Has anyone received a new Square Loan offer in 2021?

[Tran1313]

[The title of this thread has been edited from the original: Has anyone been offered a new loan through Square Loan? 03/17/2021]

Hi everyone! Has anyone been offered a Square Loan this year 2021? Is square still offering? What is the maximum loan amount Square is offering? I’m almost paid off but still haven’t seen any offers from Square. 

[Erikgalo85]

Hi, has there been new changes to your square loan offers. I normally get to around 80% and get a new offer for the last year and half. I’m almost done paying off my loan and have not received  anything. I’ve been reading reviews and users are saying Square is doing things a bit different now. Any info that I can get to speed up the next offer will help!

[isabelle]

Hey @Erikgalo85.

Because we cannot discuss account specifics on here, I would suggest giving our Square Capital Team a call. 

Additionally, take a look at our Becoming Eligible For Another Loan Through Square Capital article for more information. 

Let me know if you have any questions about this! Happy holidays 🎆

[Erikgalo85]

Very vague article and it’s not telling me anything I didn’t know already. 

[jmcgowen]

I was wondering the same thing. I’m almost done paying my loan not even a year and I’m not receiving offers either.

[apriljohnson74]

Yes, I am wondering the same thing.  I have consistently been offered a new capital loan through Square when my loan is almost paid off.  Now it is completely paid off and still no new loan offer.  The article about eligibility for loans through square capital does not help with answering any questions.

• Square processing volume.  - We process almost $10k per month on average, they (Square) want at least $10k per year.
• Square payment frequency.  - We process payments bi-monthly, they (Square) want consistent payments.
• Your customer mix. - We have a lot of returning customers and a mix of new ones also, they (Square) want a good mix of new and returning customers
• A healthy, growing business. - We have more than doubled our revenue since our first square loan 4 years ago, they (Square) want you to process more through Square.

Watch Out For These Factors

• Chargeback history. - Only 1 in 4 years.
• Multiple Square accounts. - Only 1 account!
• Failed debits. - Never happened!

According to their own Eligibility requirements, my business meets all of them and yet, nothing...  we didn't even slow down for COVID-19.

[paulamartin]

This was 2019 & 2020. Are there still no loans now in 2022?

[Laura123]

Hello @paulamartin,

Happy New Year, and thanks for your question! The Square Loan program is still ongoing in 2022.

We appreciate your loyalty when choosing to partner with Square for your past business loans. Please know that your loan history is reviewed in determining loan eligibility, but there are other factors of your account that are also considered.

Currently, offer eligibility is based on payment processing data, which means eligibility can change as frequently as your business does. Loan processing data includes your processing volume and your processing history, such as failed debits, chargeback history, and changes to your processing behavior, among other factors.

We understand that it is frustrating that we can’t guarantee that you’ll receive a new offer because you’ve had previous loans with us in the past.

Square accounts are reviewed on an ongoing basis to ensure that each business gets the right customized offer. We can’t predict if or when your business may be eligible for an additional Square loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

If you have any other questions, please feel free to contact us directly.

[Joe]

Hi there, @Tran1313 👋 Thanks for reaching out and asking your question here on the Community.

Just a quick note, I've gone ahead and moved your post over to our Loan Board. This will improve the likelihood that other Loan Sellers will see and be able to provide a helpful dialogue to your questions. Cheers!

[Tran1313]

Thanks Joe! I’m new at this still 🙂

[kristenlprice]

Has anyone got a square loan lately? I’m edging close to finishing this one out and have always got them around 60-75%. I know they paused during COVID but I’ve since got one. I know they’re talking about PPP loans but just wanted feedback on what percent and possibly how much? I know this last loan for me was a shock at how low it was compared to my others that I pay off very quickly. 

[Joe]

Hi there, @krisenplace - thanks for joining us here on the Seller Community!

Just a quick housekeeping note, I've gone ahead and merged your post into an existing thread Square Loans Board, this will increase the likelihood of dialogue concerning loans with other Sellers who may be able to answer your question with their own experience.

Let us know if you have any questions! 

[heavymetal1]

Has anyone received any new loans after paying off a recent one that was much lower?

[facegirlbyday]

No offers here, 90% paid off and never missed min.  Before used to get offers at the 80% payoff level. 

[Ralphael84]

Yeah me too I’m at 81% no offer 

[Erikgalo85]

I received 2 offers this year so far and I'm at 71% on my current loan unfortunately my business has grown and with the comes new clients and chargebacks, I've had my first ever charge back a few months back and it was exactly the time I was reaching my 70 percent mark. I feel horrible because its a time when my business needed it the most and I have processed more then ever these first 3 quarters of 2021 with square then I have before. I did a little over 50k in just the month of May which I though would be great for the loan offer and would override the chargeback dispute I had . unfortunately I'm still waiting and I don't know the time frame on how long that will take.

[kristenlprice]

Wondering same thing 😞

my last loan was low compared to what I’ve got in the past and it’s nearly paid off. It was from the end of 2020

[ryanwanner]

Hello @Tran1313 and @kristenlprice !

Yes, Square Loans is still making loan offers. However, it looks like they're being a lot more particular about when and for how much.

The best advice I have is to make sure your business is looking as good as you can:

• Continued stable sales, preferably increasing
• No chargebacks or disputed charges

Other than that, the best thing to do right now is hang in there until you're eligible with their new rules.

It's not just Square Loans that's really restricted lending right now. I have a friend who owns a small chain of pizzerias. He paid off the latest store's build out in less than six months, each store is seeing explosive sales growth, and his credit score is quite high. A traditional bank said that even with all those positives, they wouldn't lend to him because he's in an industry that is struggling. Square Loans is a lot more flexible than a traditional bank, but they're still seriously looking at every loan offer with a darkened outlook. 😞

[fullcircle]

We've had 9 Square Loans in 4.5 years and recieved an offer 10 days ago, only to be declined for the very first time because we began selling a CBD-infused sparkling water during the pandemic. We are a restaurant/bakery/coffee shop, just trying to attract new customers when we were only able to do takeout for an extended period. I had no idea that was a deal breaker for Square Loans and would never have begun selling them had I known. We immediately pulled them from our beverage cooler, removed them from our Square online store, and are patiently waiting to see if we'll ever get another offer. To say I'm heartbroken is an understatement. I have been so happy with everything Square has to offer, but this feels like a huge blow at a time when we need the working capital the most.

[rigonidj]

HI Ryan, We had a similar decline recently and was curious if and when you received another offer from square?

Thanks Dan

[Miguel817]

I had one shortly after this last post and it was larger than the one before post COVID. Now I’m currently at 77% and I’m wondering if they will offer another loan since things are changing with square. If anyone knows or has had one in the month of August please chime in. Thanks!