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. 

[MN07]

Hello, normally at 69-76% I would get another loan offer, I am at 74% when will square offer another loan? Thank you.

[frances_a]

Hello @MN07

I went ahead and merged your question to an existing thread here in the Community, where other sellers have asked a similar question and best answers have been provided. 

Thank you ✨

[danengine2004]

I’m 4 Days PAST being 100% paid off - I would not think you will get an offer 

[ianssoph]

@danengine2004 how long did it take last time before you received a new offer?

[danengine2004]

14 DAYS

[danengine2004]

The last way reduced loan offer of $100k took 14 days AFTER being totally paid off - now I am 4 days after paying off that one - not to sure getting another - Of m leaving square if no offer tonight or tomorrow 

[nyallblacks]

It's definitely starting to look like they changed the loan renewal parameters. You mentioned an offer from Clover. Are you using them simultaneously with Square?

[Summer2024]

Hi @nyallblacks! 

We understand that not being guaranteed a loan offer can be frustrating. 

If your business isn’t eligible for another loan at this time, rest assured your account is automatically reviewed regularly to determine eligibility.

We recently added a eligibility page that you can navigate to by going to the Loans tab on your Square Dashboard to gain more insight into the status of your Square Loans eligibility. We analyze your business’s data for key factors that determine eligibility, such as processing volume, payment frequency, and account activity. Please note that there are many factors that may affect your eligibility, and accounts are evaluated as a whole.

If you’re eligible for another loan, we’ll notify you through email and in your Square Dashboard.

I hope this information is helpful, but please do let us know if you have any additional questions or concerns.

[GlitzyCow]

None of this information is helpful. It basically says you are doing great but we don’t want to help your business. I’ve been loyal to square for years and I paid off my last loan which was less than the previous with a healthy growing business, in August. My parameters are green. This isn’t also new or recent. The info you send here is a robotic response to your customers who got in a routine to depend on getting offers that have quit coming. Unless you have information into why your vendors aren’t getting loans when their business has increased and nothing else has changed, seeing the good factors are worthless. We want to know what we can do better to get an offer. Your responses are simply not needed because they don’t provide insight at all. Please give us useful information. I’ve really enjoyed square loans and I’m hopeful every day I’ll see an offer but I have not and I have not. It’s been nearly six months since I paid the last one off completely. I’ve gone scenario after scenario in my head as to why I haven’t gotten an offer and nothing makes sense. The frustration and anxiety as well as emotional really messes with you because you think you’ve done something wrong and legit have not changed your business. I enjoy having square as a processor but at this point we may just go back to having a line of credit with a traditional bank because you have clearly dropped me. 

[eatMoroccan3119]

Hey guys , 

I understand those of you that are frustrated about no new offers or not knowing what and when to expect, also frustrated with the same generic answers from the Square support here. Please take a moment to read from my experience. 

My restaurant business has been with Square since 2021 and we went 5-6 loans now , with the biggest one being around 92k. In the beginning we were processing around 40-50k / month and the loan amounts continued to grow,  2023 we were averaging 90-100k / month and the biggest loan we got was the 92k. After we paid off the 92k we got an offer of only 30k.... I know frustrating right haha and our sales during that month we got the 30k offer was around 80k / month.  

A big factor is not only how much total sales you gross I think but the number of new customers / how many transactions etc. Our sales dipped a bit and the frequency in transactions charges were reduced.  We are 60% paid back now with the 30k loan but during this month ( january 2024) we are only expected to do 60k...in sales.  I too am curious how big my next offer will be hehe.  

Also regarding questions about your eligibility and other specific questions pertaining to your case, I'd send Square Loan Support a direct e-mail. A specialist will look at your account and advise more specifically on your situation. Ask detailed questions, refrain from non constructive complaining or silly comments about how much fees they make from us blah blah blah, or how long you have been loyal to Square.  I have had many back and fourth with their Loan specialist and in the end always got the info I needed and eventually they always come through ! 

