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. 

[TheRealChipA]

Honestly I think that @aceshighcyclesh‘s post makes a lot of sense. As I understand the workings of the “Blessed Loan Algorithm,” it is constantly working behind the scenes. It seems to me that when an account is being reviewed, that that account’s factors are inaccessible. But then they show back up again. 

One  would only notice this a lot if one was being obsessive about checking on their next loan. But that’s just my experience. I check it a lot when someone mentions this “white ineligible” screen. These days, since I don’t count on a loan offer, I just wait for the email. No email, no loan offer. My Zen state thanks me. Ha. 

[aceshighcyclesh]

Awesome! So happy for you!! Were you also on that terrible ineligible white screen as well when the offer came in? 

[brown17]

yes I noticed they now time stamp and date it updated under factors on a daily basis.  Ususally anywhere between 2-4 pm eastern time 

[Hudson7484]

Awesome! I finally got an offer today at 83%. It was 3k less than my last loan but I can't complain! Not sure of a reason for the drop though.  The part on my screen that said I was ineligible was gone and a few hours later I had an offer. They accepted my offer within an hour. Anyone know how long before I see the funds?

[DD_2019]

Mine took about 10 minutes depositing it into my Square checking account. 

[Sammie_C]

Hi @Hudson7484!

Thanks for your question!

We send your loan funds the next business day after your loan is approved. Your bank’s processing speed will influence how quickly funds arrive in your bank account. It can take 1-3 business days for the funds to be reflected in your bank account.

You can confirm the bank account on file by signing in to the Bank Accounts section of your Square Dashboard.

Learn more about Square Loans in our Support Center.

Let us know if you have any other questions!

[Ralphael84]

I just moved to a new shop and I need a boost myself currently 91% everything green hopefully they help me out 

[Impress217]

I got an offer yesterday at 75% paid off but funds wont be deposited till May 9th, when is usually next day. But im glad I got aproved I needed it. 

[Me2018_]

Glad for you. Was you offer higher or lower than your last one?

[Swain]

I got an offer finally!!!! 77% paid off previous. Hopefully it goes through asap!

[Me2018_]

Glad to hear for you. Was your offer more or less than your last amount?

[brown17]

Awesome!  There is hope. Lol.  Did you have anything weird happen before?  All of sudden it's says my processing volume took a dip but it clearly took a climb lol

[Me2018_]

Mine said the same but my sales been down the last 2 weeks but mime changed to good today with 97% paid 

[brown17]

I had one day in past week where i didn't have any sales but 22,000 more than last month.   Makes no sense 

[brown17]

There's something wrong. I see theybare having issues with dash oard.  I've been staring at my reports trying to figure out how they came up with my processing volume taking a dip.. it doesn't show any of my transactions from today...states 0 yet I had several

[Me2018_]

Did you receive an offer yet? 

[brown17]

Nope..they are now adding the dollar amount of sales in my criteria.. all my services are different prices.  Not everyone pays the higher price 

[Me2018_]

Are you referring to your processing volume?

[brown17]

Nope...I have always have high processing volume..just last week they added dollar amount of sales to my list.....sketchy huh?   I had close to 30,000 in April and beginning of May but for 5 days I had lower amounts come in but yes still processing daily

[Me2018_]

Anybody have any luck lately)

[aceshighcyclesh]

off the ineligibility screen and back to showing the factors but paid to 91% and no offer. The way I see it, the longer it goes the less comes off the top to pay back my current loan. How’s yours looking?