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. 

[Denijo72]

Just got an offer at 72% paid . 5k more then last loan , instant deposit 5 mins after applying.

[Pecard81]

Was this today?

[Denijo72]

Yes at about 4:00 . Literally had the $ in 5 mins . I had a pretty big day today . 

[Simplicity1]

We are paid in full still nothing….. it’s a total bummer the square loans are what keep me using square we could absolutely use a new offer to grow another side of our business 

[R2RUT]

Wow we never had to wait this long as well we are at 93% and still nothing hope you get yours soon

[Twpchair]

Congratulations!!!! 

[Kconsulting70]

It asked me to attach my bank account for better offers but it went away. I was at 75% of my loan and was offered a new one. I wanted to see what the offer would be

[Twpchair]

The loan went away or them asking to link your bank? My last loan in June it wasn't there then. Now if I go into my dashboard it's there. I'm not a huge fan of linking my bank especially through a 3rd party. I had ID theft last February and they wiped out my bank, destroyed my credit and I'm still trying to fix it all. My bank that same day had every penny back in my account and now it's password and pass code protected even when I go in to deposit money I have to give both codes. The first thing the bank rep told me was do not give access to your account information and I am not doing that. It was and still is a nightmare getting the credit bureaus to act timely.  Good luck to you!

[Mkennedy25]

I’m at 62% right now, this would be a 6th loan. All of them of always paid off early with double the minimum paid off each time. I’ve been with Square coming up 5 years now, but I’ve had some issues with them the last year and to dates with their system crashing during my working day multiple times. I’m considering switching sales systems, but their loans are helpful. The last loan was less prior to this one which was strange since my sales are higher. Last time I had to wait until I was 93% paid off. It usually ranges from 75%-90%. I just hope I don’t have to wait too long or I hope I get another offer soon. Good luck!

[Twpchair]

My last loan was at 91% paid off and that was my highest percentage yet paid off since 2014. I usually average 70-75/76%. Good luck to you and keep plugging along! Many people posted last week they received new offers. If you scroll down you can see all their info they posted!

[Twpchair]

Loans are bouncing all around from higher to lower with increase sales and all factors in the green.  It's so hard to figure it out till it comes. Good luck and keep everyone posted! 

[R2RUT]

Does paying back the loan put you back to

Be reevaluated because I usually have an offer, and I was at 93%, and they sent nothing so I went ahead and paid off, and still nothing Green all across the board 

[GlitzyCow]

No it actually makes it worse. You won’t receive any offer at all until 7 days after the manual payment. It’s best to never pay off ahead of time if you are looking for another offer. I did this once for $30 and they still took 7 days to reevaluate. 

[R2RUT]

Oh no……wow!!!!! I know when reading through the thread, others were saying they paid and allowed their percentage to be deducted from the balance and still received, so I was like, let me see, and still nothing I will not do that again wow

[Twpchair]

Unfortunately, if you scroll through the thread the odds aren't very good doing it that way. Square has to process it like others have said and depending on what day of week you could be looking at more than 7 days. I've seen many that were closer than 10-14 days! Then you go back into the algorithm of when and if you get another offer. There are no guarantees when or if. You see some here that have been paid off completely since August and no new offers. Myself,  when they were asking for feedback on a line of credit vs loans I was all for it! Apparently, that didn't happen 😕 good luck and hopefully it will come soon!

[PsyD]

Is this 7 day thing a fact? Like has this been confirmed by multiple people?

[GlitzyCow]

Yes. You can also find it in your loan dashboard under common asked questions. 

[Twpchair]

I can't believe that you still have not received another loan! That's just insane to me and don't understand it at all! 😒 I've been seeing your post from around August time frame I truly don't get it??? I really hope one comes along here soon! I'm sure the whole thread is going to blow it up with congratulations!!! Fingers crossed 🤞 for you hun. 

[PsyD]

1 loan was in early 2023 and the 2nd offer came in 80% into loan. Paid 2nd in full. Was offered a much smaller 3rd. It was paid off 10 days ago and no offer in sight. Processing way up, all markers good and yet nothing. Seems like many folks in the same page. I don’t like the uncertainty.

[AllenAm11]

I agree. I don’t like the uncertainty either. I am on my 8th loan, paying way ahead of schedule, and all green markers. Took this most recent loan in Feb so we have paid 83% in 6 months. Total balance was $33,619. As of today owe $5500 still. Never had any chargebacks or disputes. My 60 day pay period ended today and I had hoped to see a loan offer but instead just got my next minimum due Feb 12, 2024. Has anyone noticed that loan offers

come as soon as the pay period ends or has anyone been offered a new loan with a minimum payment due? Because if they’re gonna wait until February my loan will be paid off by then. Just trying to understand this algorithm because it makes no sense whatsoever. 

[Pecard81]

The next payment date has nothing to do with a loan offer, as long as you are on track you can get an offer anytime.  Good luck!