Did loan offers slow down this year? 2023

[OpulenceHair]

Hi I just paid off my 3rd square loan of $6k in 6 months  on 9/13/2023. I see where people are offered loans part way through paying them back, however this has never been the case with my business. 

I’m moving into a larger space for my salon on 10/1/2023 and was hoping to receive a new offer to purchase a few pieces of equipment and larger product stock. All of my eligibility items are green. Hopefully I will see something soon as my processing has really skyrocketed being a new business. 

I just wish it were more transparent as to when and how we are selected. If this doesn’t come through I don’t know how I’m going to purchase these big ticket items to complete my salon. 

[VanKalkerFarms]

Square Loans are at all-time highs on the number of loans offered and the total amount loaned.   It can for sure be frustrating and if a loan is necessary you may want to look into a revolving line of credit or another type of loan locally.

But, Just to put the enormous amounts of loans that Square makes into perspective I thought I would break it down to an average of How many loans are fulfilled in a day (not offers but actually starts).

In the last 3 months Square Loans facilitated approximately 119,000 loans totaling $1.10 billion in originations, up 9% year over year.

That breaks down to...

1,322 loans per day with a value of $9,243 per loan or $12,220,168 (Twelve million!) a day in loans.  
So as you can see it may feel like there aren't any loans happening because you aren't getting any but with Twelve Million dollars a day in loans on average that is a lot of loans being originated.

All this is public information from their Quarterly results.