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. 

[Bagofjerks]

Same question from me...  did you get a higher amount or a lower amount offered?  

Uncharted territory for me.  Really need some extra funding but tired of stressing over it.  

[Joeyr437]

Was yours an increase from the last loan or less? Seems weird some people are saying they're getting less.

[Twpchair]

I've been with square since 2014 and it was 4k less than previously and I'm up 62% I usually do 180k a year. 

[GlitzyCow]

Everyone is asking about when and it seems the smaller newer businesses are getting offers way before us OG square people. I’ve been paid for 6 almost 7 weeks. I have not gotten an offer and my sales have been amazing. In fact I used to prefer check payments from our vendors with the one side of our business but this year a couple have preferred card payments and I was reluctant because of fees but thought well what the heck it might get me a better capital offer to really open up the option for us to expand. Nope. Really regretting it now that Square has written me off completely with everything in the green. I’ve had about a dozen or so offers previously. Sucks. 

[Joeyr437]

Got mine at 87%.

Offer was about 10k lower than last but came at the right time.

[lisap1970]

Did you call and speak to anyone ? 

[Joeyr437]

No never tried to contact anyone besides here. I linked my bank account 2 months ago.

I process 380k a year and last offer was 10k more than this one but grateful for this. Looks like sqaure knows something about the future that we don't. All my #s have been above and beyond from last year

[lisap1970]

I linked my bank account about 3 weeks ago. I guess I will just keep waiting. Did your offer come in today ? 

[Bagofjerks]

Well today was the day...  My offer came in.  Slightly higher than the last one and the application is in Squares hands.  

This truly is a blessing.  Hold out hope Square will produce.

[lisap1970]

Did your offer come in today ? 

[HTB44]

How much was your last loan and what % paid were you? what was your new offer? Was the interest rate higher than last time?

[Bagofjerks]

Yes my offer came in 15 minutes ago and funded right now...  amazing.  Keep the faith, stay positive.

[lisap1970]

Thanks , I’m trying.  Just really worried. 

[HTB44]

We are processing close to 750k-900k for the year and our last loan was 82,000. We are 72% paid off and nothing. Not even today. Frustrating.  When I call they just read from a script and say the same thing over and over. "sorry we can't manually look at it you just have to wait".

I think that is where most of us get upset.  We pay tens of thousands of dollars in processing fee and then thousands of dollars in loan fee that we are willing to pay to advance the business and they just say "sorry guys, nothing we can do".  

[lisap1970]

I think you are right. I don’t do near the volume of sales your business does. My loans are much smaller and still nothing. I’m sure if they review our businesses like they say they know that the holidays are big for small businesses and inventory is a must. I’m trying to be patient.

[Stefanieblue]

Has anyone received any offers after 50% paid off? 

[lisap1970]

I used to. But now at 81% and nothing. I’ve called and get the same scripted response from Square. Trying to be patient. 

[Denijo72]

My last one in june was at 51% .

[HTB44]

No. Never. Always 60% and above. 

[TrendzbyM]

Im at 62% paid off and I don't think ive  ever had one this soon. I'm hoping one will come soon though because I'm moving to a new  location next month.  Im I'm the process of buying new supplies and furniture and could really use it early! 

[Paulynne]

Square has done a great job with distributing loans to us, usually it has been between 60%-70% paid off. The loans have helped us grow tremendously. I’ve seen people get new offers as low as 40% paid, we are at 46% paid off and would love a miracle like that to happen.