’m glad to hear you got a loan offer. I’m sorry it was half…I just don’t understand the way they figure things up . I’m still waiting and just got reviewed at 3:43.. still no offer Did u connect your bank account ? 

[anchohoney]

Yea, two accounts. 

[Khabilah]

Just got an offer at 1/3 of my last loan. I took it. I'm disappointed though. 100% paid since July. I woke up this morning with them asking me to connect my bank. I did. Got reviewed around my usual time today. Not eligible. 2 hours later an offer.

[Gladonne]

Finally got offer at 90%, it is half of previous so a little disappointing but got one, it seems as if fee has went up. They are still giving loans. This is my 5th. Good luck to everyone. 

[NRVGuru]

Hit 76% after a strong weekend. Maybe that's our magic number? We shall see, but it would definitely help going into November 

[Cauldron]

Anyone else in the over 70% paid off club? Has anyone gotten an offer in this range recently? We typically receive an offer in the 60%-65% range. It’s our busiest time of the year and our numbers are solid - but I’d love to expand our offerings for Q4 so here I am checking daily. I’ve noticed others on this forum aren’t getting offers until after their loan is paid off (and some months beyond that). I realize that percentages are never guaranteed, I’m just surprised we haven’t gotten them by now (considering we just performed our best month yet with Square, all indicators are green, and our yearly sales are in excess of $225K). Hoping for a miracle before the end of spooky season! 

[Brittney325]

I am right there with you. I’m sitting at 71% but I’ve noticed the last year, the algorithm must have changed. When I used to receive one between 50-60%, it’s now over 70% before I receive one. 

[eatMoroccan3119]

The loan amount dictates when you will get a renewal. I am at 89% paid on a 90k loan but no new offers yet. I know it's coming real soon though.  good luck 

[NRVGuru]

75% and rising. Not even needing a crazy big renewal if a smaller one is more feasible.

[Cauldron]

Received an offer today at 75%. Fingers crossed for you! It was about $4K more than last time. One thing I did note is my daily update occurred and I was still at 74%. When I hit 75% I checked shortly after and received an offer. 

[NRVGuru]

Did not know that. Figured once the daily update had processed the verdict was in. The ways of the Algorithm are mysterious.