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. 

[Twpchair]

Many businesses in my area (central Michigan) have started posting on their doors 10% off for cash or checks. I have customers now asking me do we charge a fee for cards? We do not charge extra unfortunately,  we absorb it by adding to cost. Many businesses can't do that and I get it really. I'm retail furniture so we can absorb some of the cost. My last loan in June was 13% I see now a lot of 20% ? I don't know their offers or anything but 20% is harder to absorb and in my area people are using more cash now vs card. I have no problem meeting my payments. I'm already into the last of my payments which I believe whiteout looking was 18mths and I'll have it paid off in December which is roughly 4mths of the 18mths. So I get why people once they met their pay off can offer a cash or check discount. When you don't know when or if you're next loan is coming in the end its up to us as business owners to do what's best for our business. People get frustrated and I understand that but square clearly post there are no guarantees when or if you get another loan. 🤔 that's why I try so hard on here for people to keep processing and swiping away but in the end you pay your bills and only you know what or who is best for your business. I see more and more each day of businesses posting they are making a million plus and hoping for the next loan. Imo square is great and has been awesome for me since 2014 with so many loans but you can outgrow what you think or want out of them. Square is still every day giving out loans and growing as well. We just don't always see the 1000s that get them as they don't post here. I honestly don't mean this message for YOU but just in general so please don't take it like I'm talking to just you but just in general ok. I stay on this page and help and encourage each and everyone tomorrow is a new day and just do what you can to make your business the best it can be! Good luck to you and I hope you have a great holiday season and an even better new year!

[Pecard81]

You can’t keep cc fees unless you don’t take credit card.   Then you just would pay them.  

[MuttWorks]

Everyone on here seems to totally understand that information. It is just stressful to not know where we stand or when the next offer. That is what is frustrating. We are doing everything right including paying off the loans early because revenue is so good. I personally love that part of every transaction is going to pay back my loan. I didn't ever have to actually make a loan payment, but even with growth and perfect payments, we are not getting new offers. I for one was seriously banking on a new offer to help cushion our move since our growth has been so much we grew out of our building we were in. But new building is additional up front costs and it is depleting the nice cushion I was able to build up from our first loan through Square. But an $18,000 loan paid back with $2700 interest in 6 months is a pretty **bleep** good deal for Square. Considering I (and others) am willing to pay higher processing fees for the access to those loans, when they stop coming, people are going to start shopping around and Square is going to start losing clients. I for one will not be adding any additional fees on our square account and even though I love the payroll option and my employees love it as well, I may need to start looking around for another processing company I can do payroll through as well. 

[CCravings]

I actually paid off my loan this weekend at 9 and 1/2 months all is green. It was a 16k loan at 16.5% so I am thinking about just weathering the storm for a short season 35-45 days and just not look for another loan from Square. I decided I am not going to stress anymore about it 

[Magik5tattoo]

Also in the same boat, I’ve had I believe 14 or 15 repaid loans and similar processing volume, upwards of 300k annually and I’m at 70% usually get my new offers around now. I also see the new option to link my bank. Can someone from square join this thread and give us some insight as to how it will affect our future loan offers? 

[_Violet]

Hi @Brooke34 @ApexSupply @Magik5tattoo - Thanks for reaching out to us here on the Square Seller Community👋

I went ahead and merged your post to an existing thread where other Square Sellers have discussed this topic as well. 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. 

Please see the reply from me which has been marked as the Best Answer to this question regarding when new loans may become available.

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.

[GlitzyCow]

Yet another useless generic reply from square. Did you even read the question? Answer, no. 

[ClareJ]

I’m also curious about the new linking your bank option. I’ve not done so yet. I’m at 81% and haven’t received a new offer. Yet, I’m wondering if it’s because I haven’t linked my account?

[HTB44]

Yes we don't need to contact but to have no answers as to any aspect is like others said, frustrating and uncaring and scripted.

"It automated. It's out of our hands. It updates on its own" Same answer over and over. We have so many other proceswsing companies trying to get us to switch.

