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. 

[Chance2322]

Did you do the bank connect?

[Twpchair]

I didn't on my last one and still received my loan.

[Twpchair]

Congrats and thanks for the update! It is very hard to determine when or why you get your next offer. People can see they are still doing them and you can be 💯 paid off or 60%. I've been with square since 2014 and too many loans to count but I have ranged from 70-76% to 91%. Thank you again, for the update!

[Keesh]

Hey you guys, just wanted to chime in as I have been stalking this thread *lol* to see any trends and have no clue of what Square is doing. So we are on our 4th loan and always pay the minimum way in advance. Usually an offer comes in at 60% ish. We hit 82% yesterday and got an offer. The offer was 25% less than our previous loan. We were expecting a lot more but it is what it is. Here is to Square opening up the pocketbooks and lending again! Cheers! Have a fantastic, abundant 2024!

[Simplicity1]

Congrats… still nothing for us… 90% paid  sales are on point all green 

We are always paid way before the min is due wish we could get ours to hit as it’s the perfect time of year for us to sit in some capital and get some equipment 

[Pecard81]

I too am at 86%, this is my 6th loan never been so close to paying it off with out receiving a new offer. I am on month 8 of 16 I pay about 2.2 times the minimum 60 day payment. I hope I am one of the lucky ones that get a offer before I get into the 90% marks 🙏🙏

[JanH6473]

I usually always recieved my new offer at 75% paid off. I’m on my 6th and I’m sitting at 84% paid off and have had rxrllrnt sales lately, all green markers. Hoping to receive something very soon bc I need it more than any other year. Good luck to everyone 

[SPPhotography1]

1st time posting here. I too am in the Square Loan waiting game. We’ve had 5 previous loans and always paid them off much faster than projected. We are at 72% paid off on our largest loan and still have not received another offer yet, which is odd because usually we’ve always received one once we paid into the mid 60% range. Much like everyone else, we were budgeting for it for end of year and can not understand why we haven’t received a new offer. Sales and card processing are all record highs for us currently and all of our metrics are in the green. So not sure what the hold up is, but it would be nice to receive a new offer!

[Solstice]

Sitting on our 3rd loan after a break of a year with square… we got our third offer and it was our biggest offer yet at about 20k with 20% pay back rate. The two before we paid before the first 60 days re payment at 100% before receiving and offers…. We are currently sitting at 88% paid after 2 and a half months of receiving the loan… shocked that we haven’t had an offer yet as we are paying them off quickly and our numbers and metrics are up…. I don’t understand what has changed with square but it is a little concerning. Not sure if we will take another of offered. Might just be worth it to keep the 20% and the loan fee. 

[Paulynne]

I am at 72% paid. Sales have almost doubled since last year and an offer normally comes in at 70%. I really pray we don’t have to get to 80%. 

[NRVGuru]

So we've now reached 82%, paying our payments at a steady rate and we're now in the thick of the holidays. A renewal would look really good right now. Been with Square and its loan program a good while now.

[Pecard81]

Just got to 87% 💪… I’ll keep you all posted!

[GlitzyCow]

I’ve been paid off for four months on my 12th. All factors green. Last one was paid in entirety in about six weeks bc the offer was so low. On track to do over 500k this year. I keep swiping. Nothing. I give up. 

[Solstice]

We are currently at 93% paid all green and up in numbers with no offer we will probably have it paid off end of Saturday… 

[Pecard81]

So you all do 2% daily ? So paid off 100% in 50 days. I thought I was on track to pay back fast. About 10 months.  

[Solstice]

We pay back 20% on all transactions. That was the terms for the amount we took and will have it paid off in 2 1/2 months for $20000 total 

[Pecard81]

So you are selling about 20k a month, that’s about the % they have being giving in the past.  About 9% of year cc sales.   I would love to get a 9% loan right now.  I am at 87% paid off.  
the balance is almost the loan fee total exactly  

[Pecard81]

That’s great, I hope you all get an offer if that’s what you all would like.    Keep us posted.  

[Blandkite]

I have paid off 3 loans with my last loan being paid off this past September, I’m in the green but still no offer, i’m getting frustrated! 

[Blandkite]

My business sure can use a loan right about now, I been with square for about 3 1/2 to 4 years, I have never waited this long, I usually receive an offer before paying off the previous loan. 

[Pecard81]

What % are you at?