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. 

[Nellieo2]

I did get another loan. However it was a fraction of what I used to get offered. I did not get the ppp. I'm in CA

[Erikgalo85]

I received 2 offers this year so far and I'm at 71% on my current loan unfortunately my business has grown tremendously the last few years, and with the growth comes more new clients and with that can possibly come with chargebacks. I've had my first ever charge back a few months with square and it was exactly the time I was reaching my 70 percent payment mark on my current loan. So basically in 4 years that I have used squared I not once had a charge back until a few months ago. My business went from doing 30k a year to doing close to 500k a year. I've had months where I've done more then 50k.  I would have figured Square would have taken the growth and the issues that sometimes come along with growth of a business. 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  on an offer and I don't know the time frame on how long that will take if there might ever be an offer. Has anyone experienced this before, if so were you even offered a loan after a chargeback and what did the timeframe look like ?

[Cameron_]

Hi @Erikgalo85, 

Thanks for bringing up that question and being part of the Community.

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but businesses may become eligible for a new offer when an existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in the business directly rather than repaying an existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after a current plan is complete. Repaying an existing plan does not guarantee that the business will be eligible for another offer.

If you are not currently eligible for an offer, keep in mind, accounts are automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

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

[Erikgalo85]

Ok, you basically said everything I already knew. My question was to anyone in the community if they had an issue where they never had a chargeback and they finally did after years of being with Square never having a charge back and around the same time the loan is almost paid off the charge back happens. That was my question if anyone has been in this situation if so how long after, if at all did they get the new loan offer. 

[ArleneK]

We have actually had an paid back several loans and are in good standing and have received offers typically at 80% complete . But this time we paid off the loan months ago and haven't received any more offers , and like you we had a charge back about the same time our loan was completely paid off , after never having a chargeback , i'm thinking this is why no offers. The chargeback is supposed to be resolved according to Square early next week  . Maybe then . We have always paid early and have nothing negative except this one chargeback over 8 years. So I guess we'll see . 

[Cameron_]

Hi @ArleneK, 

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 questions, please feel free to contact us.

[rzrshop]

I really with they would give me some insite on why we have not been offered any loans since 2019, and no chargebacks and our sales have not dropped.  

[JUYBoutique20]

Yes... I just took a loan through square last month.  

[rzrshop]

What state are you in?

[JUYBoutique20]

Sorry I'm just seeing this...I'm in Alaska.

[Tran1313]

I was offered a loan renewal at 75% paid down. It was half the size of my previous loan but it’s still very good.

[rzrshop]

Anyone getting loans in Florida? I have not had another offer since 2019, any help or guidance would be amazing.  I do not want to stop using Square but I could really use the loan for more inventory

[Kassi_]

Welcome back to the Community, @rzrshop - 

I went ahead and moved your post to a thread where sellers were having a similar conversation. 

There are a couple of Square Loan specialists that will be able to fully address your question about loan availability in your current area. 

Thank you! 

[rzrshop]

Capital specialist messaged me and said my business type is not eligible for square loans, what does that mean?  I cannot get an answer, 

[Violet_1]

Hi @rzrshop, 

Thanks for your post! Great question - I'd be happy to explain. 

Offers are based on many business factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact your eligibility for any potential future offers.

We do not have a specific timeframe for when another loan offer may be available. However, we 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.

To learn more about how you may become eligible for a Square Loan, please visit our Support Center.

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

[Itislv]

Square keeps putting out the same cookie cutter responses to everybody. I've had numerous loans from them over the years that were paid off long before they were due in full. Now I'm ineligible for unknown reasons with way more sales, no chargebacks, and overall better numbers. Their approach to explanations and practices are going to cost them customers in the long run.

[facegirlbyday]

Has anyone had a square loan offer in 2021? I haven’t seen an update on any thread from businesses who have experienced a new square loan offer?  When was the offer given at 80% or 90% or 100 % of loan payback?  Was the offer comparable to your history or much lower?  

[barksandbubbles]

Yes, we have had new Square Loan offers comparable to our 2019/2020 offers. No outstanding loans when offers were made. 

[Miguel817]

Yes. View answer above. I was at 69% when offered another Square loan. Plus it was more than the last offer. 

[Ralphael84]

I hope I get one I’m at 81% and need inventory for the holidays it would be great considering I’m always ahead of my loan payments by far

[Bella2019]

Is anyone receiving square capital loan offers in June 2021, I have paid off several early and always received offers at 80 percent paid, but my loan has been paid off over a month and no offer, I was waiting on Square before I reached out to other outlets, Just wondering if they are sending our offers?