Why am I not offered another Square Loan???

[Concrete14]

I am confused. We just paid off a 40k plus loan in 6 months and have been processing over 80k a month in card sales. This is the 2nd loan we have paid off in 13 months. Our other was 30 k. My numbers continue to climb. This makes no sense to me why another offer has not been given. We were given our 2nd loan offer while there was still 8 k remaining on the first loan. This is extremely frustrating. Anyone else that can relate? I understand that everything is computer and algorithm chosen but according to the stuff I have we should be good. The ONLY thing that I can think of is I have all new customers. We replace driveways and patios so having a return customer is not common at least for a long while. Can someone shed some light for me? This extra cash has been great for easing up the tight cash flow 

[blueboat1649]

I have also had 2 other loans thru square, a $20,000 and $30,000 loan (that were both paid off within 4 months and my numbers continue to grow) They sent me a third loan and I was denied.  They said it was because my invoices were to high.  I am a furniture, decor, lighting 4000 square foot showroom and my invoices run between $2,000 to 20,000 + each customer.  I started using their invoices system, when they introduced it to me to save time and keep better records.  I guess this hurt me in the long run.  I was contacted by the rep for my area and I told her about this problem I was having and she assured me that she would get back to me with an answer.  She got back to me, but... no definative answer, on why or when I would receive another loan from Square, It is very frustrating not to know why, when you have paid off two loans (very quickly) that they would not offer another loan. Does the company not want to make money and support small businesses?  I really like the Square system and it is very user friendly.  Please someone reach out and let me know, how you can receive another loan invitation.  I know that I am not the only business that this has happened to. Thank you.

[Concrete14]

Thank you for the reply hat helps a ton. I would bet that is the same issue for me. All transactions are between 2k and 22k which in thinking about it makes it even more crazy that we are not offered anything! Think of the money in fees they are making! Maybe I need to make an effort to contact my local rep as well. Please keep me in the loop how things go for you. It sounds like we are dealing with the same thing. Sounds like they need a program for companies with higher sales.

[Ditchenlaw]

Congrats on the business growth! It’s my understanding that Square is not currently offered new loans right now and that the program was basically suspended in March. I’m hopeful it will resume eventually but I do recall seeing a post from a Square rep at one time recently that confirmed that they are not offering new loans at this time through the loan program. 

[Concrete14]

Thank You for the reply. I was kinda wondering if maybe the Covid thing messes things up

[Mansellmc]

I got an offer today.  It was however exactly half of what I have gotten the last time.  So they are apparently still doing loans, just not the full amounts that they were.   

[blueboat1649]

I was just checking in to see if anyone out there has been offered a loan recently thru Square Loans, I look at my Dashboard everyday and wonder what is going on.  

[Concrete14]

I’m with you! I can’t believe with our numbers we aren’t getting any offers

[cheesecakery]

I got a PPP loan thru my regular bank but was hoping to be offered another Square Loan as I am a small bakery who depends sometimes on a revolving loan with Square. I called a rep last week and asked why I haven’t been offered a new loan and they told me they have suspended the loan offers to focus on PPP’s. He didn’t give an indication on when they would start offering them again. Hopefully soon because I was closed for a month and am now behind on some bills. 

[Robert-H]

The Loans program is the main reason that I was sticking to Square.  Because they suspended the program, I started telling my clients to pay with Zelle.  It is instant and since there are no fees, I save enough money to not need loans from Square.  Soon, I will be cutting the cord.

[Cutnedg]

Facebook messenger is a great way to accept payments as well. Now that I realize no one is receiving offers I'm not as anxious to pay double the amount I'm supposed to. 😉

[Carlyrose]

Why are y’all not allowing any new loans at this time?

[Carlyrose]

Will Square be starting up their loans anytime soon since everyone wants you to?

[LizzyR · Accepted solution]

Hi @Carlyrose, thank you for your question!

While offers through Square Loans may be available to some businesses, we are still actively making updates based on the current state of COVID-19 and changing public health guidelines. The status of restrictions and reopening in your location and industry may impact your eligibility.

We understand that funding is important to businesses now more than ever, and we are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan through Square.

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 Loans eligibility, visit our Support Center.

If you’re eligible for a new loan through Square, you’ll be notified directly on your Square Dashboard and via email.

I hope this info helps! Please feel free to contact us directly if you have specific questions about your account. 

[Cutnedg]

I received mine 2 days ago but they're starting all over when it comes to the amount .

[Cutnedg]

Hmmmmmm

[Mansellmc]

I don't do near the amount of sales that you do, but I did receive a offer today.  It was however half of what I have gotten in the past.  But I will take what I can get for now.  In the end, they are still doing loans, just apparently not to the amounts they were before.  Happy and sad.  I hope you will get yours soon.  It is very frustrating!!!!