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. 

[B-dot]

Average volume means nothing to Square.  Being close for ONE DAY.... Christmas day, with GROWING SALES DAILY throughout November and December, then saying my sales are down when their own actual figures show a $37,000 INCREASE makes absolutely no sense.  

I had over a million in sales in 2023, not a single day closed except Christmas day, and continued growth month over month, based on their own stupid charts and graphs on their app.....

I honestly do not need the loan, and can do without, but it definitely helps cash flow so we can use our current flow to grow.  But Square **bleep** around with shallow answers and inconsistent criteria is actually hurting small businesses who rely on these loans.

I am switching to Chase, who even with a monthly rental fee has far better rates and direct connections to my bank.  They are beating Square average by 20%.

[Rez24]

Very disheartening, im at 78% percent loan paid off total loan was 18,200 i have until October to pay off, usually i am offered a new one around 60-70% but nothing yet, this is my 5th loan with them. This loan will be paid off very soon. Sales are up since last year by 30% and still nothing back yet. With as much money they make from me with there fee’s you’d think they’d value there clients, but i might make the switch to clover i’ve been hearing good things.

[GlitzyCow]

Today marks five months since fully repaying my last capital loan. I decided to call with hopes of some kind of help. Nope. Same scripted response. I asked the rep to help me understand since she talks to businesses all day long about capital and she said she couldn’t answer any of my questions regarding what she sees is trending. the seller forum has helped me ease some anxiety knowing others are going through similar issues. I think I may be the only one that has been paid off for five months with no new offer in sight. I asked about the glitches that may kick me out of eligibility and she said nothing on my account would kick me out of eligibility. I’m so confused. 

I thought perhaps since I got two capital loans last year maybe that was max for availability and I would wait til after the 1st in hopes i would get an offer. I think at this point I’m just grasping for any explanation and square has no intentions of offering capital again to me. 

Square- I hate change but I am looking at other processors. Your reps have repeatedly told me that if I have to leave square that is my decision and that I have to do what is best for my business. My question is, wouldn’t square want to continue making money off of me? Are you telling me my business is not right for you? What exactly does that mean? Hopefully you will please reconsider. 

[ianssoph]

@GlitzyCow i cannot believe you haven’t received an offer!

[GlitzyCow]

I can’t either. I’m very upset about it. 

[Rez24]

I received one shortly after i posted that

[ftblmeme]

Are your eligibility factors all green? Do you turn over a lot?

[GlitzyCow]

Yes. I would not be here complaining if they weren’t. I finished the year just over 500k. About 40k a month average. 

[ftblmeme]

You’ll probably get a fat offer before spring. I think people are expecting too much at 60-80% and it’s stupid to feel entitled to a loan that quickly when you’ve been waiting way longer.

[GlitzyCow]

Unfortunately I need it now. I can’t stomach giving square more money when they don’t even have customer service people that can speak like humans and help their vendors. I’ve been very patient. I know loans aren’t guaranteed, but why even give eligibility if none of the eligibility has mattered for literal months. 

[Blandkite]

I feel your pain 

[Blandkite]

It seems as though every time I come on here to make a post, my status then changes to “needs work” like its being done on purpose, I’m over it..last loan paid off in September and yet still no other loans been offered! 

[AllenAm11]

So here it is Jan 3. Have paid 89% of my loan back. Minimum already met for Feb 2024 payment. Processing around $200k per year with Square. Have received 6 previous loans, and NEVER gone over like 75-77% before being offered another loan. All my previous loans were paid off super early. Some new loans offered as low as 55%. But all factors in the green. Loan way ahead of schedule. The waiting game has been exhausting. The Square algorithm is beyond exhausting trying to figure it out, and I’ve just about given up. Have they changed their criteria without telling anyone? Is there more to actually being eligible than what they’re letting on? I just feel like we are all drowning here in this pool waiting for someone to throw us a float. 

[Blandkite]

I’m for sure drowning 😫

[NRVGuru]

Really wonder how many other businesses got hamstrung this holiday season over Square dragging their feet.

[dinnerwithmaria]

if your business can't survive without a high interest loan you should consider that there are bigger issues to deal with. You are all acting as if you are owed a loan, when you are not. Its an added bonus of their service, not something you are entitled to. There are reasons you aren't being offered a loan. I just got one on the 30th at 81% paid off, so they're being offered.  

Get your affairs in order for real, and work on your business without expecting the favor of a loan. 

[ftblmeme]

Surprised no one else has said this. It’s true because how can people expect a loan between 60-80% every time? Also isn’t it just a vicious cycle if they keep giving them out one after the other? It makes sense to have a few months to a year’s break in between loans for business health.

I like their overall processing which is why I use Square, not for loans

[Blandkite]

If your business wasn’t “in need” of a loan you wouldn’t have taken out one, we’re all trying to stay afloat and thrive during this recession! So us asking for something they “offer” shouldn’t bother you. And if they’re taking from us hell yea we want something in return. Favor for a favor you know! 

[RedEyeBar]

Everyone getting all

worked up. Yes I have my 3rd loan through square. 68% paid off and I need it now pretty bad through the holiday season as I helped my family a little more than I should have through my buisness. But hey. It’s not guaranteed. I’ve never had any of my eligibility factors below “good” other than loan repayment which is always obviously “in progress”. Just gotta keep grinding and hopefully we will get one before I have to pay taxes 😅😅 little joke. But yeah. Just keep grinding or find a better alternative. I think this loan System is amazing and easy. I think it could easily get out of hand for square just Constantly handing out loans. Yes they take directly out of debit card transactions. But I’m sure they have lost money when doors close at buisnesses. Hopefully soon we I’ll all get loan offers and responsibly be able to handle and pay them back!

[Km914]

I am also sitting at 78% I’ve always gotten offers at about 60%. Need some new upgrades for my business hope I get an offer soon 

[Simplicity1]

We signed up with clover this week and will start testing that out….. I’m paying s higher rate at square because the loans helped us but doesn’t seem like tbsg want to give us more or tell us why we no longer are eligible…

10 years we have been with square there’s no upside for loyalty anymore!