Is anyone still recieving loan offers?

[Prov]

Is anyone still recieving loan offers ? and at what percentage was your previous loan paid off? i’m currently at 70% paid off and usually see a new offer by now .

[HC_Charlie · Accepted solution]

Hello @Prov thanks for your post. I know it's frustrating waiting for a loan offer, especially when you've been extended a Square loan in the past. There isn't a guarantee that you'll receive additional future offers, there are a lot of factors in play. Check out this article for some more info about loans. Eligibility may be different for every seller, and accounts are reviewed regularly. You don't need to contact anyone, just keep an eye in your dashboard if a loan offers becomes available.

I do know that loan offers are still available and are being offered, the only advice I can give is to remain patient. I hope you'll be able to receive an offer soon and wish you all the best in the new year. As a fellow business owner, I know how much new capital can help a business and I've also taken advantage of Square Loans in the past.

Good luck and happy new year! Thanks being a part of the Square Seller Community!

[Affordable]

Any new offers?

[Jjbeautyco]

I was hoping after a busy cc swiping day yesterday and today I’d have something but not yet.  I’m at 65% paid off on the current loan 

[Kaspitzer26]

We’ve been with Square for 3.5 year and are on our 7th loan. We just received our 8th loan offer last night (on a Sunday night). I will say this was the longest we’ve had to wait for a loan offer (besides during Covid) as we were at 89% paid off when it came thru last night. It was lower though than our last loan though.

So not going to lie, I was pretty excited and surprised to finally see an offer but I also was disappointed on how much lower it was when we’ve always been very ahead of schedule to pay off earlier than 18 months. I.e. The current loan we are now at 90% paid off is our largest loan and we got it exactly 11 months ago, so obviously paying it off was no problem. I’m not really sure how they decide on the amounts they give. We haven’t accepted it yet, we figured we would sit on it a day or two and decide.

But the positive is, they are still giving out loans and it is still very convenient 🙂

[Jjbeautyco]

Oh wow Sunday.. usually by Saturday night I figure nothing will come through until Monday .  I’m at 70% right now and in good standings so I guess just wait and see.  Congrats on yours even though it was low 

[Kaspitzer26]

Yeah I mean honestly almost every loan we have received has been on a weekend night I feel like, but I was still very surprised by this one and the timing too lol. I guess because they just seem so hard to come by in general these days!

But also, everyone’s acct is reviewed around the same time each day and it’s time stamped once it’s done (mine is done around 1:30-2:30pm). So it was even more surprising to me that my account had already been reviewed and it still showed “not eligible” then hours later it changed to an offer 🤷🏼‍♀️. 

[Jjbeautyco]

Oh I never knew that it was time stamped .. I’ll have to check that part out. I guess it really is random lol  I thought I had one today but the notification was for st.Patrick’s day. Lol 🤦🏽‍♀️.   

[Kaspitzer26]

Yes so at the very bottom of the section where it shows if you are in “good standing” or “needs work” for multiple categories. Right below the last category in that section that says “Loan Repayment— In Progress” it will say “Last Updated…” with a date and a time. That’s the last time they reviewed your account and you will notice it will be around the same time everyday, which the rep confirmed that was the case.

[Jjbeautyco]

Ok awesome. Yeah I see that now !  Good to know thank you!!!! 🤞🏽 

[Jjbeautyco]

Hey! Did you decide to except or deny?  I just received mine(less than expected) I’m in the same position of what to do.  I’ve always excepted but idk if I deny how long it’ll be before I get another offer.  Ugh the struggle 

[Kaspitzer26]

Sorry I just saw this! Congratulations on receiving your loan, even tho I understand this feeling and it’s a gamble lol. I decided to go with it only because they are def not as frequently offered as they used to be. I figured it was still extra money in my account in less than 24 hours and last time I had a loan around this size I was offered one 2 months in, soooo that would be nice if that was the situation this time too lol. Not holding my breath but still. But also, I took it because my daily percentage went down from 19% to 15%… so more money in my pocket there too. Granted, whenever that happens I just up the daily percentage that I put into my savings account lol (so now I put 10% into savings).

