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. 

[Pecard81]

i recieved approval and funds yesterday I was at 92% and loan offer was 1/3 of previous loan.  All green,  sales on par to last  year, offer went way down.  It still will go a long way.   

[bsa77]

Did you get approved right away?

[Pecard81]

Offer came in Monday approval Tuesday.  Almost 24 hrs exactly 

[bsa77]

Congrats!! Happy Holidays to you!

[Nml28]

Im at 63% I guess im not getting any loan but i need it because its christmas its my best month. I want to move to Shopify probably. I use shopify for online. Increased in sq processing this yr but i guess they dont care

[Nml28]

Whats happening with sq? Why cant they give us a loan when we need it. They dont realize more inventory more processing. I badly need more inventory and man power right now. No loan, less transaction 

[Blandkite]

I agree 

[Nml28]

TBH, Only using sq because of the loan offers. 
Website ❌

Email marketing ❌

fees ❌

So i guess i will be moving all my transaction to shopify 

[Treecie]

Just to give a bit of good news!! I received offer at 78% on Saturday around 2:45 pm I accepted offer. Was approved by 2:54 pm! Money was in my account Monday morning. It was my highest offer. I never attached my bank account. It was my 12th loan. It couldn't have come at a better time! 18.25 % of sales for repayment. Merry Christmas Everyone 

[Blandkite]

We now have a little over a week left in the year and I can’t believe I haven’t received an offer none this year, my last offer was May of 2022, I may just give up! 

[ianssoph]

@Blandkite What kind of business do you have? @GlitzyCow did you ever get an offer? I wonder if they’re pulling back in some markets as opposed to others.

[GlitzyCow]

I have not. I’ve been paid off now for almost 5 months on my 12th ish loan. Square called me today though and emailed me about a recent feedback I left them about their customer service. There is no customer service any more. Just robots reading a script. I didn’t answer or respond to email. I shouldn’t have expected capital but you get in a routine and don’t think they will drop you cold turkey. I’ll process about 500k by year end. 

[Blandkite]

I have a women’s clothing store! 

[ApexSupply]

I am now at 83% and also have not received an offer. Normally I would have by now and it is frustrating because its a product that Square sells us and that we pay for and even for those of us who have successfully paid off several its not something that can be depended on. The amount of replies to this thread show that its an issue for a lot of Square customers. Im researching some other options in case I don't see something in the next couple of days.

[Mkennedy25]

Still no offer, very disappointing. May just pay off the rest and be done with Square.

[bsa77]

I get it! Once my loan is paid off, I am definitely parting ways if not approved today! I am on a loan approval now for 2 days! What's worse is a few days to capitalize during the Xmas rush. If I didn't receive the offer to apply, I at least would be able to plan accordingly but now anxious waiting for the approve knowing there is an opportunity lingering. Not a great feeling 4 days before Xmas! Over the roller coaster Square!!

[bsa77]

Ok! Trying to keep everyone updated! I received an offer to apply 2 days ago. Normally when I apply within minutes it is in the square balance. The next day I received a strange request for information on a transaction in November which is a good standing transaction and was asked for an invoice and my relationship with the customer. I of course don't mind answering that to the best of my ability with a customer I do not know personally. However, I thought it was odd. I submitted the information they requested and still have not heard back. We are 4 days before Xmas and not a good feeling. Nearly worse than not being offered anything at all because for 2 days I have been anxious knowing the window of opportunity to benefit from the Xmas demand is closing. I keep giving square chances when I feel that their canned responses and lack of customer service is outweighed by the benefit of capital loans. If I miss this opportunity it leaves zero reason to stick with square. I will pay the minimum payments through means of making the payment each month and no additional processing through them. I process average of $300k per year with credit cards only. Zero Charge backs in the years I have been with them not even a single refund or return! why am I accepting this lack of business appreciation and less than I would expect than I give my clients? I would be out of business if I did business in this manner! Today will be my deciding factor. 

[ApexSupply]

OK just received an offer and it was already approved....Square is the GREATEST!

No, in all seriousness waiting and not knowing is unhelpful, confusing and somewhat stressful. A little more transparency would be beneficial and definitely appreciated I think. I understand for first time borrowers or maybe people trying to game the loans, but for those who have a good track record letting them know a % of business done, or loan paid or some other metrics would be great. It could always come sooner and no one would complain, but at least everyone would have an idea of what to expect.

[Nml28]

🎉,

what was your loan percentage paid when you got the offer?

[ApexSupply]

83%. And yesterday when I checked loan eligibiiity factors there was no update all day. Then today got the offer.

[Crosstimberkoi]

Congratulations!  

Agree how frustrating it is and the fact we run the same in checks as we do cards.  I understand they don't make any money on checks or cash deposited to a bank.  On third loan at 78%.  Something needs to give soon as we are seasonal and winter is here. Our money flows spring summer in fall.   Guidelines would be nice.  Something to look forward to and now we are valued.