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. 

[danengine2004]

They did not confirm I would eligible in September they said the Payment Limit would be lifted but not until September - then I assume NEDS WORK goes away. In an event I’m going to be long into Stripe by h then and will NOT have processed with Square at all at that point 

[danengine2004]

No it is NOT you I’m sure - you are rational - it is me I’m pretty sure I’m not - you are right these Square “reps” are liars and scammers - and I’m just trying to find the correct words or phases “zing” them into actually helping us. And truth be told I just do not believe there is much of a loan program anylonger - square in in financial decay with other Dorsey investments - all in all I’ll no longer be on here at all im content now with running the first (now four) sales Monday morning on my new Virtual terminal I just activated from my Stripe account which up to this point we only process $60k a year because Strioe was what we mandatoryaly had to use on a go daddy store we set up to sell parts - Good luck Glitzy - the rest of ya …. Eh!!

[brown17]

Just a question for you.  Honestly too. No Drama.    What bank is not going to hold your funds over a certain amount of money.?   Do you know anything over 15,000 is held up to 2 weeks for review before released with any bank??? Did you know most banks put a hold on money over 2500?   Do you know that most banks hold funds until they clear through payers account?   Nothing square is doing is abnormal.   Different than years past?  Maybe but not wrong.    Also square loans are exactly what they are.   Not traditional and based on you sales.   IF you are continually getting charge backs (not refunds) then it is a red flag.  A refund is when someone returns your product.   A Charge back is when someone calls their bank and says i did not make or agree with transaction resulting in an investigation which most banks clearly state can take 30 or more days depending on amount.     I understand your frustrated but coming on here screaming at Square is not going to change your situation, it is only going to annoy your fellow sellers who are all here supporting each other. Contact your local bank, provide statements from square showing your income and apply for a loan.    Then when your square loan comes through pay that loan off and build your business credit!   There is so much more you can focus your energy on rather than screaming at a computer.   Just trying to get you to look at it a different way.   Not being rude.    

[Tritter82]

Yes, every word of this. 

[VanKalkerFarms]

Not here to argue that you aren't having issues getting loan offers or whatever other issues as this thread is just such a mess.

I'm just commenting to say that just because you "just do not believe there is much of a loan program anylonger" does not make it true. It is demonstrably true that Square had almost a HALF MILLION individual loans last year. It is in every quarterly finical stamen they make exactly how many loans and what they total to.  Q4 2023 "Square Loans facilitated approximately 137,000 loans totaling $1.40 billion in originations, up 22% year over
year."  So NO, this isn't some grand conspiracy to deprive you of a loan and that they are lying to the SEC every quarter about making loans and how much they did in business, you just didn't get one but in just one day over 1,500 people did.

It definitely seems Square isn't working for you so as an owner of multiple business I wish you nothing but luck in finding a bank that will work with you and you have success in your business.  I have a great relationship with 2 local banks and that is the way to go not to swing from Square land to Square loan hoping another will come up.

[NRVGuru]

Well, it's March, we've reached 89% paid on our 11th loan, been paying steadily on it and still waiting on a renewal offer.

Had some slowing sales but still making payments, but that's small retail in a nutshell these past few months.

Our story's a lot less dramatic than others: It's a case of the Algorithm seems to demand infinite growth.

[HTB44]

Watch out now too. After posting my experience, square now seems to be deleting my responses from this thread. Tisk tisk Square. Turning into "fake news" Facebook now.

[GlitzyCow]

Well after reaching out and then telling me they’d get back via phone call, they messaged and sent me the now updated limit pre printed response on the eligibility page. They then said if I wanted to call and speak to someone I should call the phone number. Ffs. I feel like there must be classes and training people on how to be incompetent and dodge questions. Had to explain to the guy that I ALREADY CALLED AND THEY SAID THEY WOULD CALL ME BACK WITH ANSWERS. THATS HOW THEY GOT MY REQUEST FOR A FOLLOW UP!!! Gah this is infuriating 

[Jjbeautyco]

Just hit 68% lastnight … lets see how soon I get my next one .. usually get mine between 65%-70% and usually Thursday/fridays 🤷🏽‍♀️

[Tritter82]

I don't mean to sound rude in any way but I just don't understand why people are so dependent on the loans. I totally understand they are helpful, as I use them myself. However, I don't rely on getting them. If an offer appears and I see it being helpful I'll take it but it's not crucial to my business. 

I'm just trying to understand, maybe I'm missing something. 

[Jjbeautyco]

Hey yall, so just received an offer slightly above my last one but way lower than expected I guess.   Has anyone turned a loan down and if so what was the outcome ? Did they counter immediately after with a new loan ? Etc. 

[ianssoph]

In my experience they will lower it even more. But who knows with this algorithm.

[Twpchair]

Hello, congratulations first! Honestly on the whole I see that they don't get another soon at all or most (not all) it goes down. I just received my last one I believe 2 weeks ago as of Saturday and it was slightly higher than the last off in June/July  and I took it. Because I tend to get Saturday offers after a busy Thursday-Saturday and around 7pm eastern I get an offer. Nothing moves at least for me until Monday and then approved and deposited that night. I know some on the weekends freak out compared to my weekday offers are done, accepted and approved usually within 15 minutes but the weekends for me at least kick in and move fast on Monday. If you do accept it. I check my old loan and within 15-30 minutes my old loan is paid and new loan % circle is all green. Then I know I'm ok its just waiting till Monday. IMO if it was me and I needed it I wouldn't roll the dice and hope they double it. That doesn't seem to be the trend right now! Good luck and great seeing you again!

[Jjpainting]

I’ve never turned down a loan, but each loan I have received has been higher than the previous one. Mine were as followed, around $2500, $7500, $8500, $14500. The first one I got about 3 months after signing up with square and it took less then a month to pay off. Didn’t get my second offer until about 3 days following paying off 100%. Third offer was at 80% paid off. Fourth offer, and current loan came in at 66% paid off. But my current loan, even though it’s the highest one I’ve received so far, is still only around 10% of my annual card processing sales, which I find quite low. Would have thought it would be closer to 20% of my annual card sales since my last offer came in a little over a year of being with square. I remember one post of someone taking a loan offer at around 5% of his annual card processing sales, and he posted like a week later after it was only 25% paid off, and he had a new offer much more appropriate to his sales volume. 

For anyone that reads this, I’m curious what your offers typically are as a percentage of your annual card sales

[Jjbeautyco]

Thank you! I had a pretty big sales total and hit 73% pd off yesterday… they checked my account 2 hrs before my drawer closed then checked my account today (closed on Sundays but saw yesterdays end sales) and received offer right away.   I decided to accept it in hopes to keep a good standing with them for future offers.  

[Tritter82]

Mine seems to be between 10-12% of my square sales.

[Twpchair]

Mine are usually 10-12% I have been around awhile and I have never seen besides 1 say 5%? My highest years ago was 16%. I've been with square since 2014. I'm not sure if you will get 2 messages my phone decided to update when I hit the send button ugh!

[Solstice]

Almost 91% paid and early/on time. Everything in the green and no offer yet. Hopefully we get one before 100% paid which has been be past 3 loans 

[WyattJames81]

I received an offer about 10 minutes ago.

I was at 74% paid off on my previous loan.

My last two loans came at 84%.  

[Twpchair]

Congratulations!!!! 

[Pecard81]

My last loan came in December 19, it’s was for about 1/3 of the previous loan. I am at 66% so 74% is about 10-12 days out.   I’ll keep you all posted