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. 

[eatMoroccan3119]

after 4 + days I finally get an e-mail response back from Square Bank Loan support but of course their answer was the same, very generic, which doesn't offer specific insight into our situation at hand. 

But anyway, we are 95% paid back now ! Hopefully a new large offer comes soon.  Yayy

[Obulldogs]

UPDATE: I'm at 85% still no offer.  I get small loans compared to some of the other posts on here and never take the full amount offered. I went ahead and paid off my minimum payment balance which wasn't due until mid-December anyways just to see if that does anything.  I'll update any changes.  Good luck everyone! 

[Twpchair]

Usually after you pay your loan off in full yourself and not by card processing it takes roughly 2 weeks before you are eligible to go back into reconsideration and then the algorithm kicks in again.  Good luck to you!

[Obulldogs]

I didn't pay it off I'm at 86%.  I just paid the minimum due in December off instead of waiting another week or so for it to process off. I always pay min due like 30 days ahead through my card processing.    

[Pecard81]

My minimum due is every 60 days, I usually have it paid off by day 21.    Yours is every what, I didn’t know it varied so much.   

[Obulldogs]

I meant 60.  Always paid at least a month early.  

[fanandfeather]

I’m at 76% and I believe I saw my last one at 65% . I am about to move to a new location and could REALLY use some

extra flow for holiday inventory and equipment in my space. I appreciated the last 2 so much and my business was able to grow. Hoping square comes through!!🤞✨

[Twpchair]

My range used to be around 70-76/78% my last one was 91% paid off. Hold on and keep processing!

[Jjpainting]

Yeah it’s just totally random. I’m on my third loan. I didn’t get an offer for a second loan until my first was 100% paid. Which took about a month to do.  First loan was like $2500. Second was $7200. Third loan off came when I was at 79% paid off and was $8500. Right now I’m only 50% paid off on my current loan, so I’m still around a month away from even being considered.  

I would like to know what other people’s loan amounts are in relation to card processing sales. I’ve only been with square one year. Around 70% of my sales are through cards and so far this year (January through October) I’m at around $125k in card processing. 

[Pecard81]

My last two are about 13% of my total credit card sales.   And paying back in about 9 months.   

[Jjpainting]

Thank you that helps.  I’m just trying to figure out what to expect for my next one.  I’ve been in business for a year and a half. Been using square for exactly one year. I really do not have any complaints. I didn’t even know they did loans until randomly late one night I saw my first loan offer on my dashboard.  Like I said my first one was only $2500 but it helped and they have been helping me expand ever since and each month my card sales are increasing.  

I would love my next one to be 13-14% of my total yearly sales. I need a second work vehicle which would really help me expand even more. 

[Hairbywill]

I have had 12 loans and have never been offered more than 2500.00 all of my clients use CC and my amounts are always paid early I wonder why I have never got a offer more than 2500

[ianssoph]

@Hairbywill thats Crazy! I’m in the hair industry as well and mine have always steadily increased. The last was $43k…are you processing regularly? Do your sales increase?

[Twpchair]

That is strange? Are you processing daily? Is your business or clients growing? Usually from your first loan going up they increase as your business grows. This last year was the first time I've seen people get a tad bit higher or lower offers but that's usually not on their business itself but more so the way the market and economy is going. Lenders to hold back if things aren't consistent or leveling out. But you might be the first I've seen in 12 loans never go up?

[Jjpainting]

How much do you process on a monthly and yearly average?  My first loan was around $2500 but my offers have gone up each loan after that, and have received offers at a lower payback percentage of my prloan each time.  I’ve been with square since the start of my business which was about a year and a half ago, on my 4th loan, and my offers went from roughly $2500 to $7200 to $8400 and then my last one was $14,500. My last offer came just after being in business for a full year and using square for a full year and was 11% of my first years processing sales (which represents around 65-70% of my total sales) and came when the the prior loan was 66% paid off.  I’m anticipating my next offer to come in about a month or less and as long as I don’t have any major unexpected expenses, my hope is I’ll only need one more loan. Square has been a huge help to get my business growing fast cause  personal credit score was terrible at the time when I first began my business so I couldn’t take out a traditional loan. So even thoigh it’s been awful predicting when and how much my square loan offers would be, I have no complaints as without them, I wouldn’t have been able to get my business up and running so quick and growing faster than anticipated. 

[Twpchair]

Right now honestly it's hard to tell. My last loan and I've been with square since 2014 have always increased. Last one about a month or so now was up 4,500.00 the one in June same as last offer. Sometimes it is not just how good you are doing but what's going on with the economy in general and what the other lenders are doing. Sometimes they hold back if the economy isn't stable or the stock market is bouncing all over the place. I would guess just imo that big of an increase I would think your next offer would be bigger than the last. I process about 70-75 % cc as well. Good luck!

[fanandfeather]

Thankyou!!😊🤞✨

[NRVGuru]

Now at 77% and counting... a Halloween/Christmas miracle would be nice to help us for the holidays

[fanandfeather]

Fingers crossed for us both!!🤞✨ 

[Pecard81]

Iam at 75% and playing the waiting game aswell! It’s terrible!

[Pecard81]