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. 

[Twpchair]

My offer was late Saturday and I was approved Monday around noon and money hit Tuesday. I have had offers before on the weekends and didn't any movement till Monday. During the week it's usually within 30 minutes and deposit hit that night or the next. I would say you're absolutely fine. I see more and that are taking that 1-3 days it states. Others fly right through. I just try to follow the trend for the majority is all. 

[pinkcottonco]

Thank you. That makes me feel a little better. I’ve never gotten an offer mid week before, it’s always been a Thursday or a Saturday, so I thought maybe mid week was busier. It was late afternoon, so that maybe why also. Who knows? I’ll remain patient and “try” not to keep checking my email. Lol

[ftblmeme]

You can ring Square Loans and see if they need any extra info etc. I had a delay of a few days and when I rang up they wanted to clarify a few details. Usually fairly quick from there, approved in an hour.

[pinkcottonco]

So, my account was put under review. I had to answer a few questions about a few transactions and upload a recent invoice,  and I just got the text/email that my account was all clear and good to go. I wonder how long it’ll take for me to get a decision on the loan. If it’s denied I’d rather know now, then have to keep guessing. 😭

[danengine2004]

SAME FOR ME TODAY - HAVEING A REALLY GOOD MINTH AND NOW THEY SAY MY ACCOUNT IS "LIMITED" - BECUASE 1 CUSTOMER BOUTH TOO MUCH PRODUCT - BUT I HAVE DOCS PROVING BASICALLY CUSTOMR CANNOT DISPUTE - FACE IT SQUARE LOAND DOES NOT EXIST AND THEY (SQUARE LOANS TEAM) ARE PLAYING BEASIC GAMES TO REVENT NEW LOANS  - I DO NOT BELIEVE FOR A MOMENT THAT THESE PEOPLE "SELLERS" ARE ACTUALL SELLERS BUT RATHER BOT PUT UP BY SQUARE LOANS TEAM - US PAST ACTUAL CUTOMERS ARE ENDURURING ALL THESE DAILY GAMES TO PREVENT US FROM LOANS GOING ON 2 MONTHS NOW FOR ME - WHAT SAY YOU SQUARE LAONS TEAM? WANT TO GET TRANSPARENT AND LET US ALL KNOWTHE TRUTH?? WE DESERVE IT

[Robgrey]

Dude. Square is still loaning. I wish you would get off this forum complaining and giving every other seller a false hope of loans.  There is nothing we can do other than process payments to get noticed and approved. I just got a 100k offer last week. Ive been following this thread for a while(actively looking for loans) and all you do is complain and threaten to leave. My advice is listen to yourself and find another processor and stop all  the senseless posts. Good luck to you and cheers🍷

[danengine2004]

Thank you for your message - I’m asking you to look deeper at my posts tho please - point is we have had a business “relationship” with Square for 10 years - now all of a sudden Square is CHANGING this relationship, yet not offering ANY explanation as to why whatsoever- can I go to Clover tomorrow yes - I already have a stripe  account that Godaddy MADE is use to have an online store (which due to technical nature of our products - we usually process on Square because sale does not go “online” again aI value business partnerships and the way square is handling this since 23 and they are failing many other ventures - I believe it is incumbent upon them to just come out and make a statement “due to various business climate issues facing Square block or whatever, we have cut back the loan program to lower limits and lower offerings” no instead they use sellers like you and bots to make all appear to be same and throw you into confusion. I’d bulfon not take leaving to Stripe or Clover lightly when my former business partner will loose $70,300 in revenue the minute I switch - so thank you again for your input but that is my answer - they need to answer our questions honestly not with some hidden agenda 

[GlitzyCow]

Did they just ask you for documentation or is your entire account under review? I ask because when they asked me I submitted similar to what you are saying and everything was fine. That was the loans team. 

[pinkcottonco]

My account. I had to answer some questions about transactions and send in an invoice to prove services I provided it something. I was confused but answered the questions then submitted the invoice then 3 hours later got an email saying my account was cleared and in good standing. Loan still says pending. 

[Twpchair]

No. I was asked only asked to link my bank account and I did not! I had ID theft last February and my credit union small branch o have a pin and password attached to my account and didn't feel comfortable giving it to 3rd party nor do I think it would work.  I'm ok with that after what I've dealt with for a year they have my info from the same bank since 2014! Now, honestly with everything being hacked I keep my banking secure! If or would have been am offended say another 10/25%more I don't know but my bank is locked and I will keep it that way period!

