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. 

[Pecard81]

Thank you, but I was asking about the offers not when they check your account.    

[Sarjack]

I just got an offer this afternoon between 1 and 3 pm. I was at 73%. I didn't take the full amount because I don't want to repay 20% of my sales so I opted for less to keep it around 15%. Hope it processes quickly.

[Twpchair]

Congratulations!!!!

[Pecard81]

Great news, Iam at 79% everyday I am closer to get one, Iam sure of it!

[NRVGuru]

We're getting real close to 79% paid now! Good to see people finally getting offers. I'm wondering if they were waiting for 4th quarter to roll around and start sending stuff out. Square knows how important these funds can be to give holiday business an extra kick.

Do wish they'd reply with info beyond the usual cue cards though.

[Pecard81]

I hope 79-80% is a good number for us.  I am to at 80%.  

[BulbaGore]

This is my TWELFTH loan through square and I’ve never waited this long for a new offer. I know that it’s mysterious and not guaranteed or whatever but for it being like clockwork all these years and to suddenly change; I can’t pretend I wasn’t counting on it. I feel like Clarke Griswald not getting his Christmas bonus. Where’s the Tylenol? 😭 (I’m at 76%, for those tracking that kind of thing. Always way ahead of schedule with payments) 

[Twpchair]

I've been with square since 2014 and all my loans average around 70-78% my last loan I was at 91% paid off. Unfortunately,  there really is no rhyme on rhythm when you're next offer hits. Just keep plugging along. Good luck, I hope it comes soon for you!

[Cafe290w]

I’m at 96% now still don't see any offer. 

[Twpchair]

I was at 91% paid off prior to my last one. Ugh, just keep plugging along. Good luck to you!

[Swain]

Just received an offer a little bit larger than my last one and I was at 69% paid just submitted application. Fingers crossed. I will get it approved!!!!!

[TrendzbyM]

Nice! Congrats! I'm at 73% waiting patiently! 

[NRVGuru]

79% and getting close to 80%! Here's hoping!

[Luly255]

I am a week paid off on my first loan offer and I haven't received any offers yet.  It was paid off through my cc sales in 5 weeks and it was for $9000. I did t make any extra pmts.  I am renovating my business and I am going to have about 3-5 days of down time and im afraid that is going to mess my percentages up to where I won't get an offer. Im so depressed.  I could sure use it right now.  I know it's all chance and luck.  Which makes it harder cause there's nothing to go by. Are there any signs that one might be coming?  Anyone experience the same situation? I can't delay the renovations.  Thanks

[GlitzyCow]

Our downtime is towards the end of the year October-December. That is what I consider our slow season. With that said we’ve processed over 500k this year. I was paid on my last loan within 5 weeks of receiving with no extra payments. I paid it off Aug 2nd. So I had all of August and September with around 80k in sales and I was never offered a new one. I slipped into “needs work” in October for processing bc we cannot work 24/7 and that’s our time to regroup and restock. I am processing around $1000 a day rn with no new offers. It is beyond frustrating bc the “monthly” processing slipped into needs work but the “yearly” is still in the green.  Nobody at square can answer anything except with a generic response and I’ve given them thousands in processing. I’m convinced they don’t care about helping me any longer with capital. If we don’t get an offer by the end of the year I will never take card payments for our big customers through square again. 

[Swain]

my offers have been very random. They used to come at 50% my fourth loan came at 76% and the one I got yesterday was at 69% paid but the day before I did process a lot of transactions I don’t know if that had anything to do with it but I pretty much paid almost $1000 in one day

[Jjpainting]

I’m on my third loan awaiting 4th. My last one also came a day after processing a higher amount of cc sales than usual and was 80% paid off at that time 

[Knight87]

I am sure it did, every loan offer i got( about 10) was after super busy days when unusually high amount of transactions were processed along with volume, never in a slow week. 

[Prov]

is anyone recieving new offers ? 

i’m 76% paid off on my current loan - and hoping for a new offer soon 🤞

im seeing a lot of small businesses have fully paid off their current loans before seeing a new offer - what has been your recent experience with recieving offers ?

[Candlestore]

@Prov ;

Think I got a new offer at over 90% paid off and I wasahead of schedule.  Entire loan was paid off in under a year.

[HALEBOUND]

I just wanted to update you all that I did receive my offer. 1 day after I posted here asking I decided to contact Square via chat. It was the basic response that everyone else got. I asked them if they could please review my account for a new loan offer. Again another basic response from them telling me they do daily reviews. Well, the next day (yesterday 11-15-2023) I got a loan offer. It was several K lower than my last one and my payback % is 2% higher. I did have a really slow year for my business. Never got behind on payments but It did take me almost a year to pay back my last loan. I was at 84% with a balance of 2K when they gave me my loan offer.