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]

Congratulations!!!!! I hope you have a great New Year! Thank you for keeping everyone posted!

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[Simplicity1]

Same with us I’ve been paid off have had 6 loans with square never once missed or was late on payment all loans were paid esrly!! 

we close from Christmas into new years now all our filters are low and need work 

it’s heartbreaking the loans kept us going during our slow month and we used it to expand the business every year we processed 270k in 2022 and 225k in 2023 overall down by 16% but a customer went belly up and now we are being what seems to be penalized! 

id called square same old answers and we’ve been with them for 10+ years 

it’s sad and heartbreaking that we haven’t got a new offer and it seems we won’t based on everyone’s experiences 

i wish square would step up and get us a new offer!!!! 

[danengine2004]

We process $2.7m per year with square have has 3 loans over $200K never paid late etc. - always got new offwe at 75% - last loan was offered at $100000 only - and we took $92,500 hoping Square would reconsider our partnership - just paid off the loan in 4 months - NO new offer - again our sales continue to climb - obviously SOMETHING has changed - but Square reps act like it it AI that does all the thinking and offering - when you tell them that AI Must e programmed - meaning SOMEBODY must know what Square wants to do - well the reps who are paid to talk KNOW ABSOLUTELY NOTHING - YES SAD SAD SAD  - I thought I would give square a chance to resume our partnership which brought them in $100K in processing fees and loan fees each year but NO they are not interested I guess -  Bye Square

[Crosstimberkoi]

That is ridiculous.   What other systems are you looking into?  I've browsed a few but it took me 7 year to even get on board with a pos system from pen and paper.

[MrRoadside82]

I can't even see my metrics currently 77% paid off

[Twpchair]

https://squareup.com/dashboard/capital try this link. Sometimes I have to clear out my browser and it kicks in. If not it might be just a clitch error and it usually clears up soon on Squares end. If the link doesn't highlight just scroll down as an admin posted it and it's highlighted. Good luck and here's to a great New Year! 

[MrRoadside82]

[Twpchair]

Hmm, it took me a second to respond as I went to check mine out and I'll my eligible factors are there, my current loan and everything is showing up. You're wording in the screenshot isn't worded like mine though? I've had issues in the past were it went in and out but later that night or the next day was all back to normal. I guess I'm not sure why it says your business isn't eligible for the loan program? What type of business do you have?

[MrRoadside82]

Roadside assistance. It has said this for about a month now. This is my 4th loan

[Twpchair]

Hmm, I know others have stated their wording had changed from like mine it says you're business isn't eligible right now and click on the link for eligibility factors. I've never had you're type of business isn't eligible for the square loan program type thing. I would have to scroll down and see if they ever received another loan later on. Or if later on the wording has changed back to like mine. If your in the same business and received prior loans and now that pops up I would want to know as well! I don't know if they have changed any eligibility factors for any type of businesses that aren't already listed but those businesses usually aren't allowed to use square from the beginning 🤔 It might be worth a call and see what or why you're page is stating that. It could be glitch and they need to correct it on their end and get you back into the eligibility process for a loan?? I'm just guessing and going off of others that had that same message and no new offers and I remember 1 that was 6mths paid off and nothing. They had a mobile coffee business if I remember correctly. They had a few big glitches it seemed like july/August time frame. It's hard to keep track. People post about future loans and metrics but once they get a loan offer they don't respond back until the next loan type thing. I'll scroll down and see if I can find them and what they did. 

[MrRoadside82]

83% still says same thing 

[Crosstimberkoi]

I'm getting the same.  Can you still not see it?

[MrRoadside82]

Yes at 86%

[ftblmeme]

My last loan was fully repaid nearly 2 weeks ago. In total we have now had 5 loans, all paid before expected due dates. Another processor contacted me on 29th regarding onboarding and access to capital based on the business' lifetime processing history but I feel like Square is the best of the bunch, so I'd rather stay here. I will probably wait a little longer before switching elsewhere. Happy New Year!

[B-dot]

Square can take their loan eligibility criteria and shove it up their asses.  I'm definitely switching POS companies now.  I just got an update on my Square eligibility saying that my processing dollars went down, even though sales were up for the month.  The kicker.... I was closed Christmas Day!!!  

And the worst part, is I have a square card on top of this. Because I have a square card, Banks won't even look at me because there's not enough proof of processing going through to a bank account.

Thank you square for destroying a person's business.  Square can go to hell.

[ftblmeme]

When was your last loan?

[B-dot]

95% paid off with only 5 months into the 18 month term.  First loan was paid on two weeks, 2nd loan a month, 3rd and 4th loans in two months.  5th loan almost paid out.

[Twpchair]

We are normally open 7 days a week (retail furniture store) and during the holidays we close early Christmas Eve and Closed on Christmas. We did the same for New Year's. Our took a hit too and it is a blow to the eligibility page but I would assume most businesses have the same problem with hours and days off with Holidays in mind. Good luck to you and hope you have a great year going forward! 

[ftblmeme]

It updates daily, happened to me and then recovered a few days later. The average volume is what matters