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. 

[Twpchair]

Thank you for pinning this at the top! I'm helping 2/3 people a day who don't even know how to get their dashboard to check their loan status! Your the best!

[danengine2004]

Hello - just curious if anyone else is at our level? We process close to $3m per year (and to those who say we are NOT a small business - you are wrong the Fed Gov considers up to $10M per year as SMALL BUSINESS) ANYWAY OUR PREVIOUS LOANS WERE ALL AT $250K - USUALLY RENEWED FOR OFFER AT AROUND $40K TO GO - so last loan we payed off at 100% then waited 4 weeks - and were finally offered a loan at $100K. I believe Square has changed metrics altogether - the phone people say it is all done automated however AI still needs HUMAN programming - Square WILL NOT DISCLOSE any changes to the program - I would like proof either from other sellers at our level or from Sqaure that loans ARE still being offered at the $250k level. Our processing level has remained at last year LEVEL or more - SO AGAIN CAN ANYONE (sellers) WHO HAS EVER RECEIVED A $250K LOAN IN THE PAST LET ME KNOW IF THEY WERE RENEWED AT THAT AMOUNT - OR IF SQUARE REP COULD CHIME IN AND TELL TRUTH ABOUT THE MATTER. Thank you

[GlitzyCow]

You said months ago you were switching from square to some other processor. Then you tried convincing everyone square wasn't lending. You said square wasn’t lending to your type of business. Then you got an offer and didn’t update. Now you are complaining about the offer. I got a very small offer after increasing sales, paid it off and I haven’t gotten another since payoff August 2nd. Was on track to process 1m this year. I’d be elated if we got a decent offer. 

[VanKalkerFarms]

@danengine2004 I have had offers in the 100 to 250k range.  I have never even thought about accepting a Square loan though as it has never made a lick of sense in the fee and short payback period for what the offer is.  a 3-4 week payback loan of 150k isn't helpful and would cost 6 times or more what my RLOC fee would be for the same period.  I think the algorithm just can't comprehend the seasonality of our business when I process between 10 and 100k a day for only a window of a month and a half. 

Most of my friends in business are more in the 25-75k offer range from Square.  All use LOC or RLOC from banks and none have taken a Square loan.

As for what Square can share, of course they can't share the ammounts offered per customer and the metrics, a bank wouldn't either.  You can figure out the rough average of Square loans from their quarterly filings, In the last 3 months (Q2 2023) Square Loans has facilitated approximately 119,000 loans totaling $1.10 billion in originations. On average 1,322 loans per day with a value of $9,243 per loan, or $12.2 million a day.  So from that you can deduce that most loans are lower amounts but about the same average as it has been over the last few years.

[danengine2004]

I REALLY WISH a Square rep would just be honest and tell us what happened? I totally understand that alloffers are computer generated BUT funnly thing about AI - a HUMAN BEING MUST BEGIN THE PROCESS - which means square sets the parameters and away it goes - PLEASE SQUARE tell us why you have changed eligibility - tell us IF indeed loans are still being given at $250K - SOMEONE AT SQUARE HAS TO TELL THE COMPUTER WHAT TO DO. MANAGEMENT MAKES WORKERS BELIEVE THAY HAVE NO INFORMATION - THAT IS WRONG. LOOK AT MY PAST LOANS IN SUCCESSION 92,500, 250,000, 214,000, 250,000, 155,000, 100,000, 50,000, 55,000 - SOMETHING HAS CHANGED - LAST LOAN PAID OFF JEN 23RD - NO OFFER YET - PREVIOUS LOAN WAS PAID OFF THEN WAITED 14 DAYS - ALL OTHER PREVIOUS LOANS WE OFFFERED AT BETWEEN 60%-75% - PLEASE SQUARE I AM BEGGING YOU TO JUST ELL ME - THAT OU HAVE CHANGED THE LOAN PROGRAM DRASTICALLY - THAT WILLALLOW ME TO MOVE ON TOA NEW PROCESSOR - MY PROCESSING CONTINUES TO GROW EACH HEAR - MY 12 MONTH RUNNING TOTAL IS $2.7m - SQUARE LOANS HAS CHANGED AND I WOULD LIKETO HEAR FEOM A SQUARE REP THAT IT HAS AND THAT MANAGEMENT IS BACKING OFF THE PROGRAM OR NOT INVESTING IT IT ANY LONGER OR SOMETHING - LET SME PARTNERS AGIAN SQUARE PLEASE

[danengine2004]

Do all factors NEED to be Green Good? Square just dropped this new arbitrary one “account activity” even though below it all my activity is GOOD green - the NEW place it is located in it says NEEDS work - can square explain how this can be changed to Good? 

