I’m at 78 percent on my loan

[Barber23]

Hello, I am at 78 percent on my loan anyone know if I’m close to get another loan I am on my third loan I been getting offers when I am at 68 percent 

[Minion]

Hi @Barber23 

While no one can really give an exact answer since many factors play into their algorithm, of when a business is eligible for anew loan.  However, being at78%, I would think you would be really close.  Just keep processing sales and doing business as usual and hopefully within the next 10% here you will receive one.  Plus, that is just that much more that is paid down before a new offer.

Best of luck

[Sammie_C]

Hi @Barber23,

Thanks so much for reaching out!

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

Let us know if you have any other questions!