@Shampoobowl1971 I received a new offer last week. At that time I was at about 85% complete, which was a little longer wait time than my past experience. I’ve heard the same from many others. As long as you meet the other criteria, it should eventually happen. However, Square always includes the disclaimer that you can meet every criterion and still not receive an offer. The mysteries of the Loan Black Box are the subject of often lively debate! My experience this year is that no one I know has received a new offer much before 85%, and that many are done paying their loan off and still haven’t received an offer. I know that’s no help, much!
Best wishes,
Chip
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It seems to me that they are not offering loans as soon as they used to. Majority have been 100% paid back recently before getting a new offer. It’s all just a waiting game! I received my last two at 70% paid back and then 60% paid back. Best of luck! I’m currently at 73% and no new offer yet.
Very disappointed in the process. I have hung in there with square and sell at a very high rate with higher-than-average sales. I have had several square loans with nothing less than perfect payback ahead of time, zero charge offs etc. I have held and waiting for my sqaure offer but looking into other processors at this point. Many of them give benefits that may add up to a greater beneficial outcome. If I don't get an offer soon we will probably be looking into our other options for processing.
@ianssoph Congrats. You’re right they are still happening. But I’m guessing more conservatively. Weirdly I lived through the 70s/80s. Similar economy but much worse re: inflation. I’m guessing Square is being more conservative since they took over their own financing. Don’t blame them. I want them to survive. They are a business just like mine that has to make “selfish” calculations. Those calculations don’t work for everyone in a timely fashion. But they work for us all as a collective.
Now they have to make my current offer attractive. I’m not d sure I can justify it. Lol
Chip
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They seem to be all over the place in their offers. I would like it to be more organized and for them to take the guessing game out of the equation. But I needed the capital so I’m thankful. Best of luck to you!
The reason it is so vague is that if we knew exactly what we needed to satisfy getting a loan offer, it would allow people to manipulate results to satisfy the criteria.
Orlando Perrone Owner Perrone Technologies: The Computer Shop www.perronetech.net
I'm at 73% I'm still waiting on an offer. I use to get my offers at 66-70%.. my last 2 offers was at 100% which I made in 2-3mths. Idk I wish I knew how they where offering Square loans.
@Ashleycsa7974 My last offer did not happen until 85%. That’s the first time that has ever happened, but it is consistent with what I’m hearing of the experiences of others. They aren’t coming quite as quickly as they used to. Just adding my experience to the other answers you will probably get.
Chip
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I can not say for certain, but I’d imagine that it did since it was still in progress. I’m assuming that means that they are still taking funds out at the daily rate, which they will do until the new loan has been approved and the funds disbursed. Then there is a grace period before the new daily repayments start. Having an offer would not affect the current loan’s repayment, if I’m reading that term correctly.
Chip
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I know I do not understand either. I have actually paid extra on my previous loan. I didn't even need the first two loans but I could really use this third one.