[Twpchair]

I'm not @Violet, but if all your factors are green but 1 that is just the loan that's being paid off is all. The factors have been around for a while and there for us to use as a tool to see if we have more return customers vs. new customers or days we're processing fewer cards. Etc. Once I got used to it, I found myself using it more often. I'm kinda old school and hate change, but I do use and like it now. It updates every day. Mine is usually 1-3 pm Eastern time.  It's hard for all lenders right now hun and hopefully, it will loosen up soon. But I do know you are not alone, and that's why I asked for help to get you to the new thread. Good luck!

[Twpchair]

@Violet

Hello first! We have a user about 15 minutes ago that is reporting that their service is down in the loan thread and can't reach anyone. Can you help direct them to the right thread?

[DD_2019]

The page that shows the green eligibility markers is now gone for me and has been replaced with a screen saying I’m not eligible for the square loans program. 

[Swain]

That’s odd. Mine is still there. 

[Me2018_]

I noticed, usually it goes thru that before an offer comes out .good luck

[DD_2019]

It’s back to normal since the daily update today. I’m at 84% and no offer yet. 

[Lshaver60]

I’m at 85% and on my 5th loan and have paid off every single loan in half the time a lotted to pay back! I’m not sure what is going on and why I have not been offered another loan which I was counting on to continue upgrades in my building which will add more revenue down the road!  
They should be consistent with their offers!  Once you are approved and have good pay back history it should be automatic for offers!  Don’t like that when you call there you can’t talk to people in certain departments!  
they want to be with the big boys in processing but they do not have access for you to speak to someone when you have issues!  Like when they put your account on hold for 2-3 days to review it!  Who can go like that when you operate a business and don’t have access to your money!  I have a bar restaurant and I need access to my money everyday to buy product etc. and the biggest problem is they don’t tell you!!

lots of issues they need to fix!  

[danengine2004]

Do not count on a loan any longer - I'm at 94% latest Ive ever had to wait is 86% - There are no loan offers going out at all right now - Square is pausing the program. 

[ianssoph]

Not true. I received a 43k loan august 6 in the afternoon. Was approved Monday and instantly deposited. I was 76% repaid.

[aceshighcyclesh]

This just happened to me as well. 81% paid off and this is the 10th loan through square. I’m usually offered another loan at about 70-75% paid. Was showing all factors on Sunday, then today I got the random not eligible screen too. What is going on?

[DD_2019]

I have no idea. Mine was back to normal  the next day. I still haven’t received an offer though. I’ll let you know if I do receive one though. 

[aceshighcyclesh]

sounds good. I will do the same! good luck!

[Me2018_]

Hopefully you should have an offer once it gets out that so called hibernation mode. Good luck. You mind sharing with us how long you been on your current loan, amount and percentage. Most of  us i. This thread seem to be on our 4th-6th loan. Seems as though you nay have mire experience with it.

[aceshighcyclesh]

My current loan was for $12,500.00 with repayment rate of 13% daily sales taken in June of '22.  I have been repaying since late June when the loan went through so about 9.5 months. We are a seasonal business so our card sales dipped a bit December-February. Hopefully that is what is going on! Could definitely use the boost for spring inventory! 

[AllNewU]

Did you receive an offer yet? I am at 81% paid. My processing is almost 900K to date for the year. Still no offer and honestly don't need square. I can go elsewhere and am starting to look at other offers. I sent a message telling them I was looking elsewhere and received a form letter with understanding my bogus ineligibility of being declined a loan. The only funding i have been denied is Square Capital. If you do have a new offer can you tell me the rate for repayment so I can compare to determine if I want to wait or seek other funding? Once I am paid off I am out and thinking Stripe is my next CC processor option. Starting to look now since Square is okay with loosing a 1.2M dollar customer. I am currently at 860K in mid July with my busiest months coming. Hoping to hit 2M this year.