Be patient and focus on keep the business growing without just wishing for the Loan to come... which eventually it will come if you have had previous loans. 

[GlitzyCow]

I have asked specialists specific questions asking for answers and they’ve never given me a direct response. They put their generic response to my question every time. They say that information is proprietary. We also grow with new customers nearly daily. I’m wondering if there is a limit per year of how many they are allowed to offer. That is the only thing I can think of. 

I’ve noticed a trend that vendors that have had large loans typically get a lowball loan offer and then pay off completely, without a new offer for months following. So I’m wondering if your 30k offer will pay off and then you will be in radio silence like I am now experiencing. 

[eatMoroccan3119]

I have been there as well my friend. My partner's business ( massage/skincare) went through 10+ loans with Square as well and during the slow month after they paid off their biggest loan ( 38k), it was silence, no offers. Sales was stable at around 25-30k, then in Oct 2023 they did around 45k in sales and a new offer of $42,000 came out of nowhere.  This was about 40+ days after the 38k was paid off. 

I think sales has to be stable or slightly higher / growing trend to keep offers high or otherwise we get lowballed or no offers at all until you hit a bump in transactions/sales. 

That account was also dealing with 8+ chargebacks ( the account activity was also YELLOW , not green ! ) , that's why we figured no offers came in, but once sales hit over 40k that OCT, the NEW offer came right away.  During the application process we were asked regarding the chargebacks and bank account changes etc, in the end we still got approved ( submit evidence of fraudulent chargebacks, explain your case etc. ) 

My businesses have been in almost all situations with Square over the years, but in the end, our growth was largely thanks to Square for sure. 

It will come my friend, keep pushing and focus on day to day operation ! 

[GlitzyCow]

That makes me even more sad. I paid mine off in August and September my sales doubled. No new offer. My average month is around 45k and I’m consistently growing that average. I’ve never had a chargeback and I have over 200 good reviews. 

[eatMoroccan3119]

That's interesting.  Is your bank account linked? Healthy balance? What industry?

We have never linked our account. 

Well, hopefully it comes soon. I'm sure 2024 will be your best year ! 

[GlitzyCow]

I will never connect my bank account. I did however link my square checking account to it. It never showed up on the plaid account but then last week I got the little icon saying I needed to reconnect it. I’m not going to. I’ve had issues in the past with getting hacked and I’ll never give another company log in creds to my bank. Ever. That’s why I connected square bc it’s their own company pretty much.

[kailanik23]

I am almost 90% paid off with consistent growth, good in all areas and on my 10th loan at this point with no offer. I asked via email and they just send the exact same automated response each time and state that they can’t determine it, it’s an algorithm and humans don’t really have anything to do with the process. Which is so frustrating to think this entire loan process and decisions are made by a computer, it’s not personable or genuine at all because humans just aren’t really involved any longer (in much at all at square that I can tell, every response is scripted, the exact same responses each time or seemingly AI-generated). It’s disheartening to be with this company and feel like a number. Especially when we pay exorbitant fees and interest on processing. I hate our entire world has come to this, automation can be helpful but when you feel like no one is listening or is just posting an AI-generated response when it comes to a business you’ve put your blood, sweat and tears into it’s sickening. 

[BIGK]

I just received my 7th loan offer after being 66% paid off on a small $8k loan. We have been with Square since April of 2021 and have usually received new offers after being around 50%-70% paid. There was only one time where we went 2 whole months after paying a loan off fully until we received another offer. 

[Jjbeautyco]

That’s awesome!!!   Was the new loan a significant increase from the 8k? 

[BIGK]

It went up $14k! I own a food truck and process around $200k a year so we are just a small business. I can’t speak on bigger businesses and their experiences but I hope everyone gets their offer soon!

[Jjbeautyco]

I’m a small business as well bringing in around the same   Mine seem to double as  well.  My last one was 16.5k I’m only at 52% PO so not too close yet.  Thank you for your update 

[Twpchair]

Congratulations! Thank you for your feedback! It helps others to stay encouraged!