[brown17]

The amount of people on this forum stating they are no longer giving out loans is ridiculous.     Stop with the misinformation.  Believe me if a major CC processing company who helps small businesses (small, not large) and make a huge profit margin on them stopped giving out loans believe me you would know.     Enough already.  This forum is suppose to be here to help one another not bring them down.     Very discouraging to come on here and connect with other sellers only to see all the negativity.   My experience is there are times for no reason you are not offered a loan but then they start back up again.    There is a reason only they know, you are not gonna figure it out.    Stop stressing yourselves out!  and no connecting or connecting your bank has nothing to do with being offered a loan either way.  And if your making a million dollars in sales celebrate that hugh accomplishment and go get a low interest loan from your bank! 

[HTB44]

People are frustrated with zero clear answers. And clearly they aren’t giving out loans like we have all experienced in the past or there wouldn’t be so many of us saying “what is going on?!”  Don’t diminish other experiences because you think it’s not reality. I have ALWAYS gotten a new offer every time at 60-62% paid and we are at 76% paid and nothing with 40% increase in sales this year. The silence on Squares end is BS and they loan from within and not through a bank but have zero answers… ever. So many other processors are up our butts asking for our business and we pay a TON to Square in processing and loan fees. They should have the decency to give us some answer other than “we have no answers and you are SOL” It’s rude and insulting to all of us that are willing to pay the large loan fees and keep sticking by Square when they don’t offer the same favor in return. 

[Koleen1234]

I completely agree with you. Have been with square for many years and my business counts on these loans. The last month has been so stressful. I am so sorry this is happening to everyone. I have look at other processors and I must admit I might be changing by the end of week. Square can’t give we am answer 

[brown17]

Anyone else not able to get to the loan screen???

[Jjbeautyco]

Yeah mine is currently not even an option to click on and I received a loan a month ago 

[brown17]

72% no offer sales up all factors are "good". Nothing to do but wait.   I don't think I will see one for a bit.  My balance plus another loan fee I think is still too high for them to offer me anything.  The posts on here are stressing me out. Trying to stay positive.  I don't typically "need" the loans but recently had some costly repairs so it would help lessen the blow.   Justbremember everyone situation is different...im wondering if they are watching the "type" of business your running.   Seems alot of covid is coming back, in my state anyway.  Schools and what not.  

[brown17]

If you all read through the forums this has been going on for years...do I think something has changed since their system changed yes but what I don't know.  But reading through older forum people have always been commenting on same issue.   

And for the ones saying g clover is getting immediate loan approvals don't believe them.  The grass isn't always greener on the otherside.  

Quick and convenient: Clover Capital is a fast and convenient merchant cash advance, repaid through a fixed percentage of your users' future credit card sales. Simple to qualify: Businesses must be active for at least six months with a minimum processing volume of $1,000 in Visa & MasterCard transactions.

[Koleen1234]

Actually in response to comment I am looking to switch over to them. For capital they just need 6 months of current cc transactions. 
I was told a lot of merchants moved to them because square was down for a day. But who knows 

[brown17]

on chat with them now.    Here is their response to loan question.    Also they are verrryyyyy expensive 

After 6 months, you can apply for our Clover Capital program to get funds to assist your business.

[Koleen1234]

They are approving people 

I am in the process of getting approval 

I will give full details when I know 

[brown17]

Received an offer today.   76% paid.  Same increase I've been getting with each loan.   I did not connect a bank.  I received the offer AFTER  my dashboard updated for the day and stated I was not eligible.  

Here's my opinion.  Hate me if you want.   First everyone's business is different.   

They repeatedly say everyone situation is looked at differently.   I think they watch habits, downtime, type of business and probally so much more.    Over the years I have been with square my loans come 3-4 times a year and follow the pattern of my up and down times.   

Third...this is where the hate me if you want comes into play...square loans are designed to help small businesses.   If you are processing half million or more a year that is not considered "small" business in these types of loans.   They also have a cap on what they will lend. These loans are meant to help businesses who don't fit the criteria for tranditional loans (gross revenue, credit).  

Lastly...people keep talking about interest is high.   There is no interest on these loans.  That percentage is the amount you pay back with each transaction.   The only thing you have is the loan fee...the higher the loan the higher your pay back percentage/loan fee

Do not give up and do not go by someone else's situation.   

Good luck! 

[pawsperrydise]

This generic response is of zero assistance.