Loans

[JW10]

85% of loan is paid. Sales are over 220K this year-to-date. No new loan offer. Good sales mix and stellar history with square. Not a huge deal for me but curious about other options if square doesn't offer a loan soon. I like the ease of using square which is why I have been open to the rates. It's a very user friendly payback system. Are they requiring the entire loan to be paid back these days?

[Minion]

HI @JW10 

Based on other users from this thread , the loan offers seem to be a bit higher % paid back for the majority.  but you are also seem to be right within that % so, it really should be any time from now on I would safely assume as far as a new offer. 

I think it has a tad bit to do with the amount remaining also, not just the %.  But that's just my assumption.  I stopped trying to figure out squares loan system many moons ago haha.

Best of luck though , and hopefully soon a new offer will arrive for you. 

[marielmt · Accepted solution]

Hi @JW10 ! Thanks for posting on the Seller Community.

Great question - I’d be happy to explain.

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your 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 your business directly rather than repaying your existing loan balance.

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

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.

Hope that helps, please feel free to reach out to us directly if you have any other questions!