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. 

[bsa77]

I have been playing this roller coaster for way to long with square. Totally get there are no promises but to me that is unacceptable and not a way to do business to loyal customers. I am on may way out with square. I seem to continue the game with them because of the loan approval benefits. Once this loan is paid I will be taking my full processing elsewhere as that is the only benefit, I see as opposed to other processors. In the day of digital banking there are many processing companies available that actually fight for your business and not give you the "Loans are not a guarantee" Most banks are personal and look at your sales etc. What is that???? You never know where you stand! This is the first time in 4 years I have not been given a loan in December when I have never had a single chargeback, return, refund pay early and crazy high sales! You can do better Square, and everyone there are other options out there. 

[bsa77]

Not Pleased at all and have been on the rollercoaster way to long with square! 1st time in years I have not been given a loan in December. I will be departing and going to a different processing company. I have a stellar history zero charge backs, high sale volume for years! A bank that does tell you there are no guarantees on loan offers??? Clearly do not care about their sellers at all. Do better square!

[Kacey13 · Accepted solution]

Hello, @bsa77. 

We understand that not being guaranteed a loan offer can be frustrating. 

If your business isn’t eligible for another loan at this time, rest assured your account is automatically reviewed regularly to determine eligibility.

We recently added a eligibility page that you can navigate to by going to the Loans tab on your Square Dashboard to gain more insight into the status of your Square Loans eligibility. We analyze your business’s data for key factors that determine eligibility, such as processing volume, payment frequency, and account activity. Please note that there are many factors that may affect your eligibility, and accounts are evaluated as a whole.

If you’re eligible for another loan, we’ll notify you through email and in your Square Dashboard.

I hope this information is helpful, but please do let us know if you have any additional questions or concerns.

[bsa77]

Thank you I received an offer and still waiting to hear back. It is the uncertainty that is not ok! I could never expect my clients to do business with me in the same manner that square does business. Canned responses and lack of personal attention to matters is as  equally insulting. I have been looking into other processing options and most businesses are fighting for our business. High volume of sales in years and years of doing business with square with a stellar record proves to me sqaure doesn't care about anything other than making their dollar! Hanging by a thread here!

[MrRoadside82]

I don't see eligibility page

[frances_a]

Hello @MrRoadside82 ! 

I'm sorry to hear you have been unable to access the eligibility page. 

Is the link posted above giving you an error message? 

You can try copying and pasting this link in a new tab: 

https://squareup.com/dashboard/capital

Let me know if that works. 

Thank you ✨

[SPPhotography1]

Can you or someone please review my account??? I’m at a loss at what else I need to do to be offered a Square Loan again. I’ve been with Square for over 10 years and had 7 loans that I’ve have paid back early every single time. Every metric is in green, record sales year, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off and no new offer in site. This is the kind of stuff that causes businesses to find someone to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up from where we’ve ever had it before.

[Twpchair]

Good morning,  unfortunately it's like the other posted stated. My range use to be aroused 70-78% paid back. I've been with square since 2014. My last loan I received I was at 91% paid off. It seems to trending for most (not all) to come in when your loan is a bit more paid off. As far as other processing company goes, just becareful, read the fine print type thing. Jump on their comments and reviews and see what their customers have to say. Right now, I'm watching the market, banks pulling back on some lending institutions. I just think most companies are pulling back for a minute and making sure things settle down. I still see people posting every week they received their new offer so they are still doing loans. It's just a little crazy and different than what we've been use to. I'll be paid off around the end of the month. We're all in the same position so please don't think it's just you. Keep up the great work and here's to an even better New Year! Good work and hopefully your offer will come in soon. 

[SPPhotography1]

Can you help me at all? 

[danengine2004]

KACEY13 would you AS A REP of Square Loans care to comment on how Square Loans deceived at least Myself and GlitzyCow with this NEW criterion and NOT making us aware of it ? I think it would be only fair if you let the community know why it is Square Loans policy to operate under false pretenses. 

[GlitzyCow]

I knew it was put in place eight months ago on ONE customer out of hundreds but not until the criteria update that happened over the weekend did I realize it was affecting me bc SQUARE has told me multiple times that it wasn’t and not to worry about it. It’s literally on one of my hundreds of customers bc during my busy season (which is pretty much now through September) they thought they needed to put a limit on them bc they buy a lot of product from us. But legit told me it would be back to normal in 90 days if no issues. October 10th to be exact. That was clearly a lie. I’ve never had a single charge back on my account. Not even really any returns. This sucks. I used to love square. It was so easy and convenient. I’ve never had any problems. Recommended them to literally everyone over schmaypal. I still do like square but now feel deceived into processing with them as if all was normal meanwhile they knew exactly what the problem was and refused to tell me.  This has caused an extremely unnecessary amount of stress on me. 

