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. 

[Katey555]

I have received a new loan offer when I hit 75% of paying off my current loan. Has anyone waited to take the new offer until there current loan was completely paided off and been offered a higher amount then they were offered at 75%? Wondering if I should wait to take out the new loan so I can get a higher loan amount if my current loan is paid in full or if it doesn't matter and will stay at the same new loan offer amount once I hit 100% paid off. 

[Minion]

Hi @Katey555 

So like with all Square Loan Algorithms , as you know it is all based on many different factors.  I cannot say for certain nor do I think anyone else really can say if you pay off your loan entirely will you have a higher offer, or an offer at all to be completely transparent. 

I have read , and (had happened to me once) a few cases where some people would let the first offer expire and then maybe a week or so after that they were offered a slightly higher one.  Again though every business is different but I have read here or there that this has happened to a handful of sellers.  

In my opinion, if you do not need the working capital right this second, and think that maybe in a month or so you're loan will be more paid off, then I would just continue to do business as usual.  Keep your sales up, returns to a minimum and I would hope that you receive a better offer than you currently have. 

[Twpchair]

I've seen the same as Minion a handful get a bigger offer how much more not sure. I would suggest the same if you need take it if not no guarantee when if or how much honestly. You could always take it and tuck it away for an emergency and keep processing away. Good luck!

[worker4life]

On my 5th loan with square, great experience everytime, but usually have a new offer by now. Im 80% paid, all green markers, confused...its oct. 2023, anyone else experiencing the same?  Square loans are the best, so asking because I want to continue with them.  Any info welcome.

[Dawggos]

Same here. I'm on my 4th and 80%. 

Green all around markers so I'm thinking square is reducing loans giving out. 

[Sammie_C]

Hi @worker4life!

Thank you for the kind words about Square and we understand your frustration!

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.”

There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. There’s no additional information we can share at this time, and we can’t go into further specifics about program requirements because the criteria we use is proprietary.

We will continue to review your account daily for loan eligibility. If you become eligible, you’ll be notified directly on your Square Dashboard and through email.

Please let us know if you have any other questions!

[OceanHills]

I'm on my 5th loan. I usually get an offer at 75%. This past one was my biggest offer so far and was at 50%. 

Not sure why. I'm hoping again it's offer at 50%. 

More than percentage i noticed they come in at the 3 month mark

[Simplicity1]

Im on loan 4 im at 76% paid of a 17k loan.... no new offers.... usually around 75% we get a new offer..... we had a couple disputes however all resolved in our favor.... that factor still shows "needs work" so its super disappointing,.... ( 4 disputes all year which happens to only be 2 customers with 2 different transactions) 

we generally will buy some new equipment and we could use some right now....  I wish there was a way to expedite been with square for over 10 years..

the last few weeks of outages have been the first bad experiences Ive had.... disputes are what they are theres always idiots that say they didnt like something so they dont have to pay... 

I just wish we could get a new offer...... we are considering leaving square and the loans are always what kept us with them.... bummer

[Luly255]

I'm at 80% paid with my first loan with square.  Would they still offer me a loan if It's my first Loan and it's not paid off yet?  They lent me 9,000 sept 28th so it's right at a month.  

[Twpchair]

You could yes, it's hard to figure out their algorithm as you see from reading the thread. If it's your 1st loan or 16th loan doesn't matter. Make sure in your loan section all fractures are green. I've been with square since 2014 and use to get mine around 70%-76/78% my last loan I was 91% paid off.  Every person or business is truly different so to give you a 💯 answer nobody can hun. Keep processing and watch your loan area for a new offer. Congrats on a great first loan! And welcome to square!

[eatMoroccan3119]

how long has it been since you paid off? 

[jlafoy]

Feb 22, 2023 was my final payment. 

[Rainstar]

Paid off 70% when do you think another loan will come?

[BernadetteA]

Hi @Rainstar 👋

I merged your post over to this thread where other sellers have been discussing the topic. We like to try to keep similiar posts together for tracking purposes. 😊

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.

[KatieB22]

Hello! I’m so thankful for square loans! I have always had a new offer at 70% and was curious if anyone is getting new offers? Really hoping to get one before the holidays!!

[VanKalkerFarms]

Every day over 1,300 loans are offered by Square on average so there are tons of new loans daily.

I think one of the biggest issues Square has set itself up for disappointment is that it started offering loans before the others were paid back.   People expect a loan offered at 75% and then get mad and say how bad Square is because they haven't gotten one (not saying you just the dozens and dozens of posts and comments I've seen)

[Twpchair]

You are 💯 correct! The majority are coming in with a higher percentage paid off or fully paid off. 

[TrendzbyM]

I'm almost to 70% paid off and I can't remember other percentages off hand but I'm hoping I get an offer soon!

[Twpchair]

Yes, there's a few in the 70's that received them but on the whole it's been a higher percentage paid off or completely paid. I use to average in the 70s my last one was 91% paid off. Good luck and keep plugging along!

[Pecard81]

When was this? That you got the offer?

[Twpchair]

I received my last loan in June. If you scroll down through the posts you'll see all the comments and what percentage they were at when their new offer came in.