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. 

[Jjbeautyco]

How’s everyone doing? Forum seems Alittle quiet the last few days lol I’m only at 46% so I know I probably have a couple weeks before expecting a possible new offer… also waiting on 1099 this week 🙏🏼

[GlitzyCow]

Terrible. Some square supervisor keeps sending me the eligibility robot response on repeat when I keep asking “what changed”. Legit don’t even answer the question I asked. Just hits copy paste send. Repeat. Over 5 months paid. No explanation. Just nothing. 

[Jjbeautyco]

Ugh still?  That seems obnoxiously long to get nothing offered and so frustrating!!!! 

[AllenAm11]

I’ve posted a couple times in the past month. I had always received a loan offer at or around 70%. My current loan was $29,400. I had continued to pay the loan down without an offer. I was at 91% today and received a low ball loan offer of $11,050. I only had around $2700 on the existing loan. The payback percentage was a lot smaller. My sales were down about 10% from last year, as we started closing on Mondays. I was shocked the loan offer was that much smaller. 

[Crosstimberkoi]

So glad you got an offer.  It's sad that it's smaller but hopefully it could still be useful.  Still waiting here.  I've given up on Square offers.  

[Robgrey]

I am currently @ 64% paid back from latest loan in September.  I've had 13 loans through square and each one has been so beneficial to my business growth.  Cant wait for the next one:) Continuing to process 7 days a week.  My processing volume dropped to needs work right after new years but its back to perfect. Im guessing it was due to closed Christmas day.  Good luck everyone! 

[Blandkite]

I’ve been with square almost 6 years, had 3 loans offers within the 6 years which all been paid off but yet I still haven’t received an offer since May 2022. Unbelievable! 

[Paulynne]

Update: I received a new offer about 4 weeks ago, for more than I’ve had in the past. 

[Crosstimberkoi]

Congratulations.   Still waiting here.  Did you have an open loan when you recieved it? What percentage where you at if so?

[Stefanieblue]

I’ve posted in here a couple of times and all I know I had to beat 100% before I received a new offer… I guess that’s my algorithm for myself because I’m at 90% and nothing yet… hopefully I get one soon… it would come in handy since I slow down right after the Christmas holiday…I’ll keep you guys posted… 

[Km914]

Same here I’m now at 80% nothing still I typically have gotten the last ones at 60-65 so not sure why. Impatiently waiting I have some goals for the year

[Reneelizabeth]

I finally wad offered a loan.   It was a little less than last time, but not by much.  My business was slow December so that would make sense.

I was at 70% paid off when I got the offer today.

Some things I noticed:

-All loan offers have been made to me on the 18th or 28th of the month.

-All loan offers have seem to come when I have about $3000 left owing, so this changes the percent at which it seems an offer comes. 

-Loan offer came one day after significant sales.

-Yesterday was my birthday and I made a wish to get a loan offer when I blew out my birthday cake candles. (Actually serious lol)

I hope this helps!

[Healthyketo]

Congrats! & Happy belated bday! Quick question, were all your eligibility factors in good standing? Where any in “needs works” since sales were down in December? 

[Reneelizabeth]

Thank you!   I should have mentioned that.  All factors were in green yes. 

[worker4life]

Is anyone receiving loans in 2024? I’m on my 6th loan with square and every experience has been fantastic. In late Oct. of 2023 I began my most recent, and already in Jan. I am at almost 80% paid back again and all my markers are green.  I have always been offered a new loan by now, and I’m always way ahead of the payment schedule by many many months, and this one in particular I am roughly 30 months ahead of schedule, so wondering what other people are experiencing? Only asking because I highly enjoy and have recommended square to all of my business colleagues. I just wish I had a better understanding of how this works because square is a fantastic company offering a fantastic program. 

[RedEyeBar]

So I finally got a loan! Offered 19,200 last loan is 75% complete. With 4722 outstanding. I’ve never had any of my loan application things be anything other than good. Always been good other than the current loan being in progress. I know my prayers were answered because I needed it for taxes and to just get caught up a little bit! I hope the res of you are getting what your looking for!

[Blandkite]

Good for you, I sure can use a loan to pay off my taxes, and buy more inventory! 🙏🏼🙏🏼

[SageIntentions]

I have had numerous offers in the last couple of months but none of them were enticing. I feel like a loan that I pay off in 3 months is less of a loan and more of a cash advance. When I figure out what the loan fee would be in interest it starts to look like a cash advance too. Loans claimed if I connected my bank account it would improve offers. So I figured what the heck I am not getting any good offers might as well try it. Added my bank account and lost the current offer I had and haven't received a new one since. Not exactly an "improvement". 

[RedEyeBar]

For anybody wondering. I got a loan over. Bigger than the last one I received. I was 75% paid off. All my factors were in the “good” and this one had a loan fee that was very reasonable compared to the last one. I was accepted on Friday and just waiting for the funds to hit my account! Perfect timing!

[Crosstimberkoi]

Congratulations!! So you're telling me don't lose hope there is still a chance. 

[danengine2004]

I do not see any hope here - we process $2.7m with Square - our last loan was reduced to $100k offer - prior 3 loans were $250k - ALWAYS IN GREEN - always grow each year - this prior loan of $250k was paid off on Sept 1 then we did not get another offer for 14 days - and that offer was $100k - now our $100k loan paid off since Jan 23 - still NOT ELIGIBLE -  square has DEFINITELY changed something - we have an offer from Clover and I thought out of loyalty on this last $100k offer - I would give square a chance to come back and resume our prior relationship - thinking Monday is day to go to Clover and begin and scrap Square altogether this time for sure - they are NOT interested in being a loyal partner any longer.