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]

Did you get a offer yet? I'm 100% paid off for around 2 weeks now with no new offer. All my statts are in good on my profile. I'm wondering if they are offering any loans still in 2023?

[Twpchair]

I received 2 in 2022 both around 76-78% paid off. I'm oround 56% on this now. 

[Twpchair]

Please let me know how that works out for you if you don't mind going cashless?

[Jalisco20]

Im also at 78% and haven't gotten another offer. 

Im hoping to get an offer soon🤞

[Affordable]

Did you get a offer yet? I'm 100% paid off for around 2 weeks now with no new offer. All my statts are in good on my profile

[Sammie_C]

Hi @Affordable 

Thanks so much for posting!

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.” 

There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. There’s no additional information we can share at this time, and we can’t go into further specifics about program requirements because the criteria we use is proprietary.

We will continue to review your account daily for loan eligibility. If you become eligible, you’ll be notified directly on your Square Dashboard and through email.

Let us know if you have any other questions!

[Twpchair]

Did you get your new offer? Just curious as many seem to right around your percentage and I've been helping or offering advice to others close to your percentage. Thank you! Tammi

[Jjbeautyco]

I’m currently at 47%.  Some I’ve received at 40% and one was 52% and another 65%.  So I guess it varies.  I’d love to receive anther offer too.  Just waiting 🥴

[JulyOct1998]

Just curious, are your payments usually ahead of schedule on your loan/previous loans? 

[Jjbeautyco]

I’ve been about 1-2 months ahead of schedule.  Right now I’m at 61% and paid up to April 1  

[Twpchair]

I was usually 70ish to 80 max I believe before my next offer came in. Keep swiping daily. One thing I've noticed and maybe it's just me I swipe daily with sales. I don't have day 2/3 swipes a week for large amounts. Mine can average from 10.00 per swipe to 5k depending on what the customer buys. I don't know if that makes a difference I personally do accordingly to their info at the bottom about keep swiping and doing business type thing. I also sit on a few boards to help with feed back and Q&A for the last couple of years. It helps other businesses with questions and sales tips but I've learned more myself for business tips. When I opened my store I had no clue, no real business experience I was a Physicial Therapist lol 😂 and jumped into retail furniture store so I was really new to retail sales and credit card processing company etc. So it's helped me a lot personally. 

[Jjbeautyco]

Ok god to know. I’m at 63% paid off as of this morning.   I own a hair salon so it’s usually 4-6 swipes a day amounts being from $50-$300 but makes total sense.     Fingers crossed 

[Twpchair]

Best wishes to you! And if you don't mind keeping me posted as you see many others are right around you or your percentage and curious too! 

[Twpchair]

Ugh, I've been with square going on 8 yrs and have had 8/9 loans. So don't hold me to it unless you really need it each loan is in your account but I usually average 74-78% paid off than a new offer. So far I have never been not offered a loan (knock on wood) I'm retail furniture store open 6 days a week and swipe credit cards daily. I've never had one charge back either as we have a no return policy. I'm a brick and motor downtown store front location if this information helps. Any other questions please just ask away I have no problem giving you my experience with square. 

[Jjbeautyco]

Have your loans always doubled or vary? 

[Twpchair]

In general yes, they have always increased except for one time during prime covid and I received roughly the same amount I paid off. I believe right around 12k without going back and looking. I had about 5-6k remaining from previous loan and received the remainder.  After that and things started to open up totally ( I am in Michigan and was considered non essential) and still received my increase as we could sell curbside and by appointment type thing, over the phone etc, so I still had daily sales but after that loan they (3) all went back in and increased. I hope that helps. 

[Twpchair]

I will add if it helps that I do roughly 70% now in card sales. It use to be closer to 90% and it is starting to increase again but I noticed last year we did more in cash and cards than ever before.  But that's starting to change again and more cards. I've never paid off my loan early say if I had 5k paid 4k off thinking I would get another offer sooner I've always just kept swiping daily and letting it do its thing. I use a lot of free advertising like Facebook, Google, yelp etc, I do have a billboard and run ads on the radio during holidays or special events but on the whole I use Facebook and free advertising.  I am in a smaller rural area and the only mom and pop type retail furniture store too. I'm not sure how long you've been with square? I'm going on 8 yrs now with no issues at all except one time and that was my fault no square. I had ID theft and they got ahold of my ssn and bank account. I had to lock and switch account numbers etc and that through me off for like 3 days where square held my funds for me until I got all new information and restarted and boom that night every penny was deposited and right back on track no issues. 

[KGD1]

I just hit my 6 month mark with square. In this time we have done almost 140k in sales. I was hoping to see an offer by now so just curious about the frequency of updates as well. The only factor still showing “needs work” is my history with square, all other boxes are good to go in their checklist. 

[_Violet · Accepted solution]

Hi @KGD1  - Thanks for reaching out to us here on the Square Seller Community. 

As @Minion mentioned, we're not able to provide account-specific information about Square Loans here in the Community but I can certainly provide some general information that I grabbed from this Support Article: 

"Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan."

I hope this information is helpful but please do let me know if you have any additional questions.

[Twpchair]

Hello, have you received your increase yet? I see the post is full of people waiting?

[Jjbeautyco]

unfortunately not yet. I did notice looking back on past offers that they were sent on Mondays and Saturdays. Idk if that means anything or if it’s just coincidence.   By the looks of how many people are waiting I think they may need a new way to go about this loan offering.  😕