Has anyone received a square loans offer recently?

[Lashexperts]

I'm curious to know of anyone has received a recent offer from Square Loans. I've used Square over 5 years and completed 6 loans now with no new offer. I know the generic answer of they review your account and will let you know, but just trying to gauge my chances. Thanks

[RebelStreetShow]

Update: Received 1st offer beginning of January 2020, paid to 92% in less than 30 days before receiving 2nd offer.  We process larger payments so it was paid quickly.  Second offer almost double first offer.

[rzrshop]

@RebelStreetShow you received 2 offers this year already?

[RebelStreetShow]

First offer 1100 actually came December, received in January.  Paid to 92% in less than 30 days, received 2nd offer 1900.  Been processing with square for about 18 months.

[locksmithnick]

Currently at 70% of my 13th or 14th (I’ve lost track) loan, but I wonder if anything has changed due to recent events. 

Anyone gotten an offer recently?

[Rasco]

I emailed support a couple weeks ago and was told they will not be extending offers due to COVID 19. I'm kind of bummed about that considering this is when we need it most. They are covering their own behinds since they are worried we won't be able to pay back. I have a cleaning supplies business so I am doing business as usual. It would just help to get a square loan so I could stock my inventory. I'm selling more than ever right now. I know other businesses are not as lucky and are hurting for the loan. 

[locksmithnick]

Yes, we are also staying busy. I can understand why they’d put a halt on loans, as if I were them that’s what I would do, too. However, I would monitor businesses like mine and yours closely, because them making money off of our loans would help make up the difference in other areas where they’re currently losing. 

[Rasco]

I agree! My main challenge right now is having the funds to replenish as quickly as I need to. The things I purchase will sell out right from under my nose so I have to be financially able to snag it right away. So I could be making them even more money if I could! 

[mattd]

Hi @Rasco,

You should really look into applying to the SBA's Paycheck Protection Program right away. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. That should be enough to free up other capital to be able to buy the inventory that you need. 

[Rasco]

Thanks so much for the suggestion, but I am a home based business with no employees. I don't think I will qualify. I have applied for the disaster loan, just not the payroll loan. 

[locksmithnick]

Well, my sales are right on track with previous months/years, currently at 80% and no new offer. I've paid off 13 or 14 Square Loans, and I guess this is where the journey ends. Actually looking forward to the 15.75% raise I'll get each month after this is paid in full. 

[Joe]

Hi there, @locksmithnick - thanks for reaching out here and sharing your experience. This Best Answer from Regina on our Loans Team will be helpful here. 

Let us know if you have any clarifying questions!

[Chavezmc]

I was wondering the same thing . I haven’t received no new loan offers ever since they switched banks 

[aessallaki]

 HI,No response on my latest square loan..