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. 

[Miguel817]

I’ve been wondering the same thing. I’ve had several offers in the past and it makes me wonder if they’ll continue to offer loans after their change.

[Ralphael84]

I’m at 90% no loan offer no charge backs same consistency actually better but no laon offer

[sayra]

Hello @Ralphael84,

Square continues to consider all of our Sellers for loans, if your account qualifies for one, you will be notified by us via email or on your Square Online Dashboard. Take a look here for account-specific offers. 

Hope this helps!  

[Ralphael84]

I just tried checking my loans tab and no tab is there could they be re evaluating my account also tried checking online 

[Dvcarwash1]

I’ve successfully paid off 6 loans over the past 5yrs and my last loan was paid off six months ago and I haven’t received a new offer. Even with the pandemic my sales have been solid with no chargebacks but still nothing. I think Square Loans is putting a lot of their time & effort into the PPP loans/forgiveness loans.

hopefully they’ll get back to taking care of their good customers who have been with them from the beginning!

time will tell!

[Eric007 · Accepted solution]

Hi @Dvcarwash1,

We appreciate you taking the time to reach out.

We thank you for your patience during these difficult times. We understand the challenges you have faced and are proud to partner with a business as resilient and flexible as yours.

COVID-19 definitely forced us to take a step back and recognize how this virus changed how our sellers do business. New signals and criteria are consistently incorporated into our lending models to ensure we can best serve you. Eligibility and offer sizing for Square Loans program is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency. More details on eligibility and offer sizing for Square Loans can be found here.

While we do not have a specific timeframe for when another loan offer may be available, the Square Loans program will continue to automatically review your account for eligibility. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

I hope this information was helpful! If you have any questions about Square Loans please contact the Loans team directly.

[meltjen]

I have received numerous offers- most recently a week ago I had up to -18k and just got an updated one in my email for 4,500???? That’s less than 4xs the amount and my business is just as busy if not more so? Very confused about this drastic change. 

[Cameron_]

Hi @meltjen, 

Thank you for your question and being a part of the Community.

Offers through Square Financial Services are only available for a limited time meaning offers can expire or fluctuate. We are constantly evaluating your account (even if you have an active offer). You’ll continue to see an offer for as long as you are eligible. Eligibility is based on a variety of factors, including recent Square processing volume, payment frequency, outstanding balance, and account activity. To learn more about Square Loan eligibility, visit our Support Center.

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

[Sharkala41]

I use to get offers before Covid and have paid off 2 loans with them.

[Miguel817]

A week ago I posted asking if anyone had received a loan offer in 2021 since the recent changes. Recently, I was offered a loan greater than the previous offer at 69% complete which is great to know. 

[Extremebeauty]

Your lucky!!!  I’ve been paid in full for WEEKS now and nothing. 

[MoverGuy44]

Not yet, and we are overdue! Many loans in the last 6 years. All were offered new loans at approximately 67%. Current loan is paid off at 97%. Nothing yet.

- Mike

[ladyvandal]

Has anyone gotten a recent offer on Square Loans?

[Rlwood34]

I got an offer back in March at 62% but then was declined (due to chargebacks). I have had plenty from them and this was first time declined.   Very sad but last year was very challenging for us all.  

hopefully I will get another offer soon 

[Miguel817]

Yes, a couple of days ago. We were offered at 83% complete. The amount was the same as the previous loan but it was better than nothing. 

[Pressure38]

Congrats

[Le_t87]

I have one currently on the dashboard. My 6th loan. I was only 68% paid on my 5th loan so I will be paying it down more to get closer to the full amount. My current one was a tiny amount in comparison to all my previous loans, but I would assume it was due to covid.. square is being cautious. My current one is right in line with my other offers, a little less but still good. All my other offers came in at around 87-94% paid!

[blingkings407]

Has anyone received a new loan offer sense 2020? i have had 3 loans sense 2019 all have been paid in full and on time. I have not been offered a new loan sense i paid my last one off in May of 2020. I have sent an email to them also.

[Minion]

 Loans are still being offered, but with much more restriction due to Covid guidelines in different states.

Here is some good information regarding Square's Loans form @Eric007  in this thread here.

Keep processing sales and hopefully soon you will get an offer. 

[Nellieo2]

Yes got one end of April at a seriously sad lower much lower amount than all others. Almost paid off got a new offer today. It's a little more than the previous but still about half wht I'm usually offered. I'm going to try to pay more before accepting it and hoping the next one is bigger. 

[Minion]

Congrats @Nellieo2 .  We received one as well at the end of April, (even still being shy of one of the requirements.). Very low amount, paid off with 6 weeks of CC sales and no additional offer through out or since. Trying to figure out Square Loans algorithm is like trying to figure out when a slot machine will hit.  Proccess Sale>Rinse>Repeat