Square is now offering larger loan offers up to $350k

[Sammie_C]

As your business evolves, so do your funding needs. We are excited to announce that Square Loan offers have now increased to up to $350k! Keep in mind, Square loan offers can range from $100 - $350,000 and are still determined by your unique business data and Square card sales. We review accounts on a daily basis to determine if you’re eligible to receive another loan. 

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. To learn more about Square Loan eligibility, visit our Support Center.

[Donnie-M]

@Sammie_C Great info and awesome that square is offering these resources to sellers.  One question the community has often is about the process on deciding when accounts get loan offers.  I know you can't get into the specifics of that, but do you have any insight into how often accounts are looked at, and if someone had a loan and paid it off, how often do they get reviewed for loans after that?

I know from my experience on my locations, I see offers weekly and they update every week or two, and then I may not see anything for a week.   Would just like a little info on when the proverbial tea leaves are read.

[Kacey13 · Accepted solution]

Hi @Donnie-M! 

Thanks for reaching out!

We are continually re-evaluating accounts on a daily basis to determine if seller's are eligible to receive a loan.

We can’t guarantee that a new offer would be generated after an additional payment is made or if the loan gets paid off, but if a seller does become eligible, they will be notified directly in their Square Dashboard and by email.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[Donnie-M]

@Kacey13 That is helpful, it does line up with my "theory" on how the loans work, based on my offers, and what I have seen in the community for years.  I think some sellers are frustrated at times at square, but it isn't a person at square.  I am sure this is a very well developed "algorithm" that looks at a multitude of factors based on the concept of big data to identify credit worthiness, and businesses that could use the funds.

I am sure much of the consternation comes from a business who thinks they are a good risk versus what the computer thinks is a good risk.  I am sure there is a human component and underwriting criteria with every loan, and I am glad to know that it is an ongoing process.  This will help me answer questions in the future.