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I'm at 71% and usually see a offer by now (between 65%-70&).
Posted 06-01-2023
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.
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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.
Community Moderator, Square
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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.
Community Moderator, Square // Moderadora de la Comunidad, Square
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Inicie seción y haga clic en Marcar como "Mejor Respuesta" si mi respuesta contesta su pregunta.
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Hello, @bsa77.
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.
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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Hey everyone. I just got my Loan offer at 76%. Pretty much the same amount as last one even though sales are up. But the gift horse still has excellent teeth...lol. So they are offering.
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Sitting at 78% but as we are seasonal the quantity and consistency factor has moved into needs work. Hopefully a few big projects being paid for will right that and a new offer will follow shortly! 🤞
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Has anyone received an offer after the eligibility factors have updated for the day?
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Yes! This last offer - I started the morning at 74%, then my update came around noon - not eligible. A few payments came in that afternoon and we hit 75%. Offer came almost immediately afterward on the same day.
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awesome!!!! Thanks for the update! Was this offer significantly larger than the one you just had?
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Hey, I just finished paying off my loan today… hopefully I will get offer a loan soon. I will keep you posted on the outcome…fingers crossed 🤞
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Just letting you know I have been payed off since Jan 23rd NO sign of an offer at all
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Normally I would get one like the next day once the sales has settled… one time I didn’t get one for a week but I did manually pay off the remaining balance so I’m keeping my fingers crossed because I have received them almost automatically… I watch the patterns and it’s been consistent for the the last 3 years…
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That was my consistency too up until I paid the last one off 6 months ago and they’ve never offered another since. I’m seeing people who are paid 100% having to wait weeks or months before another offer. Hope it’s different for you.
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I received a loan offer today… so yes their still giving out loans… sending good vibes to those that are waiting… and no I didn’t connect my checking account with them…
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hey, at what percent was your loan paid when you got an offer?
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100%
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The majority seems to be the trend (not all) but my last one I was 91% and since 2014 that was my highest percentage. One nice thing I didn't have much that rolled over and received the majority of the offer that way. I'm at 78/79% now I believe? In years past I would be around 69-75% range roughly. Congratulations and thank you for sharing! It helps others.
Advisor.
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I received offer on Friday and accepted. Offer went up quite a bit from last time. Square is still actively loaning so keep processing😊
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Just curious do you process sales daily or no? I don't think we will ever understand the algorithm
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Finally got a new offer yesterday, and was double my previous one. And it couldn’t have come at a better time.
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Well Q4 2023 is in the books and Square loans again was a huge part of Square's growth and key product offerings.
in Q4 "Square Loans facilitated approximately 137,000 loans totaling $1.40 billion in originations, up 22% year over
year." That's just in 90 days, so that is 1,500+ loans a day and an average of a little over $10,000 each. It is actually really crazy if you think about it compared to an old bank model of a person looking at your paperwork for an hour or more.
in all of 2023 "Square Loans facilitated approximately 489,000 loans totaling $4.78 billion in originations, up 18% year over year."
So yes it might seem you aren't getting an offer, but over 10,000 users are getting them each week. When there are millions of users it can't be that every single user gets offered a loan.
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I'm about ready to pull my hair out! From being a bot to reporting false loans. SMH. They need to clean up the thread! Since 2014 has changed happen 💯 but not every one on hers is fake or making up numbers! I've been with square since 2014 you can Facebook or Google my page smh. I'm tired of trying to be encouraging to others and keep them posted on every one's update. We are all different from one business to another. We won't and can't change that period. I appreciate your work!
Advisor.
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Hello, I just received my offer 86% paid off. Previous was 91% it was double of my last loan. I did not connect my bank. I received the typical 1-3 business day statement. I'm on here daily or multiple times a week and I'm not a bot, I don't work for square. I have been with square since 2014 I believe in November that year. I've had multiple loans (without looking 12-14ish)? My range use to be roughly 68/75% paid off last loan was 91% my highest percentage. This week was extremely busy and more cards vs cash. I believe in one week roughly 10% off my balance or percentage. Higher amount and lower percentage as well. 14%ish. I'll keep you posted when approved and deposited. I'm not expecting anything until Monday when I receive a late Saturday offer. Good luck to everyone and I always stay here and keep people posted!
Advisor.
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Awesome! Thanks for the update and it was so informative and helpful.
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I got an offer yesterday about the time my eligibility normally updates around 4pmEST. This is my 4th loan. Approval time has been anywhere from 10 minutes to 2 hours. It’s the next day and I’m worried. My account is in good standing. No chargebacks or disputes and maybe 3 returns in the last 2 years. I’m extremely grateful for the offer, and don’t mean to sound impatient. My concern is why it’s taking longer than normal and should I be worried? Any insight?