[Twpchair]

I have been watching you for months and I'm baffled really and I've told you multiple times I do not get it or understand it really. Have things changed 💯 but what or why I don't know. I stay here to see how trends are going and that's about it. I remember you posting from around September time frame and I don't get it myself! You are fast qurenteed money. Myself,  I would jump on it. That's me though and I don't work for square and don't inside information that would help you or others. If it was me I would jump on your business and triple your loan because honestly you are paying it back and it's a huge investment for square. That's just me. When you deal with an algorithm that nobody has seen to understand it unfortunately YOU are caught in a circle of nowhere! You pay your fees, you swipe daily and I don't get honestly. You are the perfect candidate imo. 

[GlitzyCow]

I haven’t linked my account with plaid for square loans either bc of the same issue. Except mine was about ten years ago with something that rhymes with maypal. I refuse to give a third party my bank log in credentials. I have it linked for Ach transfers and that is all and hasn’t changed since I got a square account. I use the square debit all the time though. 

[danengine2004]

Hello no - they did not ask what they put up in “needs work” is under that new account activity tab, then you go down and the one that “needs work” says Payments limited - your account is e eligible for a loan because a payment limitation has been placed - SO I called the non loan line and asked about it - what they said is a card we processed yesterday for 3 engines $58113 total sale that the customer WANTED to use Amex for points on -THAT Card has a limitation for use again until a review is done MAR 29th - now I immediately sent in a signed contract, a signed credit card authorization form, TRACKING number showing delivery at customer location yesterday - what I think is spooking these people is that this customer can dispute the charge and they cannot get my money back cause I took it out of Square - WELL it’s simple - go back to a $250k loan that had me tide down and if it gets disputed - take it fr M the loan proceeds - I can’t possibly spend that much in 4-5 days plus this customer has bought 17 engines since April 2023 NEVER CLOSE to a dispute - I’ve processed 4982 transactions an Square had 10 disputes - 8 of them UNDER $500 for parts returned (which happens) and we approve the dispute as soon as part receives bed back in house - the other two disputes were a wife who was **bleep**ed her husband used her Discover to buy a $12k engine - in that case we had not even shipped yet so we approved the dispute and the money was there to give back and the second was an engine $13,880 we shipped and unfortunately 9 days after our sale customers card was hacked and his bank disputes ALL charges - in that case they wired us the funds immediately and we gave them back thier disputed funds no questions - now again - I’m begging square loans for the TRUTH if you are still offerering loans don’t you believe that customers like glitzy cow and me DESERVE A BETTER plausible answer? Again I only say “bots” because it makes NO sense to me what is going on AT ALL to us in light of the fact that you are having people “say” loans are being driver out in huge numbers - frustrating way to do business 

[GlitzyCow]

The new account activity tab that showed up weeks ago disappeared for me after about 7 days. Is it still there on yours?? 

[Sammie_C]

Hi @danengine2004,

Thank you for your post!

Our Square Loan program is still ongoing and we are continuing to offer Square Loans to eligible sellers. We’ve outlined key eligibility factors in the Square Dashboard to help sellers identify areas that businesses can focus on to potentially qualify for a future loan offer.

Please note, having a payment limit on a Square account can affect loan eligibility. For more information on payment limits, please visit our Payment Limits FAQ.

Since the Seller Community is a public forum, we are unable to discuss account specific information, I will follow up with you over email with more information about your account.

Let us know if you have any other questions!

[danengine2004]

Well it is now Squares choice then - 1. Take payment limits OFF eligibility requirement , for loans that customer has NEVER made a dispute and will not or 2. Force me to Stripe on Monday - your choice 

[danengine2004]

I’m done with Square starting all processing thru Stripe Monday am - you guys are pretty dumb

[Twpchair]

I saw on Sunday my loan portin was gone and 💯 paid off in my dashboard. Also, in the dashboard where it has previous loans my old loan was there also. All that changed before I was "officially" approved. You might want to check that as well. 

[pinkcottonco]

Thank you. Mine is still showing the amount owed on previous loan. I’ll just wait it out. Not in a hurry, just curious if I should be concerned. 

[danengine2004]

WOULD YOU TELL US "TWPCHAIR" WHAY KIND F BUSINESS YOU HAVE AND WHATE THE LOAN AMOUNT WAS AND TERMS? I;M HAVING A HARD TIME WHERE I AM AT BELEIVEING YOU ARE REAL - SORRY TO SOUND MEAN

[danengine2004]

Boy I have had 15 loans no decline is sales - last loan was sept for 1/2 of what was usual - and it came only after the previous was fully paid ( all others were at max of 75%) now this puny loan paid off on Jan 23rd and since then it’s been NO offer - I really do not believe there are loans - There is nothing out business could have done to deserve this it is buzzare - this thread is only one that has people saying loans are being offered - all others are nothing but NO LOANS and even describing Squares business woes in detail - so I’m not thinking loans are real but that Square just wants to keep its option open for the future - now If a square rep wants to review my account humanly and tell me what is wrong it may help BUT on not counting on it