A couple of loans ago we didn’t realize the offers could go away, esp so fast. And we let it sit there because we wanted to at least pay the loan down more so we could get more (even tho it’s technically the same thing lol but still). Well when we went to accept it it literally disappeared before our eyes! But then hours later they sent a new offer that was higher. Granted, again, I doubt we would be so lucky for that again lol.

Did you end up deciding yet?

[Jjbeautyco]

Heyy no worries at all.  Yes we went the same route I didn’t want to take a chance and not get another offer for a long while.  So like you said it was more money in bank to do what I needed to    Fingers crossed to more offers soon 

[Kaspitzer26]

But thank you! I hope yours comes soon and also that they get more back to normal soon on their offers!

I know I shouldn’t be complaining that it was much lower than I hoped when I know we are all anxiously just awaiting an offer in general. But it’s a gamble on if I should accept or hope for a higher offer soon. 

[Stefanieblue]

Hello everyone…. I’ve been with square for 12 years and my loan was recently paid off.. normally I would receive an offer but nothing yet… anxiously waiting for new offer… do I have to wait for a grace period for them to reevaluate my account?  I’ve never had to wait this long… just checking to see if anyone has received one after paying off previous loan..I’m a hairstylist and I’m trying to relocate and buy merchandise and products… 

[Affordable]

I have been paid off for 2 months now on my 3rd loan. Everything is in the good status. I've done over $50,000 in 3 months and nothing but keep processing and hope for the best. Usually I would get a offer but I'm guessing they are backed up or not currently doing loans I'm not sure. But I hope the best to all. 

Affordable Ac and Heat LLC

[Sammie_C]

Hi @Stefanieblue,

Thanks for reaching out!

Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

At this time, 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.

Let us know if you have any other questions!

[Stefanieblue]

Update: I’ve noticed that a lot of people are experiencing delays after receiving their approval from a loan offer.  (1-8 days ). I’m paid off and haven’t received any loan offers.  Trying to see has anyone received an offer and how long was it after they paid off their loan?  

[Fordguy04]

Update for anyone waiting for loan offer. I was at 78% paid on my 7th loan. little slower time of year so I have had 3 times in last several months that my dashboard showed i needed to increase in my sales. I received and offer saturday night/sunday morning on dashboard. no email. They offered me slightly more than my last loan. making this my largest loan yet. I clicked accept and they processed and approved in 10 minutes on sunday i had the money in my square checking account. Hope that helps answer some questions some people may have. 

[Lynwoodloper]

I'm about to write to the BBB because there loan system is horrible. Your could be in good standing and loan paid off early like myself or everything else in the green and still your ineligible. What is if business is slow that quarter and you need that loan boost. You should be able to apply yourself. People are going to leave alone including myself if things don't change. 

[PartyManiaMD]

I'm sorry you're not finding Square loans to be useful. Most of us find Square loans to be helpful because they look at factors besides credit worthiness or collateral. 

There are tons of lenders out there that you can apply to, whether they accept your loan request or not relies on a lot of factors, including how busy you are. I think you'll be hard pressed to find a lender that will loan when your business is slow, even if it's traditionally a slow season.

My biggest advice is to save more when it's busy, I know it's harder in practice than in theory.

Writing to the BBB because you disagree with how they decide to loan out money IMO seems unnecessary, every lender has its criteria and one loan doesn't determine future loans. Think of it as if a customer writes a bad yelp review because of a policy you have; voicing your concerns is one thing and every business should be receptive to criticism but the reality is policies exist for a reason. Even for Square their loans go through underwriting I'm sure and there are metrics they use to determine how many loans to offer, how much risk there is, etc.

Best of luck and believe me I know how frustrating it is to not have the capital you need to keep going, I'm currently struggling hard but it's a culmination of market pressures, my bad cash flow management, and over-ordering when times were good.

[Lynwoodloper]

You misunderstood me me writing to BBB isn't because of a disagreement of politics I'm writing because I followed there policies met there requirements and yet I'm ineligible. I'm not the only person who has this issue I've talked to a lot of sellers on here and said the same thing. There not honoring there own policy is the issue I'm having. 

[Nancy__]

@Lynwoodloper 

We appreciate you letting us know about your situation. For account security, we will follow up directly. 

Thanks for reaching out.