x

Has anyone received a new Square Loan offer in 2021?

[The title of this thread has been edited from the original: Has anyone been offered a new loan through Square Loan? 03/17/2021]

Hi everyone! Has anyone been offered a Square Loan this year 2021? Is square still offering? What is the maximum loan amount Square is offering? I’m almost paid off but still haven’t seen any offers from Square. 

25,825 Views
Message 1 of 96
Report
1 Best Answer
Square Community Moderator

Best Answer

Hi @Dvcarwash1,

 

We appreciate you taking the time to reach out.

 

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 Square Loans program 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 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. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

 

I hope this information was helpful! If you have any questions about Square Loans please contact the Loans team directly.

 

 

 


Eric
Square Capital Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square Capital, LLC and Square Financial Services, Inc. are wholly owned subsidiaries of Square, Inc., Square Capital, LLC d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. All loans are issued by either Celtic Bank or Square Financial Services, Inc., both are Utah-Chartered Industrial Banks. Members FDIC, located in Salt Lake City, UT. All loans are subject to credit approval.

View Best Answer >

25,594 Views
Message 27 of 96
Report
95 REPLIES 95

Hi, has there been new changes to your square loan offers. I normally get to around 80% and get a new offer for the last year and half. I’m almost done paying off my loan and have not received  anything. I’ve been reading reviews and users are saying Square is doing things a bit different now. Any info that I can get to speed up the next offer will help!

Erik Galo
6,773 Views
Message 2 of 96
Report
Admin

Hey @Erikgalo85.

 

Because we cannot discuss account specifics on here, I would suggest giving our Square Capital Team a call

 

Additionally, take a look at our Becoming Eligible For Another Loan Through Square Capital article for more information. 

 

Let me know if you have any questions about this! Happy holidays 🎆

️ Isabelle | she/her
Seller Community & Super Seller Program Manager | Square, Inc.
Learn about the Super Seller program!
6,725 Views
Message 3 of 96
Report

Very vague article and it’s not telling me anything I didn’t know already. 

Erik Galo
6,688 Views
Message 4 of 96
Report

I was wondering the same thing. I’m almost done paying my loan not even a year and I’m not receiving offers either.

6,413 Views
Message 5 of 96
Report

Yes, I am wondering the same thing.  I have consistently been offered a new capital loan through Square when my loan is almost paid off.  Now it is completely paid off and still no new loan offer.  The article about eligibility for loans through square capital does not help with answering any questions.

  • Square processing volume.  - We process almost $10k per month on average, they (Square) want at least $10k per year.
  • Square payment frequency.  - We process payments bi-monthly, they (Square) want consistent payments.
  • Your customer mix. - We have a lot of returning customers and a mix of new ones also, they (Square) want a good mix of new and returning customers
  • A healthy, growing business. - We have more than doubled our revenue since our first square loan 4 years ago, they (Square) want you to process more through Square.

Watch Out For These Factors

  • Chargeback history. - Only 1 in 4 years.
  • Multiple Square accounts. - Only 1 account!
  • Failed debits. - Never happened!

According to their own Eligibility requirements, my business meets all of them and yet, nothing...  we didn't even slow down for COVID-19.

 

6,407 Views
Message 6 of 96
Report
Beta Member

This was 2019 & 2020. Are there still no loans now in 2022?

5,315 Views
Message 7 of 96
Report
Square Community Moderator

Hello @paulamartin,

Happy New Year, and thanks for your question! The Square Loan program is still ongoing in 2022.

We appreciate your loyalty when choosing to partner with Square for your past business loans. Please know that your loan history is reviewed in determining loan eligibility, but there are other factors of your account that are also considered.

Currently, offer eligibility is based on payment processing data, which means eligibility can change as frequently as your business does. Loan processing data includes your processing volume and your processing history, such as failed debits, chargeback history, and changes to your processing behavior, among other factors.

We understand that it is frustrating that we can’t guarantee that you’ll receive a new offer because you’ve had previous loans with us in the past.

Square accounts are reviewed on an ongoing basis to ensure that each business gets the right customized offer. We can’t predict if or when your business may be eligible for an additional Square loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

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

Laura
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
5,266 Views
Message 8 of 96
Report
Square Community Moderator

Hi there, @Tran1313 👋 Thanks for reaching out and asking your question here on the Community.

