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. 

[ianssoph]

I process around 300k/year and my last offer was $40k…I’m currently 52% repaid and I’m not holding my breath for another offer from what’s being said. But business is great, so I’m not worried. Good luck to everyone! 

[danengine2004]

Yes Square sure has  ALOT of inconsistency in their offerings - according to your numbers I should’ve offered 360k but limit is $250k and my last offer was $100k (previous 2 loans were $250k - not holding my breath either - just very disappointed in Squares NEW practices and their  lack of transparency 

[Twpchair]

There's 3 in row doing large amounts of processing 4 including myself, I guess when I think of "small businesses" I think of the jewelry maker selling on Etsy or a start up new business. There was a business owner on here (I believe they moved on) but they had a good point they were selling high volume and paid off loans in 6 weeks to 3mths at that rate it's like one of those payday loans 😳 it's very obvious that something has changed and unfortunately we will never know. I do wish you the best of luck and hopefully something will break soon for those processing more. 

[GlitzyCow]

A new category showed up for me today right under where it wants me to connect a bank in the eligibility page. It says “account activity”. It also has “account activity” further down the page. Except today mine randomly showed up as “needs work” right under the bank and directly above processing volume. I haven’t received any emails. The “account activity” further down the page says all factors good. Is this part of the glitch today? So confused. It has always started with processing volume under eligibility factors so this is new. Why is one account activity good one one not? I have no information requests. No chargebacks. No disputes. Nothing. What now? Has anybody else gotten this? 

[danengine2004]

Hello - I have the SAME situation - all my Activity on bottom are good - I’ve had no disputes failed loan apps nor anything - I’ve never seen it before. This Square Loan group is very very off center now - thank you for your post. I keep hanging in there HOPING Square will come back to partnering - I can go to Clover and Stripe - who says they will offer capital - BUT again just trying to stay with a loyal partner is all. Thanks again for the post 

[danengine2004]

Again Yes I got this today as well - with the amount of time you have been waiting and now it is 20 days for me being paid off - (not NEAR what you have gone thru tho) I believe this must be Square Loans way to discriminate against certain accounts for what ever reason so they cannot offer us a loan - NEEDS WORK for no explainable reason - again must be some AI way for them to justify although wrongly - not giving a loan - just wish a a square Rep could explain something about what is going on - only a few like 2-3 upper management types kNOW what is going on AI cannot run itself - and those 2-3 tell the front liner to just keep feeding their good customers a bunch of garbage info SAD 

[ianssoph]

@danengine2004 @GlitzyCow out of curiosity how many loans have you had through square? I’m currently on my 17th loan and have noticed all of my loans have been renewed when I’m about 1500-2000 above my payback of the previous loan. 

[GlitzyCow]

Around 12. I paid off one really quickly last year within 6 weeks. I’m wondering if maybe it has to do with how many can be offered in a calendar year. One in March and one in June of last year both paid off quickly. The previous was in December. Maybe it has nothing to do with it. Idk any more. 

[Twpchair]

I've seen a couple people who asked that question 🤔 I tried looking through my loan agreement just to see if anything was in there and I didn't find anything? It doesn't mean that is not a factor. Besides a handful (that at least post) on here. I've notice that they seem to be a true "small" business around 100k ish. I know the numbers don't match when you can pay back or into 130k in fees/loans and not receive another. I've seen others as well over 250k that have seen or heard nothing in months and months. I haven't seen them since around September and believe they moved on I believe as they stated they would. I really don't know I've seen you so many times before and I wish you the best of luck! 

[danengine2004]

I have had 15 loans - started with one at $9200, then steadily increased up to point where previous 3 (before last one) being at $250 k - always got offers no more than 75% paid off - the last $250 loan went all the way to 100% then took 14 days to get an offer of only $100 k - NOW the $100k one is paid off 20 days still no new offer and now this “account activity” needs work crap pops up - Square will not admit something has changed majorly wil loans this past year - I have also in past year been assigned 3 account execs who kept asking “is there any other feature about square that is as important as the loan feature”- guess that should tell me and us where they have placed this program. I just keep stupidly I guess giving Square an opportunity to renew our partnership - don’t think that are interested and really don’t care about the $130k in revenue I bring them each year between loans and processing. Thanks 

[GlitzyCow]

Did it just show up today for you as well?

