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. 

[Paulynne]

Anytime we get a loan through Square it’s a blessing. We have been fortunate enough to get funding since 2019. We never pay early, just let the sales cover it. I am hoping a new offer comes through for us to purchase inventory for the holidays!

[NRVGuru]

Do people see offers pop in before or after their daily check-in shows up? I've heard of some users getting random offers late at night and on weekends

[Pecard81]

I am at 81% and ready for a loan, I know better months are coming but would really appreciate it asap.  Keeping fingers crossed 

[Koleen1234]

I have been patiently waiting for a loan. I am at 85% all green and still nothing 

[Pecard81]

Now 82%… 

[Fca]

I know there isn’t a set time but I want to know the rough timeline of a new loan offer after being denied. I was denied due to 2 chargebacks. I was offered the loan when I was at 68 percent paid on my current loan. I was denied in the past and it took almost 3 months for another offer. It was fully paid off before I got another offer. I already know the generic answer but I am just curious about other sellers personal experiences. 

[Twpchair]

I have seen others say 2 weeks and then it goes back into the system and their algorithm. I have not had it happen myself just seen others with the same question. A couple I saw with updates as people were asking it's was 3/4 mths later and no new charge backs either! Keep processing and try not to do anymore charge backs! Good luck!

[Kbs7]

Did you ever get a new offer

[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]

I am curious to know at least the metrics involved - if my average in transactions from Nv 15-Dec12 is $238,674.43 - then on the loan eligibility page it says my volume 11/15-12/12 is $206,449.19 why is there a difference there? THEN i AM AT NEEDS WORK FOR volume and my 11-15 12-12 is $206,449.19 and avg is $190,696 - can you explain haw that is called "needs work" Finally - I DO realize that at Square Loans is like a block box secret - our past 3 offers were $250K and now our last was $100K - I just would love to know if Square has made changes in their loan program at all   

[GlitzyCow]

You said you’d never get one again making everyone here believe they quit lending and planned on switching, yet here you are complaining you got one but it’s not enough. I’d love to get an offer I’ve been paid for over 4 months! 

[Pecard81]

I think a lot of us have said things because there is no clarity on when and how much we may get.   I am at 89% today and have considered both sides, should I take it if I receive it or should I buckle down and safe the close to 5k I pay back a week…I can tell you if I receive a offer today I would take it 😂

[Pecard81]

What % paid off where you at when you received your new offer ?

[Pecard81]

Iam at 82% and hoping for the best! 

[NRVGuru]

Reached 80% here, thanks to a pretty busy weekend. Some extra funds for holiday stock would be good!

[Pecard81]

I hope we are getting closer, I too would love the extra funds asap

[TrendzbyM]

I just reached 78% and hoping for one soon too!

[Twpchair]

I was always in the 70-76/78% range my last loan in June I was at 91%  that was the longest I've ever waited. It's hard during June, july,and Aug it seemed to trend a higher % paid off. Now, I'm seeing more back in the 70ish range again.  Good luck and please keep everyone posted it does help other users coming on looking for good news!

[Simplicity1]

86% and all green still nothing.... the part that sucks is we had 4 disputes this year from 2 customers ( 4 transactions) and that hurt us but we are right on par maybe a little higher on sales, volume is good, everythig is green.... Wish we could get a new offer, we have a customer who wants to do net 45 and a new loan would be amazing to make that happen and win some business back from a competitor. 

Note that our monthly payment is usually met 20-30 days before it needs to be! 

a new offer would be a game changer for my business!! 

anyone else in this situation? 

[Twpchair]

There's a lot of people who are right in range waiting. If you scroll down there is a list that a very awesome user post how many loans are being done daily, monthly etc. And how each year square adds more and more capital to their customers. Another one just posted they received their offer yesterday. I believe right about your %. They did not state any disputes. We're the disputes you had end in your favor? With our business our policy is no refunds so I don't have disputes and I know in their policies square said it's a factor I just don't know how big of a factor it is? Please keep us posted I'm sure others are interested to see especially if they've had disputes before or could help you. Good luck! 

[BulbaGore]

Checking in as promised, I received an offer today at 79% after a good weekend, and the offer was there right at the daily update time (between 3-4pm eastern).  The amount and terms are identical to my last loan, which is excellent news. Just waiting for approval now.