Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[_Violet · Accepted solution]

Hi all 👋 @Blackbear579 @DD_2019 @Me2018_ @Swain - I just wanted to drop in to provide some context on Square Loan offers:

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[sayra · Accepted solution]

Hello, @Fca. 

It's understandable that you're curious about the timeline for a new loan offer after being denied, especially given your previous experience. Every case and account is different, on this platform we do not have greater visibility regarding your account and loan qualifications. 

For Square Loan related questions and Loan availability or eligibility you will want to reach out to the Square Banking team. They are available at 855-700-6000 between 6 am - 6 pm Pacific Time Monday-Friday. Our designated team will be more than happy to help you further. 

In addition, we went ahead and merged your post to this existing thread where other Square Sellers have discussion their Square Loans. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Thank you. 

[Bonzy2010]

Was it in an email that said it could take 5 days? I accepted offer and it's been 2 days that still haven't been approved, but on the site it says for me the process could take 1-3 business days to approve.

[Sarjack]

Yes, it was in the acceptance email

[YPC]

I paid mine off with a lump sum 7 days ago. All green when it comes to eligibility but no offer. I have had 8 loans before. Does paying it off early affect anything?  I process around $50k per year. 

[Ralphael84]

Yes it takes around 10 business days to process 

[Ralphael84]

When you make a payment it usually takes around or up to 10 business days to process and then they’ll revaluate

[brown17]

Loans are given off your card processing numbers.  Paying it off in a lump some doesn't help...they make no money.   

[Tiffanygalchutt]

They finally offered. I’m at 94 percent: paying off a 9500 loan and they offered me freaking 4. About 500 left not sure if I should pay it off and maybe they will raise it. Super stressed 

[aceshighcyclesh]

96% here still waiting. It can be stressful for sure not knowing when or how much may be offered. Good luck to you!

[CTC18]

Have your sales stayed the same since your last loan was offered?

[Tiffanygalchutt]

Wayyy better!!! 

[Ralphael84]

Mine have as well about 40% increases in sales in the last 4 months also prices have risen 

[Ralphael84]

I also have no active loans all green but I’m gonna give it time and save my own loan up lol

[TheRealChipA]

Sales are irrelevant. Card processing volume is the key metric. Flat processing volume is as bad as declining volume. That’s obvious from the loan eligibility metrics page. Flat processing volume almost always indicates that a business is not growing. Lenders hate that.  They consider that as bad a risk as declining processing volume. 

I’ve tried to point out another fact. In this economy, with the current risk of business failures being much higher than average, loan offers will be lower. Lenders are just not taking on as much risk right now. It’s not a good business decision to load up their balance sheet with a lot of outstanding loans right now. 

Paying off your loan early will cause all current offers to go away. For at least 10 business days. Waiting for better offers is risky right now. Unless your processing volume is showing a definite increase consistently since your last loan. 

Yes it is taking longer for loan approval and funding right now. The money supply is tight. Lenders are really scrutinizing the projected health of all loan applications. What used to be a good risk is not as good a risk in this economic environment. 

Read the business journals, folks. It’s not just Square. It’s every lender. It’s every day. It’s every where. You aren’t alone. And the short range forecast is not great. This credit crunch is predicted to last at least another year at best. Three years at worst. 

It won’t be popular to say this but I don’t care. Square is taking care of the financial health of Square first. If they don’t do that, we all lose. They can’t focus on any one of us just because we might need it right now. It’s all about the big picture. 

Lastly this needs to be said. Square is a card processing and POS company. Lending is just a perk. It is not their core business. They’ve never guaranteed that past loans are indicative of future loans. In fact they are very clear that they constantly reevaluate what they will offer based upon many factors, not just our business with them. To rely on anyone as a source of funding that never changes is insanity. 

[Ralphael84]

I agree and definitely appreciate there business and loans it’s helped my business tons im just happy to be 93% done with my loan either way but a loan of the same amount would be clutch for me since I moved to an upscale location 

[TheRealChipA]

@Ralphael84 it won’t be the same amount unless your processing volume has gone way up since your last loan. It will most likely be less, I’m afraid. . That’s reality in this economic situation.  Be reasonable in your expectations for the next one. Adjust your expenses and such as you can. I truly believe that the economy is going to experience a soft landing this time. No deep recession. But it won’t be an easy uphill battle, either.

i wish you well. 

[Ralphael84]

I here you but my processing volume is higher no charge backs account history flawless and my processing and pricing has risen but thanks tho

[GlitzyCow]

Not true. My business just got an offer today at 86% repaid over 3 months and my sales are up 700%. Loan amount is down 3400$ from last one taken March 1. I’m a year ahead on payments and my card volume is up. It’s very frustrating! 

[TheRealChipA]

@GlitzyCow I’m sorry to hear that.  I didn’t say my observation was a guarantee for every seller all the time.  I only said that it was a pattern I’m observing, not an absolute.  Nothing about loans is absolute, period.  I’m sorry to hear your new offer is less than you expected.  While processing volume (not sales, but the card portion only) is a strong factor, it is not the only one.  Hopefully your offer will get better soon.

[GlitzyCow]

I’m not sure how much better it can be. Consistently processing 3-4K a day and loan offer isn’t even 15k. Paid off in three months. They are making bank on me. The only good thing is the percent of daily went down 4%. How long do people tend to leave it sit before the offer goes up?

[TheRealChipA]

I can’t answer that question.  No one can.  Also, there’s no guarantee it won’t go down the longer you leave it sit.  Honestly, I doubt many people gamble on that, so anyone who guessed at time frames for new offers would only be doing that — guessing.  I wouldn’t trust anyone who told me any differently.  Even other people’s experiences with Loans will be different from yours, and you can’t really compare your experience to mine.  We run very different businesses and won’t get the same results.

[TheRealChipA]

For example, I’ve been with Square for 12 years.  I am on my 9th loan, with a 10th offer.  Offer history:

#2 was double #1

#3 was half #2 (back to #1)(

#4 doubled #3

#5 plus 50%

#6 was half of #5

#7 was no change

#8 was plus 30%

#9 was plus 20%

#10 was plus 30%

Nothing has ever been consistent about my loan offers, even when my processing volume was the same or higher.  I quit trying to figure it out because there was no need to.  I take what I’m offered, or I don’t.  Those are my choices.