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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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@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.
Hi @Kimmiesue12001,
I am sorry to hear about the dispute with your customer.
I'd like to clarify that a Seller's chargeback history is a factor that is evaluated when reviewing an account. However, eligibility and offers are also based on many other factors including payment processing volume, account history, and payment frequency. For more information about Square Loan Eligibility, please visit our Support Center article.
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No new information...just the same old stuff. I'm the business owner and telling me that my own information can not be provided to me directly because its proprietary makes absolutely no sense. I can understand chargebacks making or breaking a loan renewal. But 1...just one in 3 years shouldn't! Everything is so secretive...makes me uneasy.
I dont know...someone posted they got their 7th! Shoot....I would like to know why he/she is special. I'm just here out of curiosity at this point. Not expecting square loan or anything super craY craY like that. Pay Pal looks pretty good right now...have you seen what they are doing for their Customers?!
I paid a large chunk off of mine to fully pay it off in hopes of a new offer. I hope I didnt make a mistake and should have just keep the money instead.
I have heard through the grapevine...that isnt always a good idea. Best of luck!
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Nope! Dont DO THAT! the loan is for you to grow and payback from Sales, They say it doesnt affect it, but ive got three people who paid their loans on their own, They NEVER GOT ANOTHER OFFER. Think of it like they loaned you money, then you are taking that money to pay it back, in hopes of getting another, Doesnt work That way I hope Im wrong. GOOD LUCK
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@LaDora I understand that if someone has a history of chargebacks that can be an issue. I had 1...just 1 in 5 years! My sales are up...I have plenty of repeat and new customers. But it is what it is...nothing any of is say or do will change a thing.
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Hi there! I’m hoping you can give me some insight on my denial of my loan offer. I got an email stating I had been denied due to a failed debit. I got clarification that it was due to an error of my auto withdraw of the repayment of the loan that comes out at end of day every day. They said it didn’t get taken out one day and that I transferred funds too soon so it didn’t get debited in time. We have had several loans and have never had any issues ever. Normally I would just let it go, but I’m in dire need of this loan. My mother has been diagnosed with covid and is hospitalized, I’d like to see her just in case something happens to her. These funds would allow me to travel to see her and take time off if needed. Please take a look into my account and see if there is anything that can be done. We have had a great relationship with square and hope to continue doing so. Thank you for your time it’s greatly appreciated.
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I'm just curious, isn't the amount you pay them just automatically deducted before they give you your funds from sales
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Yes you are correct. But for some strange reason on 1 day they said the system failed to debit my loan payment for that day and that I transferred too soon. Very strange and kinda sad that we got declined due to an incident out of our control. They did say they would escalate the issue but no guarantee it would resolve the problem.
Paid off second loan, took about 11 months since we are seasonal. Thought we would get another offer at about 80% paid but didn't get until about 3 weeks after paid in full. As I said, we are seasonal and most of our payments are in 3-5 months of the year, so we were processing sums $400 or more, frequently, before receiving the offer. Also, new offer was about $500 less than just paid off. Was approved in less than a day. Have had no issues with charge backs and always managed to pay minimum payments from processed transactions.
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Update! We finally got an offer! A lot lower than past offers, with 10% of daily sales deducted. Was approved almost instantly after we accepted it..
Awesome! Were you 100% on your prior loan or did you still owe?
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Thats great news for you! I'm still waiting. I process much more than I did before, have new and returning customers, and I'm an essential business (cleaning supplies) so I don't get shut down by COVID. I would appreciate another offer. I have paid 5 loans off quickly. I don't know why they wouldn't offer me anything. Its been over a year!
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Two weeks today and no offer. Maybe my business picked up enough that I don’t qualify for a loan. I’ll update if I get an offer to keep you guys updated.
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They already noted that that arent Guaranteed anymore, so hopefully you get one, Ive been paid almost 5 months, so 2 weeks is nothing lol, Ive had 5 previous loans, no issues
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So I called and spoke to someone yesterday. Omg what a process to speak to a live person!! Anyway...I was advised "not to pay much mind to these threads most people are on here to complain" the ones who are being offered loans have no reason to come on here. Anyway in the end I didnt get anywhere.
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