Link bank account Square Loan 2023

[#1]

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

[#2]

I have been getting them, so they’re real. Mine were August, September, November, then offer yesterday. I’m at 66% paid off, and the offer was maybe $200 shy of being double the last loan. It’s just never taken this long to be approved before. And I 100% believe that the percent paid has nothing to do with getting an offer. It’s for sure the amount of card processing. I’ve had a significant increase in card payments the last 2 weeks, so I’m sure that’s why I got an offer, not the percent paid. Hopefully y’all will get one soon!

[#3]

Hi all 👋 @Blackbear579 @DD_2019 @Me2018_ @Swain - I just wanted to drop in to provide some context on Square Loan offers:

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[#4]

Just got my loan offer when I hit 81% - same amount as last time! 

[#5]

I’m at 88% and haven’t received one yet. I hope one comes in soon…

[#6]

• Did your offer ever come through?

[#7]

Just another vague, form letter response. Of course Square doesn't need to offer Capital. It looks like they have cut way back. I am a business doing 1M a year with a bogus ineligibility marker put there by Square. I guess they have no problem losing a 1M dollar processor. 

[#8]

I feel the same way. I’m going into my second month of being paid off with my last loan and I’m in green across the board and still have the bogus ineligible 

[#9]

I have been patiently waiting on a loan from square. Nothing 

I have had many loans with them in the past. I am almost 90% paid off and nothing 

[#10]

• Same here

[#11]

Hi I am thinking the same   I paid off my 45 k loan in 4 months and had 15 loans before that ... doing 1million in sales and they have not given me an offer in 8 months ... but I am thinking of leaving I already paid 20 k in cc fees ... I now prefer to keep to my self 

[#12]

And how would you keep the 20k cc fees? Stop taking credit cards?

[#13]

Many businesses in my area (central Michigan) have started posting on their doors 10% off for cash or checks. I have customers now asking me do we charge a fee for cards? We do not charge extra unfortunately,  we absorb it by adding to cost. Many businesses can't do that and I get it really. I'm retail furniture so we can absorb some of the cost. My last loan in June was 13% I see now a lot of 20% ? I don't know their offers or anything but 20% is harder to absorb and in my area people are using more cash now vs card. I have no problem meeting my payments. I'm already into the last of my payments which I believe whiteout looking was 18mths and I'll have it paid off in December which is roughly 4mths of the 18mths. So I get why people once they met their pay off can offer a cash or check discount. When you don't know when or if you're next loan is coming in the end its up to us as business owners to do what's best for our business. People get frustrated and I understand that but square clearly post there are no guarantees when or if you get another loan. 🤔 that's why I try so hard on here for people to keep processing and swiping away but in the end you pay your bills and only you know what or who is best for your business. I see more and more each day of businesses posting they are making a million plus and hoping for the next loan. Imo square is great and has been awesome for me since 2014 with so many loans but you can outgrow what you think or want out of them. Square is still every day giving out loans and growing as well. We just don't always see the 1000s that get them as they don't post here. I honestly don't mean this message for YOU but just in general so please don't take it like I'm talking to just you but just in general ok. I stay on this page and help and encourage each and everyone tomorrow is a new day and just do what you can to make your business the best it can be! Good luck to you and I hope you have a great holiday season and an even better new year!

[#14]

You can’t keep cc fees unless you don’t take credit card.   Then you just would pay them.  

[#15]

Everyone on here seems to totally understand that information. It is just stressful to not know where we stand or when the next offer. That is what is frustrating. We are doing everything right including paying off the loans early because revenue is so good. I personally love that part of every transaction is going to pay back my loan. I didn't ever have to actually make a loan payment, but even with growth and perfect payments, we are not getting new offers. I for one was seriously banking on a new offer to help cushion our move since our growth has been so much we grew out of our building we were in. But new building is additional up front costs and it is depleting the nice cushion I was able to build up from our first loan through Square. But an $18,000 loan paid back with $2700 interest in 6 months is a pretty **bleep** good deal for Square. Considering I (and others) am willing to pay higher processing fees for the access to those loans, when they stop coming, people are going to start shopping around and Square is going to start losing clients. I for one will not be adding any additional fees on our square account and even though I love the payroll option and my employees love it as well, I may need to start looking around for another processing company I can do payroll through as well. 

[#16]

I actually paid off my loan this weekend at 9 and 1/2 months all is green. It was a 16k loan at 16.5% so I am thinking about just weathering the storm for a short season 35-45 days and just not look for another loan from Square. I decided I am not going to stress anymore about it 

[#17]

Also in the same boat, I’ve had I believe 14 or 15 repaid loans and similar processing volume, upwards of 300k annually and I’m at 70% usually get my new offers around now. I also see the new option to link my bank. Can someone from square join this thread and give us some insight as to how it will affect our future loan offers? 

[#18]

Hi @Brooke34 @ApexSupply @Magik5tattoo - Thanks for reaching out to us here on the Square Seller Community👋

I went ahead and merged your post to an existing thread where other Square Sellers have discussed this topic as well. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Please see the reply from me which has been marked as the Best Answer to this question regarding when new loans may become available.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[#19]

Yet another useless generic reply from square. Did you even read the question? Answer, no. 

[#20]

I’m also curious about the new linking your bank option. I’ve not done so yet. I’m at 81% and haven’t received a new offer. Yet, I’m wondering if it’s because I haven’t linked my account?

[#21]

Yes we don't need to contact but to have no answers as to any aspect is like others said, frustrating and uncaring and scripted.

"It automated. It's out of our hands. It updates on its own" Same answer over and over. We have so many other proceswsing companies trying to get us to switch.

[#22]

The amount of people on this forum stating they are no longer giving out loans is ridiculous.     Stop with the misinformation.  Believe me if a major CC processing company who helps small businesses (small, not large) and make a huge profit margin on them stopped giving out loans believe me you would know.     Enough already.  This forum is suppose to be here to help one another not bring them down.     Very discouraging to come on here and connect with other sellers only to see all the negativity.   My experience is there are times for no reason you are not offered a loan but then they start back up again.    There is a reason only they know, you are not gonna figure it out.    Stop stressing yourselves out!  and no connecting or connecting your bank has nothing to do with being offered a loan either way.  And if your making a million dollars in sales celebrate that hugh accomplishment and go get a low interest loan from your bank!