New Capital Loan eligibility

[voiceguy48]

Last time, I was 85% paid off and Square offered me a new loan. Now, I am at 97% and I have not received any new offers. I did have one chargeback dispute that is still pending and I am fighting it. It was the only one for 2017 and I've had a ton of transactions. Is the reason I am not receiving any new offers? 

[coley536]

I'm not sure whats going on. I'm on my 6th loan, and typically get an offer around 70-75% paid off. I'm at 82%, and I haven't had an offer yet. From what I've gathered on here, looks like they aren't sending them as often as they use too. Not 100% sure though. 

Good luck!

[voiceguy48]

Yeah, I read that in a few other threads in here but Square denies that.

[jayjacobs2]

We were paid off from our 6th loan about a month ago.  We have not received a new offer.  We process more, have a good mix of new and returning customers, use marketing and loyalty, have no chargebacks.  We recently installed the new POS stand too and it is amazing (as a side note).  We did get that on credit through Square at $45 a month.  It was really nice that we were able to do that.  We look more polished and it's really nice that the customer can see what is going on on their side.   But back to the loan.  For us at least, something is different.  BUT.  I will say that without paying back the 16.75% of our last loan, we have actually been seeing a positive slow increase in our bank account.  In fact, we often take the instant deposit feature and we will be stopping that after this week.  This actually turned out to be a good thing!  Sending positive vibes your way.  

[Regina_B]

Hi @jayjacobs2 Thank you for your post.

We are so glad to hear that you are happy with your new POS system!

If you are still interested in receiving an additional Square Capital loan, please know that we are constantly reviewing your account for eligibility.

We are happy see that your business is flourishing!

[sotocreations]

Sadly I don't believe anyone will be able to give you a straight forward answer you're looking for, not even from Square. If you contact Square through the contact us now page they will email you back a generic answer about an proprietary criteria or algorithms or that you should just keep checking your capital dashboard daily. Square makes you think they are easy to communicate with but for whatever reason when it comes to Capital they leave everyone guessing. Also if you call Square they will tell you to contact them through the website about Capital eligbilty then the email will be a copy and paste response from someone at Square. This has been my personal experience. 

The last few times my offers seem to show up right at 85% but if you make an early payment they take away your offer. Also if you don't realize you have an offer they will take away the offer within 14 days I believe if you don't accept it.

[voiceguy48]

I've noticed that and it's pretty frustrating. 

[Regina_B]

Hi @voiceguy48! 

Loan offer details, as well as the timing of eligibility, may differ from your current loan through Square Capital, as each set of loan offers is unique.

There is not a specific percentage in which your account will be evaluated. Offers are based on a variety of factors, including recent Square processing volume, outstanding balance, and account activity. While you may not be currently eligible for an offer, I encourage you to hang in there and keep up the good work! Your account is automatically reviewed daily to determine eligibility.

Thank you for your post and Happy New Year 🎊!

[Stefanieblue]

Hello 

I received a similar message that the square Team sent me and it seems like a copy and paste situation to me.. I just wish they would post details if anything has changed about the eligibility for square loans. It would help us out tremendously...

[Jtausch]

I have been very pleased with squares Capital Loans, although I agree with everyone it is frustrating when we do not know when the next offer will come through. I was so excited to be able to use my last Capital loan to buy a new box truck for my business it has helped a tremendous amount. We have changed so much with our business model and have grown beyond belief. Our sales have more than doubled in the last year. We are currently getting ready to open a location in another city and I keep hoping that square will offer us a new loan. I have had offers at 61% and75% I am above 61% now on the third loan. Fingers crossed it will happen.

[clearimage1]

I may have a stupid question, but being in business for 25+ years I have never come across and financial institution that say their loans have many & many UNKNOWN factors in becoming Eligible for Square Capital. It just makes no sense to me. I got a 18 month loan, pay it off in 4 and now 2 months later no new loan? I moved to Square for the dash board and simple set up for invoices. My last CC company was a percent lower and could ask for an advance(Loan) at any time. I moved 9 of my clients to them and one client received 4 loans (3 in mid loan payoff 70's % paid) and now he is paid off this loan in full and still no offer for a new loan. He has NO charge backs, paid this loan off in 5 months.

I do have a history with square now and my clients are use to paying the invoice monthly and do not have the time to re-do the accounting to start a new relationship with another processor but is there anyone else out there that also finds it weird that a financial institution has no clear and defined requirements on a major part of their products/services? 

There are companies out there calling me to give me a loan using my CC income but they just take out money daily. Does anyone know a CC processor out there that is easy like square but have clear and defined requirements for the services they offer?