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. 

[GlitzyCow]

Yes. That is how I know it is the payment limit of 60k per calendar quarter they put on my ONE customer last July. It has never been there before today to let me know why I wasn’t getting an offer. 

[danengine2004]

All I can say is all these NEW hurdles prove my point exactly THERE WILL BE NO LOAN PROGRAM - it’s funny when it starter it was processing volume now it is a double edge sword if you grow your volume there is another roadblock in place - they have til Monday morning it have an offer in my dashboard or I’m stating with Stripe virtual terminal 

[danengine2004]

All they told me today was that the payment limit on 1 card of a customer would be in place now until Sept - BUT he COULD use that card up to $180k ???? All of this makes not a bit of sense - again it is NOTHING but a tactic to NOT lend - so stupid - anyway I gave them until Monday morning to (one more chance) to have an offer on my dashboard - I have 3 cards / orders to run one for $14858.00 one for $8630 and one for $566.90 - I’m waiting to see - if there is no offer I’m using stripe virtual terminal and Square has decided to THROW AWAY $78k in processing fees - but NO I’m afraid this one will be hard to Overcome this “payment limit” bull**bleep** - you cannot even remove the card from your information 

[danengine2004]

I feel so bad for you - these frickin VIPERS at Square are truly terrible human beings - I hope it works for you but again for me I have now processed my last Square transaction

[mydpins]

I just got a pre-approval offer on a loan after jumping from 70% paid off to 76% in a week…The offer is about 25% higher then my current loan I am paying on! I usually do not post on here just lurk and read but saying how so many are losing hope I figured I would chime in! I am currently on my 17th loan with Square since 2016. 
My business is retail of collectibles and toys

[NRVGuru]

Congrats! I also have a nerd store and waiting for a renewal. Currently at 88% paid with an extensive history... hoping to hear something soon.

[danengine2004]

You don’t normally post here ?? Why now -because Square asked you too?? your story is 1 in a million today - glad they helped you - I’m taking my business  to Stripe - becareful with Square is all I can tell you - don’t get used to used to offers they are desperately cutting back and making up reasons to NOT give them  - congrats anyway 

[brown17]

Congratulations!  I do not normally post too much here either, but I do follow so I know how things are going when my turn comes.     Nothing has changed for me.  Always get 2-3 loans a year during my busiest processing times.    My expierence on how MY loan offers work is when I am processing a certain amount over my average is when I get the offer.  Every busy is different.   Congrats again! 

[Twpchair]

My last was last I believe 81% -84% paid off which was better than 91%. I honestly didn't think it would come that soon going off of others comments. I had an extremely busy Thursday, Friday and Saturday (I'm retail furniture store) and around 7pm Saturday I received my offer and I updated Monday to approved and deposited. I think those 3 days of above normal credit card charges kicked it in. Good luck to you and I hope you have a great 2024!

[mydpins]

Update on my offer, after going to review and was asked 1 question regarding my 2nd/remote location. My application has been denied. First time in my history with square this has happened and I am pretty upset about it. When trying to contact them as always getting the run around…

[GlitzyCow]

How much was the loan for? I know if it’s above a certain amount the run credit checks. Idk if it’s that for sure but the location might not be the only reason. 

[mydpins]

It was for $80k have had bigger loans with square and never had an issue.

[brown17]

This forum has become full of Drama.   Can a moderator please get control of it.  My inbox is filling up with all of it.  

[Robgrey]

Exactly 🙌🏻

[BodyInBalance]

No joke. It's getting ridiculous.

[GlitzyCow]

I’m sorry if you feel that way about the info I’ve provided. I’m truly just disgusted with what had happened and have told the truth as to what square has done and said to me. Hopefully it helps someone else. 

[GlitzyCow]

I’m sorry I hope it isn’t my posts. I’m just giving my feedback and experience with the lies they’ve told me with no help whatsoever. 

[danengine2004]

Hello Glitzy - not too sure how you made out today in negotiating the Payments Limit away, but here is what happened on my endeavor - a manager got me a phone conference with a manager from loans named Jennifer - she said indeed these NEW criterion have caused quite a stir amongst long time loan customers - she further said YES as long as you have NEEDS WORK no offer will EVER arrive. Jennifer said she would check and see about on the other side of getting the pAYMENT LIMITS removed. After speaking with her - I called the 800-700… line and spoke to a Rachel in customer service - She said she would see about getting PUMENT LIMIT removed - a very short time later, I received an email from her explaining she found it NON NEGOTIATED and PAYMENT LIMIT would not be lifted - she further explained that SQUARE did not care about saving or losing my processing revenue. So at least from my view I guess it cannot be modified and we will not be eligible for a loan until September - tomorrow I will let you know how long Stripe will take to give a new loan after we switch processing to Them Take a care 

[GlitzyCow]

Thanks for the information. September is only 6 months from now. I’m currently on month 8. They told me the limit would be removed after 90 days. They’ve been lying to me for 8 months about my one limit on my ONE customer out of HUNDREDS of customers and it not affecting my eligibility, which indeed it has been. Im

so upset. This to me is operating under false pretenses. It’s not ok. 

[danengine2004]

They are nothing but liars correct - it is so baffling how they would carry this lie on AGANST business partners - just baffling - thank you again 

[GlitzyCow]

How did you find out you would be eligible in September?