No new offers from Square Loans?

[BrownButterNOLA]

I’m sure I’m not the only disappointed Square Seller on here regarding Square Loans. We’ve taken 7 or 8 loans (5-6 figures each time) and paid back all well ahead of the end of the term. We had a loan floating out there pre-Covid. We understood completely why those loans were pulled initially, 9 months ago, but now, still nothing. 

It’s a strange way to reward loyalty over the years. We’ve been courted recently by Toast, who is offering business capital, with a very similar rate and pay back policy. I’ve always liked the way Square did business, until this. Anyone have any experience with Toast, or has anyone had any recent dealings with Square Loans?

[Surfergirl1775]

I feel the same way you do! I've had five loans and always recieved a new offer at 75% paid. Now I'm at 86% despite Covid shutdowns and nothing! I feel like they have abandoned me when I needed them most. Because of Covid, I don't have a lot of new business,  but my current customers are loyal. I don't know anything about Toast, but I'm going to check it out now. 

[Magik5tattoo]

Did you ever get a new offer? 

[Willylara17]

Haven’t gotten anything I’m a bit disappointed it’s been since June that I paid 

My last loan off within 2 month and still haven’t heard anything

[Cameron_ · Accepted solution]

Hi @BrownButterNOLA , 

Thank you for your question regarding Square Loans. 

We thank you for your patience during these difficult times. We understand the challenges you have faced and are proud to partner with a business as resilient and flexible as yours.

COVID-19 definitely forced us to take a step back and recognize how this virus changed how our sellers do business. New signals and criteria are consistently incorporated into our lending models to ensure we can best serve you. Eligibility and offer sizing for loans through Square Loans is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency. More details on eligibility and offer sizing for Square Loans loans can be found here.

While we do not have a specific timeframe for when another loan offer may be available, the Square Loans program will continue to automatically review your account for eligibility on a daily basis. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

If you have any questions, please feel free to contact us.

[BradKy]

Has anyone recieved an offer in Kentucky. I have been with Square since 2012 and have had SEVERAL Capital Loans with no problem. Now they have stopped & i can't find out if it's because of Kentucky or what? My business hasnt changed much at all. We get in a system that square placed us in and they cut us off. Anyone switched to another company? Pros & Cons? I wish i could get a straight answer on what to do or expect. Thanks for any and all outside help on this topic.

[PV4U]

Hi! I am in Kentucky and I have received 3 loans this year. One in January that was repaid in March. One in September that I paid off in October. One in October that will be paid off by the 31st. They were not huge but well spent to get the most bang for my buck. 

[Falcon79]

Question.  If you were granted 2k from Square from a loan.  And you were able to pay it back in time faster than the normal time frame within good standing at all times.  Would it be possible in obtaining another loan? Possibly higher?

Thank you kindly!

[RockShopMNC]

I don't want to sound like a bad guy here, but this is Square's Generic Response to any question or comment about Square Loans. I agree it is ridiculous  that loyal customers who have paid in full faster than the allotted 18 month term. We are only on our 3rd loan but the first 2 we received offers when we had only paid 60% of that loan. Now we are at 81% paid in less than 4 months but no offers. we have a projected sales of over $70k, never had any charge backs and everything but the repayment of loan is in good standing except the loan repayment which is only showing "in progress". With 80%+ paid back why is it only showing that is it because I made an extra payment? Instead of giving me a generic answer tell me a way to get the loan.

[vickie_]

Hi @RockShopMNC,

Appreciate you taking the time to reach out. 

We are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive a 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. We determine eligibility based on many factors including your processing volume and Square history. To learn more about Square Loan eligibility, visit our Support Center.

[redapronkitchen]

I'm currently paid up to 89% on my current loan and I too have been very concerned that I won't be able to get any more capital loans through square.  I called and spoke to a representative and they told me that they are reviewing accounts for new loans but gave no real information.  I hate to look elsewhere because I feel like I've built a really good working relationship with square over the past 3 years but if an offer doesn't come through soon, I'll be forced to look somewhere else.

[BrownButterNOLA]

We have always had a great relationship with Square and Square Capital, up until the pandemic. They truly did abandon their partners when we needed them most. It’s frustrating and disheartening, for sure. More so, it’s a bit demoralizing to just see the same canned responses, time and time again, regarding this issue. 

My company is actively looking into other options for POS/Processing/Capital Loans. There are plenty of them out there. 

[minytrker]

Havent figured out square capital, one week get a $10k offer then 2 weeks later your not eligible. Done record sales for weeks and not get offer, have ok week and get offer. Switched to paypal and got bigger offers for similar rates.  

[rzrshop]

We have not been offered a loan since paid off loan 9/19 😪

[BrownButterNOLA]

Ours has been paid off since January 2020. We were extended a loan offer in November 2019, but were waiting to pull the trigger until we needed it. Then COVID hit, we needed it, and they pulled the offer back. This was standard practice for Square Capital, and other lenders as well. All of that makes sense to me. There was so much uncertainty at the time, but the lack of an available offer at this stage of the game is what makes it so disheartening. 

Again, we’ve taken and paid off 8 loans since 2015. So it’s more of a bummer from a loy

[Willylara17]

I paid off my last loan June 27th since then nothing. i have gotten over 8 loans and now its been over 6 month

[Surfergirl1775]

I'm glad I'm not alone! I've had one charge back about two years ago . . . I'm going to look into PayPal as well! Thanks for the tip!

[minytrker]

Nothing from square but just checked PayPal and got $8k offer and haven’t used it hardly any. 

[rzrshop]

I am in Florida and still nothing

[JW10]

Are square capital loans currently being offered in the Bay Area? I have a strong business, mix of customers, increased sales, etc. but am aware that local covid restrictions can impact loan offers. Anyone get anything recently?

[JW10]

I called square support and they had absolutely no information they provided that was of any help. They couldn’t even tell me if anyone in the Bay Area had received a loan in the last few months. I run about 275K a year through them. On top of that sales are up significantly for me. Crazy that I can’t get a straight answer. Starting to look into other options as a result.