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. 

[Ralphael84]

I’m fully paid off hoping for one as well but you never know all green 40% improvement in the last 3 months no charge backs failed debits No reviews never behind on payments I don’t know what else to say but hopefully we’ll get something soon 

[AD27]

All green and 100% paid off but no new offer. I have had 3 loans through Square. The 2nd & 3rd one came in at 70-80% paid off. All my markers are green and business is growing. I wish there was some information on why loan offers have slowed or what the unknown metrics are measuring. Square Loans have helped my small business tremendously. We use their checking and savings too. I’m hoping for something soon. I’ll let you know if we receive an offer. We met 100% paid off 2-3 days ago. 

[AD27]

Update: we got an offer on Sunday and accepted it. So thankful. It was a little more than the last loan and was fast. 

[HalalBbqSlayer]

98% Paid off and no new offers!

[GlitzyCow]

Anything yet? How long ago was the loan given?

[CircleP20]

Just updating from our first post back in February. Still no offers... Been paid in full since Feb, all green lights and increased revenue by 30% from this time last year. Had 5 loans with Square so far, all paid within 5-6 months......... No offers as of 6/5/2023.... Ive had sporadic responses in regards to the Feb post and 95% of the people responding are in the same boat. Anyone else have any insight?

[Twpchair]

It's been a roller coaster that's for sure. I have finally seen a couple of people post last week they received an offer 1/2 of previous offers but on the whole most are in the same boat as you. All areas are good/great in the green and trending up in sales etc and still waiting.  There is a post from last week that broke down their opinion of what was going on with the economy and lending institutions on the whole and how it's pretty much come to hault or extremely slowed down. Even though you and all the others are doing great and full steam ahead I am in the same boat been with them since 2015 never an issue offers between 74-78 % max paid off and I will be paid off this month and nothing either. All areas good and sales up 45% but nothing. I think I did go back and look and 12 loans roughly all in good standings. It just seems as though they are not giving out as they use to and it doesn't seem to be the business in general just imo.

[Twpchair]

Right after my post to you last week my offer came in. I too was at my highest percentage my offer was the same as my previous offer but my rate went down. I did choose to accept. If I scroll down the offers are coming in much faster than say Feb/March. I wish I had some magic words for you but trying to figure out why or  when you will get it when  all is good or great on your end I don't. I usually look at thread and the trends and it seems to be really picking up so that's a good sign. The % seems to be most are close to paying it off or it's been paid off (not for everyone) offers are about the same all over the place most seem to be about the same or lower, again not everyone as there are some with good increases. Trying to figure out their system I gave up honestly but it's encouraging to see more and more approvals and offers really picking up especially in late May and June so far. 

[GlitzyCow]

I accepted mine after contemplating yesterday but it hasn’t approved yet. That makes me nervous bc it always approves within an hour. So now I’m gloom and doom. Maybe it’s normal now. How long did yours take to accept? With that said they sent me a reminder within two hours I still had an offer before I accepted. I hope it approves. Getting nervous. 

[Twpchair]

Mine was approved in 10mins or so pretty fast I've never in my experience had a long acceptance at all but that's me and we are all different. My deposit took longer but it could have been because of the day of the week also. I saw 2 other post last week on here that it took them 2/3 days I believe for their approval and right after they posted boom it came through with no issues. All we can really do is keep sharing our own experiences and see if it helps others but the longer approval that doesn't seem to be out of norm right now. Good luck I don't believe any of those waiting did anything but hold tight and it come through. Good luck to you!

[Craigwhitlow]

Congratulations on your loan. As for us we still haven't received a offer and for some reason remain ineligible even though we are good to go in every category. Hopefully we get a offer before the end of the week. Best of luck everyone. 

[GlitzyCow]

Also- does anybody know if when you still have a little left to pay on the current loan but have a new offer pending acceptance, when you get an order in or I need to invoice, does the current loan still pull the payment? Does it screw up the pending approval? 

[BeeBraids]

I want to know the same thing, how’d it go for you guys? 

[CircleP20]

Congrats, thats great news. Ill just sit back and wait for ours...and if not, we arent in dire need... Thanks for the update...

[Skitchens39]

I thought it was just me but apparently something is effecting the loan offers because we should have received a very good offer by now 

[ZOKZAC]

Has anybody else’s eligibility page not been updated the last two days? Mine is still timestamped for June 12. 

[GlitzyCow]

I noticed this week a couple of times it’s updated weird. They told me that tons of applications are coming in for capital so I’m guessing they maybe weren’t sending as many and now are starting to push them out. 

[ZOKZAC]

I’m at 84%, no new offer. 
I know square checks eligibility every day (mine is usually around anytime between 1-3pm) and mine has not been checked since June 12th at 1:27pm. 
Not sure if you knew what I meant by eligibility, I know some people are waiting longer for approval for loan offers. My eligibility to even be offered hasn’t been checked in 2 days, which I find weird and has never happened. 

[GlitzyCow]

Fully aware what you meant. Mine did the same several times recently. 

[ZOKZAC]

Okay good! This is my first time posting here, so I was afraid of coming off confusing. I’m glad I’m not the only one that was wondering about this! 

has your time stamp changed by any chance? 

[Twpchair]

Yes, I understood what you were saying and I know mine did the same as well before I got mine. I don't know if that means something or not. I had to call square tech support our terminal took a dump and all I had was encryption code error the guys at tech support were amazing and while I was on hold waiting to an answer from further up I asked the guy about the glitch on the loan screen and did it mean anything before an offer or the screen came back he 😆 🤣 😂 and said that's not his department but did I get my offer and I said yes. We were on hold for a good 20 minutes with the warranty department so I took advantage of chatting his ear off. That's where I got my other info but like I said he said it wasn't his department but he knew they were extremely busy over there. I just found it odd that I lost all my info under the loan part and then boom in can the offer. I tend to follow the trends on here even though we are all different no 2 business operate the same or have the same circumstances. I think the crunch going on has got a lot of lenders holding back a little longer but it moving much faster now than say Feb-late April/May. Good luck hopefully anytime soon.