[Kacey13]

Hi @danengine2004,

I will be following up with you via email. 

Please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.

[maryanngregg]

Greetings! 
I have a drive through coffee shop and am ready to finish my mobile trailer. 

I’m on my 13th loan at 62% payback, not an offer in sight. 

Everything is green, sales up, open 7 days a week, zero disputes ever since 2016 when I started with Square. 

I am thinking of just going to the bank and extending a line of credit, as they can process cards as well, but Square loans are so easy with daily payback. 

I guess I will wait it out a day or two, then go a different route, but wondered if anyone has been offered another loan *lately* at 62% paid back? 

I need to grow my business now, so wanted to ask ya’all here! 

Merry Christmas everyone!! 

[Minion]

HI @maryanngregg 

I have no personal experience with any recent loans, but from the consensus in a handful of threads here , Most loan offers seem to be generated anywhere from 80% +.  with you only being at 62%, I highly doubt you would see one in the next few days.  I know many people speak of "offers in the past" , but that is just that.  

With that being said, I am all for  other sellers or business owners expanding their business needs to other banks.  I think it is a good sign of growth and important to establish a good banking relationship with a local credit union or bank.  I have 3 different business bank accounts which all serve a certain purpose to me and a certain relationship and continue to use Square as well as my processing of CC 

I don't think that you should complexity cut square out of the equation completely as they do offer a lot of useful tools that banks don't offer.  

I don't like to have all of my eggs in one basket though.

Best of luck with your mobile Coffee Shop, sounds like an amazing business you have going. 

Cheers

[Azhar_mohammed2]

How can I get more funding to my business

[_Violet]

Hi @Azhar_mohammed2 - Thanks for reaching out to us here on the Square Seller Community👋

For eligible Square sellers, Square offers business loans to grow your business. You can check your business’s eligibility by going to the Loans tab of your Square Dashboard and keeping an eye on your email inbox. You can read more about Square Loan Eligibility here in our Suport Center.

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

[bsa77]

Well, I did finally receive a very low offer loan. However, it is normally approved right away and still waiting for approval??? I will let you know what happens. Definitely not what they used to be . Maybe 1/2 the amount in loans past 

[Blandkite]

Good for you, at least someone got lucky, hoping and praying I receive a loan next!! 🙏🏼🙏🏼🙏🏼

[bsa77]

Good Luck! Still waiting on approval! Not only low but seem to have to hoop jump now

[Simplicity1]

still nothing for us... 100% paid in 6 months 17k.... we have been all green until this week where a customer opened a dispute ( clearly looking for extra xmas $$), our business is tough because its all custom and any of our disputes usually happen 3-4 months after they paid which is soooooo annoying and we are clear with our contracts and invoices on approvals and proofs... 

We have been with square for close to 10 years.... we recently started getting the loans about 2/3 years ago... they started small and we always got another one... this time nothing... we are down in total sales for year about 15% but a major client went out of business and that is the direct reflection, monthly sales all average and climbing, everything is green.

The loans are what normally kept me here, I was always ok with the higher procesing rate, the terrible dispute processs, etc... it made it easier for us to have working capital with square but they have made it impossible to gauge or estimage with the loan situation.

They are very clear its not guaranteed and I am assuming that with all the larger companies getting them and a few of our factors to take into account we will not get one before xmas or the new year which sucks!! I loved handing out a little extra in everyones pay checks right before we close for a week and a half....  

such a bummer.... 

[bsa77]

So, I finally received an offer, lower than expected. Typically get an instant approval and funds available in the past but now asking for details and invoices for a transaction a month ago and my business relationship with that person. No dispute, good standing transaction, nothing out of the ordinary. Seems like a foot dragging tactic to me! . If I don't get the approval today it will definitely be the end of square for me. Getting more frustrated by the day to be honest . I have very high sales volume and would do more through square, but the unpredictability is not a business practice I would expect my customers to be pleased with and here I am accepting that from square??? . I will let you all know the result! Happy Holidays everyone!