No new offers from Square Loans?

[BrownButterNOLA]

I’m sure I’m not the only disappointed Square Seller on here regarding Square Loans. We’ve taken 7 or 8 loans (5-6 figures each time) and paid back all well ahead of the end of the term. We had a loan floating out there pre-Covid. We understood completely why those loans were pulled initially, 9 months ago, but now, still nothing. 

It’s a strange way to reward loyalty over the years. We’ve been courted recently by Toast, who is offering business capital, with a very similar rate and pay back policy. I’ve always liked the way Square did business, until this. Anyone have any experience with Toast, or has anyone had any recent dealings with Square Loans?

[JW10]

Update — square loan has been offered. Upon reflection, it was relatively timely between my payoff of the last loan and current loan offering — especially given impact of COVID on several businesses. I’m just used to getting offers during the payoff period — once the loan is close to being paid off.

[Littlepnuts]

@JW10 how much time passed between payoff and new offer? I am almost fully paid off and prior to completion due date. We are stable, have no charge backs and business is increasing now that we are in phase 3 (New Orleans has had tight restrictions) I have been with Square since 2014 and have received multiple loans over the years and always receive a new offer between 75-80% completion. Curious to see how long I may need to wait to see a new offer.

[Kimmiekay]

We got a small offer in nov had it paid off in 6 weeks then got another right away. Now we have that one paid off in 3 months and haven’t had any offers for month now. 

[Twpchair]

Was your loan paid off or what percentage was it at? I have received offers from 70%-85% paid off. I sit on 6/7 boards here with square (not loans) but the main complaint I answer is why, when, are they still doing them? I have no insight into how or when they review. I know it's never when you need it though. I am at 70% and would love an offer NOW so I can purchase more supplies and stock up. I wished they did more like a revolving credit you are eligible for X amount of money and you can pull from that when YOU need it and not at a certain percentage. I have taken many many loans offered and always meet the date pretty soon and open 6 days a week so I process a lot daily. But this % thing varies so much it's hard for businesses to stay loyal when they want just a little bit more assurances. I am glad you received your loan. Good luck and here's to a great 2022!

[RockShopMNC]

This makes you feel horrible about your business like it's not worth helping a loyal customer who has paid off other loans. If anyone has found any other places that are doing better than Square please let me know. I feel like being a small business is not good enough for them. It's hurt us financially and could cause us to close because of the niche business that we are and with the announcement of a new product and a rapid release that we were not prepared for and Square's only answer is a generic one about them reviewing your business daily and they don't know when you will get an offer is complete BS because someone has to know how the system works and could tell you something.

[SPowell12]

Yes! We are having the same issue! We are hoping to get another loan but nothing! Glad I’m not the only one! Sucks! 

[Willylara17]

Trust me I hear you I haven’t been approved in 9 month for a loan after already getting about 8 total loans. I have processed more then ever before meet all those “ qualification “ and still nothing. You try contacting them they keep sending you the same copy and paste message 

[Magik5tattoo]

We did eventually get a new offer it was significantly less then the prior offers but we were happy to have an offer, all I can say is keep processing and keep your chargebacks down 

[rzrshop]

So frustrating no offers since 2019

[Dixie1981]

Is anyone getting offers?  Every time I call I get the same response that they review accounts daily. We have had 5 or 6 loans through them all paid off early. 

[Kimmiekay]

I’ve had 4 and been paid off for 3 months. Nothing here

[HC_Charlie]

I have gotten some offers, but none that are great enough for me to see any advantage in taking them out. Does anyone know if these affect and are reported on your credit score like a traditional loan?

[rzrshop]

I have not had any offers since 2019 and I am in Florida

[Kimmiekay]

It’s turned into a joke getting any loans. Paid off 5 and now it says based on credit and crap. Time to start looking for a new company I think. 

[JamesC]

Hi @Kimmiekay, 

We appreciate you taking the time to reach out. 

When your business applies for a Square Loan, we will not access or review your personal credit report to evaluate the application. With your permission, Square Financial Services may access and review your personal credit report to help improve our evaluation of your business for any future loan offers. Please note that applying for a Square Loan doesn’t affect your credit score.

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

If you have any questions, please feel free to contact us.

[JamesC]

Hello @rzrshop, 

Thanks for reaching out and sharing your experience with us in the Seller Community.

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

If you have any questions, please feel free to contact us.

[Marystacos530]

Omg as a small business owner we rely on the loan offers and we have had 10 square loans and have always paid them back ahead of time . I remember when we would get offers when we were about 75 percent into our loans ,but now it seems like you have to pay the loan fully and still have to wait I just don’t like the way square has changed I use to love it and recommend it to everyone I’m also thinking about switching I mean we make square pretty good money so I think our business would be welcomed elsewhere I was looking into pay pal they also have kinda the same idea as square and also offering capital loans with almost no requirements and I was told they offer your first loan pretty soon after you sign up I’m seriously considering it .

[Twpchair]

I received one a month or 2 ago? I want to say that I was roughly 78% paid off without looking. I was the same boat you are I have received many offers over the 7 years, I have always paid back prior to. I did email them once before and received the generic email back but about 2 days later my new offer came in. Try that and see if it kicks in for you. Good luck!

[jules72]

Hi @Marystacos530,

Appreciate you taking the time to post.

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 may not currently be 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.

We hope this information was helpful! 

[RockShopMNC]

I'm not understanding why we have not had a new loan offer. We're on our 3rd loan and paid the first 2 back within 4 months each. We are only 3 months in and have paid 81% back already but still no offer. Everything is in good standing with projected revenue of over $70k I just don't understand why no offer. This is hurting us as we could really use the boost in inventory.

[Twpchair]

Hello, I think I was between 80-85% when my new offer came in. This was just a couple of months ago, my offer was a little better than the one before. I have been with square since 2016 hold tight I am sure it will come. I know it is hard when you need it rather than a certain percentage but they are still doing them.