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. 

[Crosstimberkoi]

Congratulations!  

Agree how frustrating it is and the fact we run the same in checks as we do cards.  I understand they don't make any money on checks or cash deposited to a bank.  On third loan at 78%.  Something needs to give soon as we are seasonal and winter is here. Our money flows spring summer in fall.   Guidelines would be nice.  Something to look forward to and now we are valued.  

[MrRoadside82]

I got a loan Nov 6. Today sales are way up 64% paid off and can't even see my factors. When I click show more details it just says "Thanks for interest in square loans "

[MrRoadside82]

This is all I see

 

[Blandkite]

Christmas pretty much here and still no loan offer.  I will be shopping around for a different pos company that actually help their customers. Sorry square but I’m not a happy customer, not one single loan offer in 2023! 

[MrRoadside82]

Is there anyone besides me who is still waiting? 

[nyallblacks]

I definitely am.... Currently at 74%. Last 3 came at 70% 74% 78%

[MrRoadside82]

Same here I'm at 70%

[Reneelizabeth]

Same here.  My last came in at 55% and 65% .  I’m now at 66%

[Reneelizabeth]

Same here too.  My first was at 55%, my last was at 65% and I’m now at 67% 

[B-dot]

I am at 89%, and still nothing. Loans came at 62, 67 and 75% previously. Sales are up and astonishing 94%, absolutely no way payments, every factor is green.

[MrRoadside82]

I'm at 72% but I can't even see my factors just a thank you for your interest. 

[AllenAm11]

Same here! I’ve never paid more than 77% on a previous loan and now I’m at 86%. All my factors are green, never had a chargeback or dispute. Processing $200,000 a year in cards with Square with projected growth for next year. Kinda ridiculous anymore playing this waiting game. 

[Reneelizabeth]

It’s actually ridiculous the games they play with us.   If I end up getting the loan paid off before getting another offer I will 10000% be leaving square.   With all of their outages and fees and lack of people who can actually help you instead of just a scripted response, the only useful part of square is the loans… without those square is garbage.

 You’d think they would be more transparent to the people who are literally making all of this money for square. 

[NRVGuru]

Reach 85% paid off after Christmas with some steady sales, usually see renewals at around 70-75%, but seeing nothing so far. Not a good thing to see going into new years.

[Mkennedy25]

I’m beyond annoyed. I haven’t had any issues with my processing frequency until square updated it during the holidays and they’re saying I need work on my processing frequency. Of course, I’m off for the holidays. All my factors have been green and all positive outcomes before… now I need work on my processing frequency? This is such a waste of time. 

[nyallblacks]

Same thing happened to me yesterday. My weekly processing changed to needs work, even though the monthly is outpacing the previous 4 months. 

[Reneelizabeth]

The exact same thing happened to me today as well.     My processing 'needs' work...   Square needs work.... 

[Knight87]

Got an offer today at 75%, yesterday I was at 72% but sales were up 3x more than usual, funny thing is last loan offer also came at similar % the day after unusually high sales. Now, loan prior to this one had nothing to do with high sales days but rather with frequency, like 12 days in a row of processed card payments. Assuming all factors are green is simply not enough, one of the two things need to happen, either your processing volume is above normal or the frequency. It's a game od patience, good luck everyone

[B-dot]

I need to somewhat disagree.

For me, my sales in 2023 were 1.1 MILLION.  In 2022, sales were $700,000.  Every month seen growth both year over year AND month over month.  We are open 7 days a week.  Square took $19,850 in processing fees in 2023.  So, based on your comment, I "should" have a loan offer because of both sales growth and frequency of processing.  

No offer yet.

The response I got from the Square Canada rep was "it's all a random algorithm that is proprietary to Square and cannot be described to the public"

[dinnerwithmaria]

I got one in July  Im 87% paid off and no new offer yet. In my history Im usually offered a new loan at around 90% paid. Hoping a new one comes soon as it would be a great way to head into the new year. 

[dinnerwithmaria]

Just a few hours after I posted my previous comment I was offered a new loan! I accepted and it was reviewed and approved and in my Square balance within 15 minutes! 

Hang in there....