[danengine2004]

Yes just today 

[VanKalkerFarms]

How can you even want another loan based on the way square loans work with the fee being a set amount if you are paying it back in 20 days.  you barely got the money into you account, lost 6k+ in fees for 20 days of capital that all had to be taken out of your daily income.  I have never taken a Square Loan for this exact reason my payoff period would be around 16 days and there is no way that can make financial sense.  A Revolving Line of Credit is much better as you only pay interest for the few days you have money pulled out.  I just can't wrap my head around these fast paybacks that I am offered and you have just done, I can see it making sense when the payback period is 9 months and a percent of sales or low but for a 20 day or less loan.

[GlitzyCow]

I’ve been messaging with Square about the “needs work” account activity metric that showed up during the outage and the first three messages were nothing but the same automated response about loan eligibility. 

I finally got it through the guys head that I wasn’t asking about a loan I was wanting to know why the metrics are different as one account activity metric that randomly appeared says “needs work” but the other account activity metric says everything is “good” 

 
He keeps telling me both metrics were there before the outage. I keep telling him he is wrong. It wasn’t there for me. Maybe others? But you said it showed up for you the same day. 

I keep asking to talk to someone else because he clearly has no intentions of reading my concern and addressing it. I’m more than likely only going to accept cash or check for my big customers and use only square for minimum online checkout reasons and my out of state buyers I have to invoice. I refuse to keep giving them thousands of dollars if they can’t even read an email correctly. I even sent them screen shots of what I was talking about. 

[danengine2004]

Hello - sorry to get back so late - had medical issues today. So YES that metric started showing for me as well the same day as you - I has NEVER seen it before either - in my conversation with a square loan "rep" he DID admit that it looked rather strange - so he sent it to escalation - I got a replay from Sammie - his reply was basically the same boiler plate response - of how your account is frequently reviewed blah blah - I for kicks sent a reply to the email thinking there would be no reply - I said look - I only want to know a both the new metric - Sammie DID reply - he said "your account is not eligible for square loans" blah blah - I am convinced they are not lending at all - the management raided this company to invest in a lot of tech ventures that failed - now they are laying people off left and right - so I think NO  loans are going out at all - nor will they be - I think we are gonna change to Stirpe if nothing comes this weekend    

[Twpchair]

I've been with square since 2014 and recently on average I'm in your range as well. 4/5 yrs ago I could bounce between 60/75% paid off but lately it's been higher paid off. I'm on roughly without looking 15/16 loans? I'm at 72% now I believe. Good luck to you!

[GlitzyCow]

I do know it was not there when it updated yesterday but randomly showed up sometime today before it updated late tonight. Now it’s still there. Wondering if it’s just a glitch? 

[danengine2004]

I was glad to see someone else saw it - not sure if a glitch but it SURE allows the “reps” to say something like - well all needs to be green - without being able to explain how we are all green below in account activity - I could not get a reply on phone today after I saw it but I’m speculating what they would say - I’ve had “needs work” pop up on volume and frequency - but was able to prove to them the figures they show do not match what is real when you go to homepage and look up your activity - again so callous and cavalier of Square to treat good customers 

[GlitzyCow]

I don’t know why I even check it any more. I guess partly in habit. Mostly I think it's a confidence thing. If offers aren’t coming I feel as if I need to improve but Square doesn’t inform me on what that is exactly. My customers are great they leave me positive feedback daily so that helps. 

[danengine2004]

I understand your point and it is a good one - we sell quite a bit on eBay and they have this new SELLER LEVEL program that basically allows them to charge you MORE for sales if you are “below” they will not let you please a case etc - it just comes down to them punishing sellers - just like all these “tech” companies do - they all need to recognize how much sellers mean to their existence - the arrogant attitude jus really keeps me coming back - feeling like somehow I might be able to change that attitude some way, but guess it is just wasted energy / they will just do as they please regardless of how it affects their benefactors  

[GlitzyCow]

I have been relentless with this suspicious “account activity” that showed up randomly because it is bothering me. I finally got somewhat of an answer after being blown off several times. This is the response I got from square this morning after I bugged them several times to quit and look at my screen shots and quit assuming I’m only messaging for a loan. 

“We are aware of the issue and it is happening because we are making some updates to the Eligibility page, and it will be fixed in the coming weeks.”

now as vague as this message is, after being told six separate times my eligibility page is current real time up to date, this is somewhat a relief! 

let’s hope they are overhauling and our offers start being great again.