 

Just a quick note, I've gone ahead and moved your post over to our Loan Board. This will improve the likelihood that other Loan Sellers will see and be able to provide a helpful dialogue to your questions. Cheers!

Joe
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.
13,076 Views
Message 9 of 96
Report

Thanks Joe! I’m new at this still 🙂

13,069 Views
Message 10 of 96
Report

Has anyone got a square loan lately? I’m edging close to finishing this one out and have always got them around 60-75%. I know they paused during COVID but I’ve since got one. I know they’re talking about PPP loans but just wanted feedback on what percent and possibly how much? I know this last loan for me was a shock at how low it was compared to my others that I pay off very quickly. 

12,998 Views
Message 11 of 96
Report
Square Community Moderator

Hi there, @krisenplace - thanks for joining us here on the Seller Community!

 

Just a quick housekeeping note, I've gone ahead and merged your post into an existing thread Square Loans Board, this will increase the likelihood of dialogue concerning loans with other Sellers who may be able to answer your question with their own experience.

 

Let us know if you have any questions! 

Joe
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.
12,868 Views
Message 12 of 96
Report

Has anyone received any new loans after paying off a recent one that was much lower?

 

12,537 Views
Message 13 of 96
Report

No offers here, 90% paid off and never missed min.  Before used to get offers at the 80% payoff level. 

11,954 Views
Message 14 of 96
Report

Yeah me too I’m at 81% no offer 

9,248 Views
Message 15 of 96
Report

I received 2 offers this year so far and I'm at 71% on my current loan unfortunately my business has grown and with the comes new clients and chargebacks, I've had my first ever charge back a few months back and it was exactly the time I was reaching my 70 percent mark. I feel horrible because its a time when my business needed it the most and I have processed more then ever these first 3 quarters of 2021 with square then I have before. I did a little over 50k in just the month of May which I though would be great for the loan offer and would override the chargeback dispute I had . unfortunately I'm still waiting and I don't know the time frame on how long that will take.

Erik Galo
9,603 Views
Message 16 of 96
Report

Wondering same thing 😞

my last loan was low compared to what I’ve got in the past and it’s nearly paid off. It was from the end of 2020

13,000 Views
Message 17 of 96
Report
Super Seller

Hello @Tran1313 and @kristenlprice !

 

Yes, Square Loans is still making loan offers. However, it looks like they're being a lot more particular about when and for how much.

 

The best advice I have is to make sure your business is looking as good as you can:

  • Continued stable sales, preferably increasing
  • No chargebacks or disputed charges

Other than that, the best thing to do right now is hang in there until you're eligible with their new rules.

 

It's not just Square Loans that's really restricted lending right now. I have a friend who owns a small chain of pizzerias. He paid off the latest store's build out in less than six months, each store is seeing explosive sales growth, and his credit score is quite high. A traditional bank said that even with all those positives, they wouldn't lend to him because he's in an industry that is struggling. Square Loans is a lot more flexible than a traditional bank, but they're still seriously looking at every loan offer with a darkened outlook. 😞

Ryan Wanner
Golden Pine Coffee Roasters
Colorado Springs, CO, USA

Super Seller: I know stuff.
Beta Tester: I break stuff.
he/him/hey you/coffee guy/whatever.

Happy Selling!
13,005 Views
Message 18 of 96
Report
Beta Member

We've had 9 Square Loans in 4.5 years and recieved an offer 10 days ago, only to be declined for the very first time because we began selling a CBD-infused sparkling water during the pandemic. We are a restaurant/bakery/coffee shop, just trying to attract new customers when we were only able to do takeout for an extended period. I had no idea that was a deal breaker for Square Loans and would never have begun selling them had I known. We immediately pulled them from our beverage cooler, removed them from our Square online store, and are patiently waiting to see if we'll ever get another offer. To say I'm heartbroken is an understatement. I have been so happy with everything Square has to offer, but this feels like a huge blow at a time when we need the working capital the most.

12,990 Views
Message 19 of 96
Report

HI Ryan, We had a similar decline recently and was curious if and when you received another offer from square?

 

Thanks Dan

11,198 Views
Message 20 of 96
Report

I had one shortly after this last post and it was larger than the one before post COVID. Now I’m currently at 77% and I’m wondering if they will offer another loan since things are changing with square. If anyone knows or has had one in the month of August please chime in. Thanks!

11,119 Views
Message 21 of 96
Report