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. 

[Twpchair]

I was scrolling and looking to see if received a new offer yet? Last I saw was 95% paid off? 

[Pecard81]

74%and climbing, I am coming up on having this loan for 4 months soon, it was a lot smaller the the others, but the good part is Iam am paying back over 20% each month.  Best of luck to all

[Twpchair]

There you go! Great numbers! Steady growth is a great thing congrats! 

[mydpins]

I am at 90% paid off now and still no new offer. My card processing is at an all time high and organically paying on my current loan well ahead of pace. My 60 day payback requirement was met in 15 days… This is getting frustrating and if no new offer before loan is paid I am switching companies. The loans is what has kept my business with them because of the convenience. But if not getting one then why stay with them paying the higher fees. I can go with a credit card processing company

[Twpchair]

It's bouncing all around right now. My last one was 81/84% paid off. The one in June was 91% paid off and I was happy with that because most people were paid off or higher 90% range. Feb/March it started to get back to 70-80% paid off for many (not all) each person, business, and location is all different and that's why it's hard to pinpoint an exact amount or percentage. 3/4 years ago I could almost guarantee mine was 74/76% and new offer. I look at the market, the economy and other lenders and see what they are doing. Jump on a board like this for clover or PayPal and their customers are saying the exact same thing! Lenders right now are still lending but they watch and see when things start to settle down and level out too. Good luck and hopefully an offer will come soon!

[mydpins]

Thank you and appreciate your feedback. I can only speak for myself as prior to switching to Square for my CC processing I was using Elavon through a deal I acquired through Costco...They were cheaper on the processing rate and I only switched to Square because of the Capitol Loans. If they are no longer offering it to me for whatever reason then why should I stick around hoping for an offer meanwhile paying more in CC fees. 

[Twpchair]

I understand that 💯 I was just saying watch I've had myself different POS promise me with my credit card charges they would start me out day one with a 50k loan! Wow, sounds great and then I jumped on their sites and it's the same as the others. Most lenders are holding back right now is all. Honestly, my best business wise is through my credit union and they use merchant services and I looked into it at 99.00 a month and 1% cheaper I didn't want to switch out. I'm old school and if it's not broke don't fix it or change it. I swipe that card and since 2014 the next day it's in my bank. I don't want to wait 48-72 hrs and start monitoring that. It's more work for me. The loan part it will work itself out it always has. Since 2014 I've seen the massive upswing to what we are dealing with now as far as loans go. In the end you and only you know what is best for your business! I just wanted to share many stories I've seen on here where they promise the world and you wait 6 mths plus and start from the beginning. I have yet seen one person come back and say yes this company said day 1 you will get 50k! It's like everything else they all are salesperson and they get paid to get your business! You and only you know what is best. Good luck to you really! Small business owners are what was the backbone of the world and I wish everyone the best! It's a tough 24/7 job and we can do this and keep mom and pop stores alive!

[Twpchair]

I get it 💯 you and only you knows what is best for your business! Good luck to you!

[Pecard81]

Iam at 80% got there in 4 months, that being said I hope you are right and I get a offer soon 👍👍

20% monthly give or take 2% 

[Twpchair]

My last one a little over a month now I was at 81/84% paid back. It came in late Saturday night and posted in my account Monday. We had 3 extremely busy days and the offer came in.  June was 91% I hope we can get back to old days 70-75% good luck!

[Pecard81]

Yes my last one was December and it was at 92% ish

[Hotbear]

We received a loan and we are at 82% in 29 days no new offer here

[Twpchair]

Did you receive an offer or no? Going off of most people posting it's ranging in the uppers 80s to 90s? They are still doing loans daily. If you scroll down you can see the 1/4 to yearly. I don't see many in the 70s like prior years but the higher percentage paid back. Good luck and more information about your situation would help!❤️

[Pecard81]

84% and rising no news yet, I’ll let you all know.   👍👍

[Charliesparties]

I hit 91% yesterday. My sales are up 400% since the beginning of this loan. I've paid this much of the loan off in 6 months. I did have a slow month in January but now I am doing over 1k a day which is quite an increase. I'm not sure what's going on and why I have not received a new loan offer. This loan will be paid off by the end of this week if not faster. Just based upon the number of invoices I have out for the rest of this week already pays it off. So I guess they're waiting till this one is 100% paid off

[Twpchair]

It seems for a lot of people (not all) the percentage is higher paid off. With the ups and downs with the market and a lot of lenders holding tight its nice to see someone get a loan! Good luck to you and great job with the business!

[Twpchair]

Good luck!!!

[brown17]

Record processing/sales 78% no offee. Crossing my fingers it comes through soon.   

[Twpchair]

Good luck! They've been trickling in. Hopefully, they will get back to normal soon! 

[GlitzyCow]

I wasn’t going to write another reply but it seems square is not interested in telling the truth or answering questions. 

last JULY square imposed a spending limit on one of my hundreds of customers. I was told that my account was in good standing nothing was affecting my capital eligibility. I paid off my loan in like 7 weeks on August 2nd. The loan was much less than previous with increased sales. The square rep told me in 90 days (October) if no chargebacks etc came up they’d release the limit. October is our off month. I assumed it did. Square told me it would. I hadn’t been offered a new offer. Didn’t know why and square didn’t tell me why. When the eligibility page updated in march I had a needs work by account limits. The new metric. So then I knew what was going on. Contacted square and they told me my account would renew on April 1st which was 6 months (was actually 8).  It didn’t. I called and messaged and I got an automated sorry response back but they wouldn’t address the false statements they had previously made. They refuse to answer my reply email. I still have a negative metric bc of ONE transaction of around 3k I had last year on ONE of my customers. I’ve never had a charge back or account issues. Ever. They won’t take that limit off. I told my customer he can’t use his card bc they won’t release the limit. So I only accept other forms of payment from him. Not letting square get those fees then to stiff me in the long run. 

the account limits say they are always temporary but at this point it’ll be a year in July and if I don’t renew til October at that point it’ll be 15 months. That is not temporary.  I’m convinced supervisors don’t exist at square. They all say they can’t do anything but then what are they there for? May as well be all AI at this point. 

[Twpchair]

You are one that just baffles me? I don't understand why or what the problem is? If you're customer and his credit card company doesn't have a problem with it and he/she hasn't had a charge back with that card I don't know why they can't use it? My business we have no returns so I've never had a charge back either? At one time I use to a personal rep and he would call and text me any issues I could get right ahold of him and apparently they got rid of that or the gentleman I had moved on? I'm sure if I'm baffled by it you must be extremely disappointed 😞. I hope you can get this fixed soon! I wish you the best!