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Has anyone received a square loans offer recently?

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

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Super Seller

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@Lashexperts, I currently do have an offer on one of my accounts but I don't use Square Loans, but since Square Loans gave out over $305,000,000 (three hundred and five million dollars) to 47,000 businesses in the last 90 days I'd say you have a good chance but there are millions of Square users also.

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Message 2 of 117
116 REPLIES 116
Super Seller

Best Answer

@Lashexperts, I currently do have an offer on one of my accounts but I don't use Square Loans, but since Square Loans gave out over $305,000,000 (three hundred and five million dollars) to 47,000 businesses in the last 90 days I'd say you have a good chance but there are millions of Square users also.

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Message 2 of 117

Thanks for response. I wasnt worried until I got on here and started reading all these people saying they're not offering anymore!

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Message 3 of 117

It is kind of like a honeypot where everyone goes to complain but hardly a soul comes to say they did.  but they are out there for sure.  

 

Best of Luck

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Message 4 of 117

Did you ever get an offer? @Lashexperts?

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Message 5 of 117

Square just bought Weebly for $365-million which is $60-million more than the Square loans in the last quarter. @VanKalkerFarms what do you think the impact will be on the availability of Square loan money on the next quarter? 

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What do I think?  I think it will have 0 impact on Square Loans as they continue to grow Square Loans quarter after quarter.  Mergers and acquisitions is a completely separate arm of any company and you don't stop a part of your business that makes money just because you gave away some of your stock to another company to buy it.

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Message 7 of 117

Hey Alan, They ever give you an offer?

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Message 8 of 117

As I figured before the Square acquisition of Weebly had no effect on Square Loans as it grew by 51 million dollars in this quarter. Square's Q2 results were announced earlier this month.

 

last 90 days Square Loans approved loans totaling $390,000,000 (three hundred ninety million dollars) to over 60,000 small businesses.  that's almost $4,500,000 a day.

 

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Message 9 of 117

I received an offer and after I responded the offer was rescinded. That is one of the problems you are reading about. The other problem is about business owners who have had loans before are not getting new loans.

 

I don't know where the statistics come from that you've seen here about Square loans but the bottom line is that there is no guarantee you will get a loan or if you paid off your loan or loans that you will get another.

 

Right now Square seems to be investing in other companies instead of its customers. Today Square bought Weekly a website builder and last week it bought a business catering company. 

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Message 10 of 117

the statistics come straight from their SEC quarterly financials they file.  You can read all their filings here https://squareup.com/about/investors.

 

100% correct that you are not guaranteed to get a first loan or a subsequent loan or any number of loans.  getting a revolving line of credit would be a better advice for a business as that is cheaper and you can use some of it and pay it back and then pull some out 2 months later and pay it back and only pay interest on the days you borrow money.  but a lot of companies don't have the financials to get that so loans like Square Loans and kabbage etc fill that void.

 

There is nothing that says they can't do both at the same time and I'm sure they are doing both as Square has a market capitalization of 16.5 billion dollars and growing.  Square's Q1 2018 Quarterly report comes out May 2 after market close.

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Yes just revived one at 79%

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Message 12 of 117

I’m 84% paid on my 4th Square loan. I didn’t apply for the SBA offer, is anyone in same situation and have received a new loan offer that is not connected to the PPP loans? I’m REALLY needing a new offer. 

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Message 13 of 117

Yes, I received one two weeks ago and was accepted.

 

I think one of the main frustrations voiced here recently is that people who have received and paid off numerous loans in the past might be receiving fewer offers. (I'm not sure if they are overall, but that's the complaint at least.)

 

Honestly, I think this is to be expected. Square can both diversify risk, please more people, and probably get bigger increases to card transaction rates by focusing their Loan offers on numerous smaller businesses and startups rather than larger or more established businesses.

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I've had six previous, and have been paid off for two weeks with no new offers. Not sure why, but regardless, I love using square. 

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Message 15 of 117

Just an update....

I received an offer today. So, keep the faith. They are still extending loans. 

Thanks square!

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Message 16 of 117
Alumni

Congrats @Tritter82!

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Message 17 of 117

Exactly how long after you paid off did you receive a new offer? I paid off my third 18 days ago with nada. They have always offered at 7/8 days. And all my numbers are up it’s so weird. 😞

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Message 18 of 117

It was like 3 weeks after. 

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Message 19 of 117

@fatbodie2 it was like 3 weeks after.

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Message 20 of 117

@Tritter82 Was the offer higher than the last?

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Message 21 of 117