Square is now offering larger loan offers up to $350k

[Sammie_C]

As your business evolves, so do your funding needs. We are excited to announce that Square Loan offers have now increased to up to $350k! Keep in mind, Square loan offers can range from $100 - $350,000 and are still determined by your unique business data and Square card sales. We review accounts 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. To learn more about Square Loan eligibility, visit our Support Center.

[Donnie-M]

@Sammie_C Great info and awesome that square is offering these resources to sellers.  One question the community has often is about the process on deciding when accounts get loan offers.  I know you can't get into the specifics of that, but do you have any insight into how often accounts are looked at, and if someone had a loan and paid it off, how often do they get reviewed for loans after that?

I know from my experience on my locations, I see offers weekly and they update every week or two, and then I may not see anything for a week.   Would just like a little info on when the proverbial tea leaves are read.

[Kacey13 · Accepted solution]

Hi @Donnie-M! 

Thanks for reaching out!

We are continually re-evaluating accounts on a daily basis to determine if seller's are eligible to receive a loan.

We can’t guarantee that a new offer would be generated after an additional payment is made or if the loan gets paid off, but if a seller does become eligible, they will be notified directly in their Square Dashboard and by email.

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

[Donnie-M]

@Kacey13 That is helpful, it does line up with my "theory" on how the loans work, based on my offers, and what I have seen in the community for years.  I think some sellers are frustrated at times at square, but it isn't a person at square.  I am sure this is a very well developed "algorithm" that looks at a multitude of factors based on the concept of big data to identify credit worthiness, and businesses that could use the funds.

I am sure much of the consternation comes from a business who thinks they are a good risk versus what the computer thinks is a good risk.  I am sure there is a human component and underwriting criteria with every loan, and I am glad to know that it is an ongoing process.  This will help me answer questions in the future.

[ReptileLyfe]

I have never had an offer over 26k and we do over 300k/year in sales. My last loan offer we were at 73.4% repaid and got an offer that was lower than the last loan offer even though we had better sales since that time. Today we're at 76% repaid and still no new loan offers yet. I'm wondering how much revenue you have to do yearly to get bigger offers? I thought I read once that it can be up to 30% of our yearly sales but our offers have never even been close to that.

When are people getting new offers these days, at what % repaid from their current loans? 

Also, we have no chargebacks, disputes, or any hard inquiries on our account, everything shows constant growth.

Thanks for any help anyone is able to give me!

[Twpchair]

There are times also hun when it has nothing to do with you or your business as a whole. If you scroll up to the top regarding loans and how they work and the criteria for an offer. The last one or the closest to the bottom has been added for a bit now but most don't read it all the way down or pay more attention to the top part. You meet all the criteria for an offer 100% it has been trending much higher % paid back to completely paid off for some time now. Yes, you will see a few pops in here in the low 70s but on the whole, it's been trending higher. On the whole, lenders have tightened up. It doesn't matter what company, bank, or POS it is they all have shareholders to answer to. It has been getting better honestly. The Feds didn't raise the rates, the stock market has been going through the roof (for the most part) things are calming down but I am not bringing in anything political but when the world starts talking about WWIII it's going to affect on things. Square is worldwide and they really do lend every day all day. Unfortunately, they all just don't post here. It helps so much if people would! We are the best way to spread awareness and information about each of our experiences and no offense at all to the Mods here they are great but unfortunately they can't look up your file on a public forum and tell you about your personal account. So you get a lil script is all. I wish you the best and keep doing what you are doing and kicking some butt! The algorithm will snatch you up they haven't lost you! Hopefully, with the 3 of us all the others will see these messages! Please keep us posted! @Donnie-M Is a great one for information there are a great group of people who will help as much as possible!