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]

My last one about 3 weeks ago was a tad higher than my last one. The one in June was a shocker about 1/3 less as well. The economy isn't stable, the market is hit and miss. I just saw last week they weren't going to raise interest rates. Hopefully, things will calm down and stable out. Lenders are really holding back in many areas. I know I see people come on here and claim this company or that processing company told me they would give me 100k day 1. SMH well, go look at their comments and they are saying the same thing! And it states in their policies 6 mths of constant processing before you are considered. Some businesses are way up others about the same as last year type thing but if you look around at the big picture were not very stable for an economy right now on the whole. Good luck to you!

[ianssoph]

My last offer was in August. I’m currently at 70% and usually get an offer every April and August. 

[Twpchair]

My last 3 weeks ago now I believe? I was between 81/84% and my offer came late Saturday after 3 really busy days! Monday it deposited. My prior one in June was 91%. I don't have my bank account connected either. If that helps?

[HillbillyDiner]

I’ve got several loans over the 10 years using Square— 

I’ve paid everything in about 6 months or less (last was $20k). Last month they offered me $55k and I modified it to $40k. They turned me  down.  No reason. No explanation. Nada. 
On my volume I pay more than I could with another processor— but I am reluctant to change because it’s inconvenient. Lol. 
I’ve contacted square a couple times with zero response.  Guess my business isn’t that valuable—

[Jjpainting]

That’s so odd. You elected to take less than the offer and they still turned you down. Messed up. May I ask what your credit processing volume was the previous 12 months prior to that offer?  I’m on my fourth loan, and since I’ve only been with square for a year and a half, with my first loan being 3-4 months of using them, then my second two months after that and so on, it’s hard to base what I think my next offer will be. My loans were $2750, $7550, $8500 and my current one is $14500.  And only that last one, was it where I had a full year with square. 

[Twpchair]

I've seen it before. I don't know if it triggers something in the algorithm and then someone has to pull it? There's a couple on here now approved accepted and then denied. Last they post they were still waiting on an answer or new offer. 

[Twpchair]

I've seen before and I'm not sure if they ever got a real answer as to why? The couple I have seen on here I don't believe that they have received a new offer yet either? They are on regular so I'm sure they will see this! Good luck to you! 

[Solstice]

Update: at 95% paid off and still no offer. So odd and it doesn’t make sense. 

[Twpchair]

My last one I was 81/84% paid off. The one in June was 91% paid off. They have been running smoother and around 70-80% paid off the last couple of months? I don't have my bank account attached either, my last one came after 3 really big days and Saturday night I had an offer accepted it and Monday it was in my account. Good luck and hopefully it comes soon!

[brown17]

Im at my busy time of season 65% paid off on loan and counting.   Hoping to see a loan to purchase some new equipment this year!   Watching my sales, they are more than my average so hoping comes soon! Usually see around this time of year when get going in our business again!    I've seen them come anywhere between 60% paid off all the way to fully paid.    Fingers crossed! 

[Jjpainting]

Yeah it’s so random on when an offer comes. I’ve seen posts on here where people even got offers with loans paid off in the 40’s% range. That was when the prior offer was super low and the current loan was like on pace to be paid off in like a month. I’m in my busy time as well. My last loan was in late November when I was slow.  From that time until end of February I only had 10% paid off. Then within the previous 5 weeks, like 40% more has been paid off. I’m hoping to get an offer in the 60’s. I’m doing very well in sales and financially, but another loan would help out a lot with marketing and some new equipment. My last loan which was double the previous one, came in at 66% paid off during a week when my sales were 250%  over average.  I’m pretty sure that’s the main thing looked at for early offers. 

[Twpchair]

Yeah, I agree when you very good days in a row it triggers that Ole algorithm imo. My last 2 came after 3/4 days of double to triple normal days. We did have sales going on both times and more customers came in. I'm retail furniture store. 

[brown17]

And no dashboard update today....

[Twpchair]

Yes, I've seen a lot especially seasonal ones that for 3/4 mths zero to little credit card actions and then boom! They are processing like crazy and big amounts. That usually triggers a review and they can go back and look at previous years and see you are seasonal and this is the norm for you. I'm retail furniture store and last year did 2 custom kitchen cabinets uppers and lowers both with islands. Each over 8k in 2 days and it triggered the system too! A lady from square called asked about the purchases and a little about our business ect. She got a better idea of what we did and noted it in my account and no problems at all. But if we normal on a weekend do 3-5k and now add in 2 in a couple of days over 8k that will do it. I'm sure they will look at previous years and no biggie. Hopefully, it triggers a loan offer soon following that! Good luck!

[brown17]

My increase in processing is definetly triggering reviews...under review again immediately after taking a payment just now 

[brown17]

Yea im way up there too 74% paid but still nothing 😞   i have received offers before after my dashboard updated to not eligible for the day..holdimg out hope that happens again! Lol

[Twpchair]

Good luck and fingers crossed for you too! It's so hard to tell compared to 3/4 years ago. Hopefully, it will be in 70s again soon! 

[brown17]

Really thought I'd be coming up, huge week ! sales & processing way up...guess my theory of doing more than your normal was incorrect lol.   Still crossing my fingers its soon!  At 71% so literally could be anytime now.   Oddly I had like a 4 hour period where my account was randomly under review a few days ago????

[Twpchair]

Could be with increasing sales over a short period triggered a review? That might not be a bad thing. I had 3 extremely busy days and late Saturday night that's when my offer came in. We had a 3 day sale going on and did 2-3 times the processing and I think that's what triggered my offer at 81% and by the time Sunday came is was 84% paid off. Monday money hit my account.  Good luck! I'm sure with the way your processing or volume it should be soon!

[brown17]

That's what I was thinking to I tripled my sales in less than a week....we are very slow between dec-march...we do lawncare/landscaping 

[Twpchair]

Yeah, I'm sure they know what kind of business you are (seasonal) and it will trigger the Ole algorithm nobody can Crack! 😆 🤣 😂 it's just so random anymore it's hard to nail it down like 3/4 years ago I could almost pinpoint between 70-75% an offer was coming in and now nope 🙅‍♀️ everyone and every business is different and all you can do is keep working and swiping those cards!