Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[CTC18]

Do you have your bank account linked where it asks in the loan eligibility? I’m debating if I should or not. 

[ianssoph]

I linked mine and received an offer less than a week later. They say it just helps us with loan offers.

[Chelseahitt1]

I am in the same boat as you! With 84% paid back. Still no offer. I have an opportunity to buy some very nice equipment for my business at an extremely good price I sure hope square pulls through before I miss out on this deal!  This is the first time in 9 offers I have not received an offer before 80% . Please post an update if you receive an offer. Good vibes your way that it comes soon! 

[CTC18]

I received one in June, it was 10k less than my previous offer although sales and processing rates are way higher than ever. I’m already 36% paid back just 2 months in. This was my 9th loan with Square and all have been larger than the previous except this one. It also took much longer to get this one; I was at 85% I believe when typically they came in 60-70% paid back before.

[Kacey13]

Hi @sbukovsky,

We appreciate you letting us know about your situation.

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 can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.” I understand this isn’t the best experience, so I’ve shared this feedback with the product team.

Don’t hesitate to contact us directly if you have further questions or concerns.

[Gavindwyer]

Don’t pretend like you guys answer questions. 

[PricklyElder]

Thank you for taking the time to respond, but your explanation doesn’t alleviate any concerns and, in fact, makes my specific situation even more confusing.

The disconnect between the listed eligibility metrics and the actual process leaves me feeling misled. I’ve been paid off for over a month, my metrics have consistently been good, my business has shown growth, and none of the negative aspects you mentioned apply to me. So why am I ineligible? If the visible metrics aren’t a comprehensive representation of what determines eligibility, then what purpose do they serve? It feels to me that if all the metrics for eligibility aren’t going to be listed, it’s almost as good as listing none.

Furthermore, the repeated use of this standardized response, which we've seen many times before, adds to my frustration. This approach does not reflect an understanding of any unique situation or a genuine effort to engage with any specific concerns.

I recognize that Square has policies in place, but I urge you to consider a more transparent, personalized, and empathetic approach when dealing with loyal and committed customers like myself and others. Your explanation might follow company guidelines, but it does not foster trust or satisfaction in the process.

[GlitzyCow]

@PricklyElder AMEN!! I am in the same exact situation as you are and I feel as if I’m doing something majorly wrong. It’s like a silent punishment. Why post any metrics at all if they aren’t the ones determining your eligibility. 

[Jjbeautyco]

I emailed them first thing this morning and got this exact email in return a few hours ago.   I just want LEGIT answer or offer. 

[danengine2004]

Hello - I am more convinced that there simply is NO square loans any longer OR they have paused it - These people coming on and saying they just have received funding I believe they are not really processors but are fake messaging put out by Square. Face it there is no square loan program any longer. 

[Jjbeautyco]

No there is a few of my stylist at my salon said they’ve still been receiving them as of yesterday. I just think they’re being thrown out at random no rhyme or reason. Which is frustrating 

[GoodBoyDogTrain]

Has anyone had drastically different times when loans would be offered? This is our 8th loan with square. Our processing is up 50% from last year, and have more customers and higher daily sales than ever. But it's always different when they send over an offer. Right now I'm 51% paid in just 3 months the of getting the latest loan, this loan was offered at 46% and the one before 65%. I just wish it were clearer so that you could know!

[Minion]

Hey @GoodBoyDogTrain 

I can't really speak of Square's algorithm for their loans as it always seems to be a huge mystery of when someone will get offered a new loan.  I will say though that you may just be one of the few if only that I have seen mention getting an offer with much lower payment percentage paid back.  The current "norm" seems to be high 70's to 80% paid from what I have seen posted here from other sellers before getting offered another loan. 

[RP2011]

I’m not sure what their algorithm is. I received my first loan in March 2023. On April 8th I was 50-52% paid off and was offered a new loan. I have now been paid off since July 22nd and haven’t received a new offer. So I’ve only received 2 loan offers. Patiently waiting for a new offer but they need to hurry up. I have been in green all thru out expect for June (-8.49%) but in July went up (33.08%) so I’m not sure. At the moment we are in green (20.07%).

[brown17]

I always get an update between 230-430pm eastern time.   Today I have not received an update and currently 7:15.  When I update is when I see offers...

[Austlo]

Mine is doing the same thing 

[PricklyElder]

Me too. Agh, I was hoping it meant something was happening... 

[Austlo]

As did I, but you never know. 

[brown17]

Same...you never know but seems as if system is down

[Jjbeautyco]

Mine as well!  I thought it might mean I had an offer coming.   Weird 

[brown17]

Now that I think of it...haven't received notification of payments through my square invoice app since mid afternoon..only email...something definetly wrong