When will I qualify for another Square loan?

[Executivechick]

When will I qualify for another Square loan?

[VanKalkerFarms · Accepted solution]

Every Square Loan offer is individual, there is no set percentage of a loan payback where you will or won't get another offer or even if you will get another offer while having a loan.  There are 100s of variables that are used to figure out Square Loans offers.  When you qualify You will see the offer in your email and on your dashboard.

[mazspeed]

That is a terrible way to do the loan system here. Paypal is much better at getting loans on their loan system. 

[eylaynez66]

I would like another loan  if it is possible.

[Winner1967]

Is it possible to get another loan this week? 

[Rob4]

When would it be possible for me to get another cap alone

[H8work]

So would I 

[cbkbears07]

Square is not doing what the did in the past i have been with them for 3 years had 4 loans all paid off early and now they say im not eligible

[alwalker41]

I am ready for a new loan offer..what are my chances?

[Cherrid]

How do I get another loan this week

[GillinCD]

Why is it such a mystery regarding getting another loan? I’ve had 3 and paid of each one sooner than the last. I’m down to a amount and still no offer. 

Anyone try kabbage or OnDeck?

[Regina_B]

Hi @GillinCD, thank you for your post. 

All of us at Square Loans understand and hear your frustration about the lack in transparency when it comes to loan eligibility. We wish we could be more up front about this topic, but we are unable to go into specifics because it’s based on a proprietary underwriting model.

We truly appreciate your patience on this matter! 

[GillinCD]

Now I am even more confussed and frustrated. I get an offer for half the amount of my previous loan? I have paid all three loans of in less time than the last, my sales have grown, i just don't get it,

[bobb513]

I wrote comments in the survey addressing this same issue. It seems Regina has confirmed what I speculatively wrote. Due to proprietary formulations, the parameters governing loan issuance will not be divulged. The calculus is such that it is more profitable to alienate customers than it is to show your hand to rivals. I do understand that it is the nature of the beast called finance, but it can be frustrating when you know they have the answers you need. I suggested that they take some middle ground that balances the needs of the customer to have timely info, vs protecting their 'house.' Limited info can be given that won't give competitors an edge. Much general info is already publicly available, and I have had banks tactfully dance around this issue with a prudent balance. Square is still young in the game, and therefore places too high a value on general knowledge. My 40 years in business tells me this. Having said this, I still think Square Loans is more instrumental relative to is peers.

[katieand]

Thanks for this comment, @bobb513. Our Loans team has heard the concerns that you and many other Square sellers have expressed over transparency. They are actively working on ways to become more transparent, and their participation in these forums is just the first step.

While we know this doesn't answer the majority of your questions right now, we appreciate your patience and understanding. Please keep doing what you're doing and we'll continue flagging your accounts and concerns to our team. 

[shoeclub]

@katieand like many others here I have to say I'm feeling a bit discouraged. I took my business from paypal to square after a friend recommended it. Within 2 months I was offered a loan. I paid it back in like 60 days. Now its been going on 3 weeks and I was really hoping to be offered another. I've done nothing wrong...my sales have grown....so why wouldn't I be offered another loan? I emailed someone and all they could say is I'm not eligible. That feels a bit discouraging when I've done nothing but grow and pay square more in fees that when I started. I would love some kind of insight on how to be approved for another loan. Otherwise I'm going back to paypal. 

[josephmfoster]

I was offered a Square loan in November 2016.I was told that I didnt use my account enough and they would reevaluate me at a later date. A year and over [Personal Information Redacted] later, I still havent been offered a loan. I make 7 times more than I was making when they orginailly offered the loan, Payapl does have a better system. The paypal debit card also kills the extra fees

[Regina_B]

Hi @shoeclub, thank you for your post.

All of us at Square Loans understand your frustration. We wish we could be more transparent about loan eligibility too, but we are unable to go into specifics. This is something that our team is currently working on. If you haven’t checked this out yet, here’s a link about eligibility on our Town Square Blog. We will continue to monitor your account and you will be notified directly if you become eligible for another loan.

[shoeclub]

Thanks @Regina_B I've read that link you sent and my business meets every key factor. My sales range from $100-$1000 a day. I have a good mix of new and returning customers. I don't process many returns. Its all very confusing. I would think Im a good candiate for a loan...especially since I was offered one and paid it off quickly. 

[TE]

I've been watching my account regularly. I paid down the balance on one business loan, hoping to be reevaluated. Had another offer 10 days later, just to get denied because [Personal Information Redacted]. Now one loan is paid off fully, and the other only has at most 2 weeks until it's paid in full, both paid off pretty early. No new offers. My business has grown exponentially, I meet all the factors, and I have stuck with Square because this is a perk I value more than other merchants offers. However, I've decided if I do not have another offer within the next 5 days, I am switching to PayPal. They are completely transparent on their loans and at my volume, the fees are better. I didn't want to "restart" with another merchant service and lose the rapport I had with Square, but I think it's super shady that they cannot disclose any information and every response is canned. 

They offer you a loan as a newer business to get you hooked, then leave you hanging when you are really looking forward to it (and when most other merchants would have given it to you). 

[Sam1]

I pay my 5 loan 3 weeks ago,still no offers, i think I am switching to paypal to if I don't get any offers.