Is Square still offering loans?

[lschisler]

Is Square still offering loans?  I had an offer as of last week and now it is gone.  Nothing has changed with our business.  

[Florilege]

We're good now. They gave us another loan on 9/1.

I called them this summer since we usually get a new loan offer when the ongoing one is about 80% paid off. They told us no loan mainly because of COVID. Then September came around and we got a notification that we were approved for an other loan. Maybe call them?

[RadioMcG]

What did they say when you call them? All we get is the generic response, even when calling. 

[Florilege]

They said they would call us back when they  have an update on when they will reopen loans. But we just got an email instead with a Loan offer and took it. 

[Prolandscapes]

Same here 6 month wait also. My offer was a 1/3 of what I normally get. I take it Squares in the loan business again. 

[CJ2020]

@Prolandscapes 

This sucks to hear! We're at 87% today and worried that we have no offer. This would be our 11th loan with Square Loans in 4 years. We count on this for our working loans through the winter so I am very concerned to hear all this. If you don't mind me asking a few questions for clarification: 1. Did you have to wait 6 months beyond when you should've been offered your loan based on past offers? Or was it 6 months beyond payoff? 2. When you say 1/3 of what you normally get, is this literally true? Like 1/3 of what you thought you'd get? 3. Can I ask if you got a SBA or PPP loan? 4. Did your business close it's doors at all? If so, for how long? We were closed for 2 months, but have been back open for 4 months, and busier than ever. No chance we close again, but I suppose they don't know that so it could be a factor..? UGHHH LOL Any details you can share I would appreciate so much. Thanks, Cori

[PV4U]

I received a very small loan (3k) middle of August. I will have it paid off before my first payment is due on Oct 21.  I am interested to see what the next offer will be.

[Twpchair]

Yeah, I would agree a 3k loan, and in 2 months it would be paid off for me too. I think my 2nd or 3rd loan was that much! Ugh, not sure what is going on with them. Obviously, they can see by your transaction that your business is solid and isn't going out of business! It's a shame I have retail friends who use other forms to take cards and they haven't had any problems getting loans and increases. 

[242House]

If this load was $3k, how much was your previous loan that you paid off?

[Prolandscapes]

Cj2020,

Ive completed 9 loans myself. As like u i always paid off early. I always got new offers. I was fortunate enough i was considered an essential business. Business was a bit slower for a few months but i didnt have to close and now things are back to normal. I really feel like the ppe program screwed us during that time. And I honestly feel between the ppe and covid thing square decided to mitigate its risks on loaning to small businesses during that time. But thats just my opinion. Id have to imagine youll get offer soon with your business history through square.

[Florilege]

We were at about 75% and got offered another loan today. Really no sure how things work on their end but we called them over the summer about why loans were on hold. Not sure if it made any difference but it seems like we are back on track with them. I would suggest calling them to get some answers. 

[Allpurpose314]

Makes me wonder how many of us are REALLY paying on time..

[Twpchair]

I'm not sure, I'm at 80% always been offered between 75-78% I've paid all mine even during the early part of covid. Our store is doing great since June on especially. People are really buying and redoing their homes. I'm in furniture and decor retail store. 

[Twpchair]

It's extremely frustrating when you've been with a company for many years, we are open, never closed due to covid, we're in retail it is booming!!! We are seeing higher numbers in cash than ever before, but loans all paid, didn't need their help on payments and it is picking up like never before! People are shopping and spending but square seems to have forgotten about us customers that have stuck with them for years????? I had 2 other retailers call me in town and they switched that was always a huge benefit from square and now they don't do it or offer 1/4 or 1/2?? Obviously, we are going anywhere, we're still here and processing every day! Good luck to you!