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. 

[GlitzyCow]

Yes I’m so over it honestly. It has now been 10 months since the “temporary” limit was put on ONE customer (the limit was 60k too btw) and not a single issue. I’ve never had an issue with anyone, knock on wood. I have tons of positive feedback but nobody at square cares. They really have lied and maliciously hurt me. 

[ianssoph]

Just wanted to let everyone know I just received an offer at 79% paid for $40k

[brown17]

Congrats

[Jjpainting]

Nice.  Good for you. May I ask, how much have you processed in card sales within the past year?

[ianssoph]

$280k in credit cards

[Twpchair]

Congratulations!!!!! 

[VanKalkerFarms]

Well today was quarter 1 2024 earning results day for Block/Square.  Square loans up huge again this year.  Amazing.

Square Loans facilitated 129,000 loans totaling $1.32 billion in originations, up 17% year over year.  That's huge with an average of 1,450 loans per Day!  and an average of $10,200 per loan.

So while it may seem like you aren't getting a loan for whatever reason, there are literally over 10,000 loans happening a week.  Personally I think Square even starting to offer loans before the first one is paid off was a complicated decision.  Because once you get the taste at 73% or whatever now you think that is standard.

Best of luck to everyone in your businesses and may your cash registers sing.

[Twpchair]

Thank you! I try to tell people what we see here is such a small fraction of actual square businesses that post here. I agree also, usually the first words that they say is "I use to" I understand use too but it hasn't been that way for most (not all) a higher percentage paid back. I actually like it! If I need it or take the offer I'm getting more of that loan instead of paying off  25% of a previous loan. That's again for posting this! 

[VanKalkerFarms]

Yes it is good for people to see that yes there are a few people posting here about loan issues but in the meantime every minute of every day a new loan is started.  That is basically not something that can be comprehended that so many are happening.

129,000 in 91 days (131,040 minutes) so almost exactly 1 loan per minute.

[CryoNL]

I've gone 1.5 years without a loan offer. Our revenue went from 120k our first year (we took two small loans with Square) to now on pace for 360k in 2024, 0 chargebacks less than 5 refunds a year, increasing customer list and monthly transactions. We've been provided 0 help or explanation from Square. Same typical automated response. From both email and phone. 

Our new office opening in July will not be using Square as they've shown they don't care about us or the processing fee on 500k+ in transactions we have done. 

[Twpchair]

Hmm, that's just strange to me? You're the 2nd business I have seen in the last couple of weeks saying the same thing? With the amount of revenue I wouldn't think that less than 5 returns would be the only factor? We have a no return policy so that doesn't help with your situation. When you call are you just getting regular customer service that gives you the typical script or can you get persistent and get to a loan agent or at least that department? After your other loans that you had were you offered any and turned them down? Sorry for so many questions it just seems odd and you are not the first now unfortunately. The other was pretty similar 2/3 yrs no offer, doing roughly 300k a year. I believe if I remember correctly about 12 yrs with square and did 3/4 earlier on in the first few years. They did turn down 4/5 in a row and boom nothing since? Good luck and maybe @Vankalker can suggest something else?

[CryoNL]

We also have a no return policy, 80% of our very few refunds are actually Square's fault in the payment plans, where they're charging clients past their billing cycle. (That's a whole different problem) 

2022 gross sales 138k 2 loan offers, both paid back in less than 90 days. No offer after Oct 2022. 1 Employee

2023 gross sales  202k 0 loan offers, 0 chargebacks or bad remarks. 2 Employees

2024 on pace for 360k 0 loan offers, 0 chargebacks or bad remarks. 4 Employees 

I've called and spoken with their banking department who've said they can't do anything and then (insert square automated message about how loans work). The furthest I've gotten is they've wrote up a report to the loans team who than proceeded to reach out to me via email with the SAME automated message about how Square loans work. 

[VanKalkerFarms]

Yeah, I think you just keep getting the same answers because they can't go off script and say something different as then that can be used against them or some other thing.    
If you can't get Square loans, I would say the even better option is to try and talk to a few banks about a Line of credit.  It'll be way cheaper in the long run.  I haven't had a loan in over 20 years once we got our RLOC setup.  just hit it and use it for the 15, 20, 60, 90 days you need and pay it back and you only get charged interest for the days you borrowed.  When rates were low we were literally hitting the LOC for 60 days cause it was cheaper than pulling CDs or taking investments out of the market.

[CryoNL]

We do have a current LOC with our bank. We used a good chunk of it to fund new equipment purchased in 2024. Hence the main reason for our big jump in revenue for YTD 2024. We are slowly paying it down, but the Square loan would of been a massive boost for our current and new location. Thanks for the reply. 

[Twpchair]

Has anyone else seen a big turn around from credit cards vs cash? With so many businesses adding additional costs onto cards the amount of cash and checks vs cards is crazy 🤪 I'm retail furniture store if anyone is doing the same I would love to know? 

[VanKalkerFarms]

YTD 85.74 CC vs last year to this date was 87.39% CC.  So currently a little bit more cash.

[VanKalkerFarms]

Our checkouts get a little goofy sometimes with women paying some cash to lower their flower bill on the credit card.  It's probably something that happens in many places, but it'll be a $360 total and they bust out a $100 from bowling winnings or whatever to make the bill only $260 on the CC.  dozens of times a day.  

But still, even with that I just assume 85%+ will be CC which in the end is fine by me.  Up until 20 years ago, my parents refused to take CC.  I finally got them to start and immediately average sales started increasing.  it has been a steady increase from 20% CC the first year to where we are now. 

I just wish the CC industry would get all their cards chipped so we can crank out the tap-and-go instead of dipping or the awful swipe-only cards still out there.

[Twpchair]

😆 🤣 😂 yes! We see a lot! Or their receipt has their email or number and I always ask would you like me to send it to their? Noooooooo thats my husband's! 😆 🤣 😂 I just take the paper receipt or I don't even need one really! Sometimes we tend to sneak stuff into the house and if it's my husband he has no idea and 2 weeks later will ask if that lamp is new? Noooooo it was in the spare bedroom and I just moved it! 😆 🤣 

[VanKalkerFarms]

[Twpchair]

I know everyone loves cash and cash is king type thing. My only issue is our location and we are downtown but literally each way you go we are surrounded by interstates going up north or south. A mile from that is another interstate that goes straight across the whole state. We belong to the Chamber of Commerce and each meeting is about security and safety. We are in a prime location to be robbed. We have a floor safe and everyone knows its money and your life isn't worth it type thing. But cards I swipe they go and I just prefer cards over cash for that reason. I know a lot of people will carry a set amount of money so they don't go over their budget type thing and I get that but ughhhhh go get a prepaid credit card please! Lol 😆 luckily we are right next to the famous Cops and Doughnuts so we do have a lot of police presence in our downtown area. 

[VanKalkerFarms]

A garden center that I am friends with went cashless 4 years ago (just happened to time out with the covid) because they do over 15 million in 3 months and having 30 registers with teenagers counting out tills and runners collecting was just getting too much.  Now if you want to use cash you are able to buy gift cards with cash on the way in.  Lots of Facebook backlash and yet in the end sales were up 17%.  

I don't know that I would ever go cashless but I am fine with the few percent Square takes in exchange for the ease of transactions and speed.  We are surrounded by the 3rd and 5th poorest cities in Illinois and literally next to a highway.  Never has anything happened but it always could.  I try and clear the registers every hour.,