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. 

[TrendzbyM]

I am moving to a new location in 3 weeks so I Reallly need it!

[Pecard81]

I am at 76%, I can only imagine I am getting closer! Let’s go square send it over, I pay on time and we both are happy 😃 

[Denijo72]

My last loan was offered at51% in june . Im currently at 56% . Thinking it will be awhile . I was super shocked at 51%.

[Jjpainting]

When that offer came in at 51%, how many loans did you have prior to that?  I’m on my third loan, at 52% paid back, which came when my second loan was 80% paid. But my last loan was still only around 6% of my total card processing over the last year. I’ve read many posts where they get loans that are around 13% of their yearly card processing amounts. That’s what I need right now 

[Denijo72]

That was my 4th and current loan.

[Bronze_Palms]

Sorry I can't provide feedback on this, but I have a question on loans if you're open to answering. I noticed fees are upwards of 10%+. Why would you move forward with a Square loan over going to your primary bank?

[Obulldogs]

While I agree Square loan fees are high, but I understand they take on all the risk. In fact, I never take the full amount offered due to the fee and the percentage of sales they take.  I just take what I need or comfortable with. Now that may change if they are not going to be offering as many or as much from now on.  As far as your question, I can't speak for other members, but I love square loans because there is zero paperwork, no credit reporting and repaying the loan is pretty reasonable. If you have a bad week or two, you're not in panic mode because you good weeks pretty much takes care of it. My minimums are paid 25-30 days early (square gives you 60 days to make minimum payments).  Banks will want their monthly payment regardless then tack on late fees if you can't make it.  I can only imagine trying to go through a local bank the amount of information they will want money down and then how long it will take (if approved) to get it.  I've heard of local banks turn down restaurant loans because it's too risky.  Square is within 2-3 days usually. Simple, no stress and probably for the most part approved. Square knows your business therefore they probably are not going to offer you something they don't think you can repay that's for sure.   But again, it's not for everyone but it works well for me. 

[Oxbow]

Cause theres no interest just a flat fee no paperwork no credit hit. My flat fee runs 2-4% of my loan with zero interest

[Hotbear]

Good evening everyone we received our 7th loan less than a month ago at 99% paid and it was way less and then at 37% paid they gave us another loan like 4 time the amount of loan #7 I can’t understand there algorithm 

[Pecard81]

Two loans In a month, good job.  Loans are being offered it’s just about hitting the right numbers 

[Jjpainting]

Maybe they realized that they screwed up and the loan should have been much higher 🤷‍♂️.  How much was your loan you just got compared to your past years card processing amount. My current loan is only 6% of mine. I’ve read many getting them at 13%

[photoguy2019]

Wow 37% definitely gives me hope i have been waiting 

[Elsospetto]

I’m 100% paid off since about 2 months ago and have always paid mine off early. Plus I’m always in the green on all factors. Despite all this I have no new offers. It is beyond frustrating. 

[Bdempfit]

Did you ever get a new offer? I’m in the same boat 

[Obulldogs]

UPDATE: 87% with only the original loan fee left.  Note: I made a prepayment to see if that would do anything after reading so many posts on here about different percentages etc. They said it can take up to 10 "business days" to process prepayments which I find ridiculous.  But....they took the payment from my sales on the 28th of October.  BTW...this was my December minimum payment balance that I wanted to just go ahead and get it done and see what happens since I'm close to payoff.  It's still showing "pending" into day 5 even though it was paid out on the 28th.  And as long as it's in "pending" status, I won't get any offers.  Nothing else that square does takes more than 3 days...even getting a loan. So, in my eyes it's more of a punishment to make any additional payments. So, I would advise not to, but I wanted to test the waters. I'll update any changes.  

[VanKalkerFarms]

Great news on Square loans for Q3 2023.  Even bigger and better and more loans than ever before.  11/2 had Square's quarterly results and Square loans was a big star.

Square Loans facilitated approximately 120,000 loans totaling $1.17 billion in originations, up 4% year over year.  Even in tougher financial times Square is still powering ahead and growing rather than reducing the number of loans.

Yes not everyone gets loans and not everyone gets loans offered at 68%, 75%, or 91%, but on average, almost 1,400 happen every single day.  So there are lots of people out there happy with a loan.  for every 2 people that post here a day they didn't get one 1,400 people didn't come on here to post they did, so you just have to remember that just cause 2 or 4 people said today they didn't get a new offer over 1,000 did start a new loan today.

[GlitzyCow]

Why can’t it be me 😞

I passed my three months paid off in full after a 5 week repayment, yesterday. Sad face. 

[eatMoroccan3119]

we are 98% paid back on a 98k loan. After e-mailing support with some questions I got an offer this morning on our dashboard for $30,000. That is laughable amount for us considering the last loan was $98,000.  We average about $80,000/month.  I don't understand this at all haha.   We will not take it and continue to process more.  Disappointed to be honest. 

[danengine2004]

Yes - we were at 100% for 6 weeks - average processing per month over $225K - year over year we are up $25K in total - our last two loan $250K - finally got an offer at $100K - they "say" nothing has changed in the loans department but obviously something has changed -  

[eatMoroccan3119]

Yeah, I don't understand it. 

The amount is not even half of what we process per month. 

[GlitzyCow]

That is exactly what happened to me on the last loan I had which was paid in full 3 months ago. Was half the previous and paid in full

b4 the first installment due. It was dumb to take it. Now nothing at all.