Is Square still offering loans?

[lschisler]

Is Square still offering loans?  I had an offer as of last week and now it is gone.  Nothing has changed with our business.  

[Kassi_]

Hey @lschisler - 

Welcome to the Community. 

Square loans are still available. I would suggest reaching out to our Loans Team directly for the status of your loan. 

I do know they were experiencing a issues with loans dropping off of the Dashboard. They would be able to shed some more light on your account status.  

[Prolandscapes]

Now keep in mind I am not new to square loans. I have successfully paid back 9 loans from square. Back in july i took a $12000 loan thru square and as of today i owe less then $500. The only answer ive ever got from square is i will get n offer when im eligible. I find that answer very insulting with the amount of business ive done with them. Nobody can tell me why im not eligible when i have been in the past n nothing has changed! So is square still in making loans? 

[murrietaPC]

They keep giving the same answer, but in my case, my volume has been higher in the last 6 weeks than ever and I paid my last loan 6 months in advance ( 4 days ago) and nothing..

I used to get an offer when I was around 80% paid

[elriverpark]

Same here

[isabelle]

Hey @Prolandscapes and @murrietaPC-

Thanks for posting in the Seller Community. 

Given the nature of your posts, would you mind giving our Loans Support team a call? They review accounts individually, and I want to make sure you get the most account specific, accurate answer.

If you're having trouble getting in touch with them, please send me a private message so I can create an email case for you. Thanks for your time. 

[Prolandscapes]

I spoke with someone thru email. And the best answer I received was whenever i become eligible i will see it on my dashboard! In the past i would have been eligible months ago.   Isabelle i just want to thank you in advance and I appreciate your response compared to the last guys indifference. I will definitely give them a call. 

[Joe]

Thanks for sharing your experience here, @Prolandscapes. We look forward to hearing from you!

[RadioMcG]

What did the say? Usually their response is that the CANT review individual accounts. Curious if they helped you out? 

[Prolandscapes]

RadioMcG, u got it right! Same ole indifferent cookie cutter response. Still not eligible at this point. 8 PAID LOANS, 97% paid in 8 months on the 9th loan. No charge backs or disputes. No new loan offer. 

[RadioMcG]

But they still claim to be giving them out? Seems as though the PPP application is replacing square loan?! 

[Prolandscapes]

Ive often wondered this myself. 

[ecantiques5]

@RadioMcG @Prolandscapes @Joe @isabelle 

I think you both are on the path as to what they are doing. I was thinking last night with reading the posts coming in from sellers experiencing loan estimates for Square's PPP platform that were bellow the 2.5 multiplier for monthly payroll. So something is not adding up.  I suspect that Square Loans ( or Celtic Bank )in order to protect their interests have applied to be a PPP facilitator in order to merge their Loans program to the Federally backed PPP program. I could be completely wrong, but it could explain why it took them so long to roll out a PPP application for their sellers and why they are not making the past algorithm eligible offers to sellers.

Wishing the best to everyone on moving their business forward.

[rsc1]

I am in the same boat with 9 loans paid off had nothing change with my business but no offers from square....has anybody got an answer from square. I believe they switch there focus to PPP loans...I am starting to get offers from other merchants, but hate to leave square but I get no answers from them. 

[ecantiques5]

@rsc1 

I say this with a sad heart.....but...welcome to " Square Loans 101 ".  They need to address the many concerns their sellers are expressing about the ambiguity of the Square Loans program. You would think with all the hurdles & challenges Small Business owners are facing Theeeeee VERY LEAST Square can, could and SHOULD do is to be upfront & honest about the ending of the Square Loans program.

[RadioMcG]

Their email response still states they are offering loans. But they are not. 

"I totally understand you're concern and let me tell you that we will continue to work with loans through Square, actually we are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan.

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. We determine eligibility based on many factors including your processing volume and Square history. To learn more about Square Loans eligibility, visit our Support Center."

This answer would usually make me feel like an offer was coming soon BUT no one is receiving offers. We just spoke with several other platforms today, and while it will take a little time to get the history going with them, at this point it is probably worth it since nothing seems to be happening here. We are doing better than we have done EVER, so I know we would be eligible if they were actually being offered. It appears many are stating that very same scenario. 

[Florilege]

I’m in the same boat. Emailed support twice but no answer. Loan is fully paid. 

what other merchants should I look into for loans? Thanks! 

[Twpchair]

Pay pal does, my business neighbor uses PayPal and her offers are 2x more than my offers, I've paid all mine off, never missed a beat, multiple loans, only one return in 7 years, we're open and swipe 6 days a week. My credit is good. She has a flower shop roughly 50k and got a 20 k offer. 😆 and that I saw as it was her first, and had questions about it. 

[242House]

I see this thread has been going on since April.  Has anyone recieved a Loan yet?  We are in the same boat, our business is 2X last year, growing every week with 60% new customers.  Has anyone recieved a straight answer from Square?

[Twpchair]

Nope, not here yet! I'm at 74% I believe and the same boat as you paid all my loans, didn't need help during COVID, etc, in 5 years I only had one return. I'm going to go out on limb and say it is probably not going to happen. It's a shame for well-established businesses that obviously we're not going anywhere! Keep me posted and I'll do the same! 

[rsc1]

I received a loan. I was completely paid off from last loan. Waited 6 months then finally got one...half of what I usually get though. I believe they are trying there best in these uncertain times.