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. 

[Rainstar]

I am at 83% have been wondering about a new loan -- I have always gotten one at 75/78 percent, I am just waiting now...

[Twpchair]

A few have around your percentage but on the whole if you scroll down more are trending higher % paid off. My last one was 91% paid before my offer. Good luck to you! 

[GlitzyCow]

Our yearly sales are double that+ and I’ve been paid since August 2nd. No offer. We took some time off in October here and are renewing inventory so I’m sure they think 500k isn’t enough for a loan for the year. I’m so over it. 

[Rainstar]

Your loan was $500k?  It’s been paid since August 1st and no offer?

[GlitzyCow]

No my sales are 500k. I’ve been paid on my very small capital loan since August 1st after a 5 week repayment from when they gave it to me and I haven’t gotten another offer. It was dumb to even take that when they offered it to me but I was worried if I didn’t I wouldn’t get another one. So here we are nearly 3 months later and haven’t gotten another offer. My sales slowed the first two weeks of October because it’s our downtime to regroup so I’m sure that is their excuse at this point, but still my yearly revenue should stand for something. I’m looking into clover now. I think they are eager for my business. 

[ianssoph]

@GlitzyCow i cannot believe you haven’t received an offer!!! 

[GlitzyCow]

I’m really bummed and feel stupid for processing when I should have just accepted cash or check for my large customers. I gave square a lot of money in fees. I know 500k people think oh that’s not a small business but in agriculture it is not large by any means. 

[Twpchair]

Yes, I'm starting to see more come in at a lower % paid off. Not all as you see if you scroll down many are still coming in around 90% or paid off. My last one was 91% and I use to range 70-76/78% and received new offer. Good luck to you and keep plugging away with your business and congratulations on the sales!!!

[eatMoroccan3119]

Our restaurant is averaging about 90-100k/month since this Jan the past few months we are at about 85k / month average. We had a $87,000 loan and its 83% paid now, only $16,500 left.... weird no new offer for us yet. Last time we had 20k left and got an offer. 

Hopefully we get one soon ! The funds will be handy for marketing and prep for holiday hehe.  Fingers crossed. C'mon Square Capital. I love u. 

[eatMoroccan3119]

93% paid now. Only $6,300 left.  Hopefully a loan comes today or the next few days. We need to get ready for the busy holiday. hehe. Please Square Capital. 

[pawsperrydise]

92% paid was finally offered but for 1/2 of what last one was.

[eatMoroccan3119]

ikes, but at least you got something to work with!

[Burnt1]

Really sucks to read through all of this and seeing how many people are in desperate need of funding and no way to really know when it is coming. We are green in every category and have paid our loan long before any payment was close to being due. I called square the other day and asked if there was anyway to know if we might get something soon because we are trying to fulfill a huge order and could use some funding. The order is $80k and would really help us a ton financially to fulfill it and the guy just said there is no way to tell. I completely understand that he was doing nothing wrong but some insights would be nice so we could plan if there was an event like this. Not the end of the world. At this point, maybe it will be better for the business to not pay back so much daily if we do not get another offer. I wish all of you the best of luck and hope that the funding comes through for you when you need it if its a make or break position for you. 

[Solstice]

We are in the same boat… pay back percentage is to high and loan amount is to low… we think it may not be worth it to take another after this one is paid. Especially if we don’t get a new offer before it’s 100% paid off again. 

[Pecard81]

Only way I will consider is if I am still on the hook, if not I will take my 750 payment a day and go with that.   😜

[Burnt1]

$750 payment a day?!? 

[Pecard81]

My payment is at 18.9% and I sell about 115,000 a month…. So yea about 750 Dlls a day payment.   I am almost done and Iam very very happy it’s almost over!

[Twpchair]

Good luck to you! I understand the frustration and the not knowing. Thus is our busy time of the year as well! Good luck to you!

[NRVGuru]

Getting real nervous about the lack of any response this month. Holidays are right around the corner and we need to prep for that. Even part of last year's offer would help!

Fingers crossed.

[eatMoroccan3119]

Yes , interesting I sent an e-mail to Square Loan support few days ago and still didn't get a response yet.  We are 93% paid, but no new offers yet. We are not hoping for it at this point haha. 

[Obulldogs]

To me that's a real slap in the face to be at 90+ percent and not have a new offer.  Assuming you have had prior loans and in good standing with Square.   If I get over 90% I might just go somewhere else if I need another loan.  Love square and the easy of loans but their automated process in which they pick and choose how, when and who seriously needs revamped.  IMO  Best of luck!