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. 

[Lshaver60]

I could not find that on bing!  Why would it not be in google because it’s not showing anything about stopping loan offers.  

[Dtb125]

I’m honestly getting very discouraged and bow looking at other payment services. I’m at 90% paid on my 3rd loan and still showing ineligible even though I’m having my best year yet. Any words of advice?

[Dtb125]

*now looking 

[Taranto20]

I got mine at 93 percent and it was less then half then the previous offers

[Joeyr437]

If I do receive another offer I will post but if not then saving the average $200-$300 daily loan payment might help out a bit.

[GlitzyCow]

Everyone is asking about when and it seems the smaller newer businesses are getting offers way before us OG square people. I’ve been paid for 6 almost 7 weeks. I have not gotten an offer and my sales have been amazing. In fact I used to prefer check payments from our vendors with the one side of our business but this year a couple have preferred card payments and I was reluctant because of fees but thought well what the heck it might get me a better capital offer to really open up the option for us to expand. Nope. Really regretting it now that Square has written me off completely with everything in the green. I’ve had about a dozen or so offers previously. Sucks. 

[Paulynne]

Square has done a great job with distributing loans to us, usually it has been between 60%-70% paid off. The loans have helped us grow tremendously. I’ve seen people get new offers as low as 40% paid, we are at 46% paid off and would love a miracle like that to happen. 

[Stefanieblue]

I received one earlier this year but I wasn’t given one till my loan was at 100%… I don’t think they’re giving out loans like they use too.. all my loans offered has been at 100% before new offer… I’m 50% in so in about a few months I’ll be at 100%… 

[Solstice]

We are sitting at 89% paid and haven't hit the first 60 day re payment yet and still no offer. also in the 10 years of using square we bought a business at a bigger scale so we are doing more processing then ever before but we are not getting new offers very quick. I think they are waiting till your loan is almost paid off. kinda odd seeings as I got more offers when our numbers and frequency was lower then it is now. we've done the amount in sales in three months then we did in a whole year. we also use square completely for everything, payroll, appointments etc. Its a little disheartening and this is the first time since using square that I'm considering changing our processor.

[Solstice]

97% and nothing … I’ll update once a new loan is offered. SMH 

[Solstice]

Well it’s official 100% paid off we will see how long till the next offer. Really frustrated 

[Solstice]

Well they updated our eligibility after being 100% paid off yesterday and nothing…. SMH. All green way up in processing and nothing. I’ll update tomorrow or if something changes before then 

[Solstice]

Good news we got an offer it was more then double of our last one… repayment percentage was a little high though… but hey it’s progress. 

[GlitzyCow]

Well I seem not to be in the majority with being paid 100% off on my 11th for nearly two months with no offer and everything in the green. 

[TaylorA92]

I wonder if they fear small businesses will start to shutter in this economy and have a bunch of loans that won’t be paid back. 

[GlitzyCow]

My opinion which has been worth almost nothing is that they want businesses to prove they can pay back the loans and sustain business after the repayment before issuing again. That ensures them their money back and shows a business is healthy. However… I’m stuck on month two paid with no offer and business as usual. They’ve gobbled up my processing fees though. I think they have moved on from me with no explanation in sight. 

[Gios1419]

At 91% and nothing yet. I think they are not giving out loans anymore. Will post if anything changes. 

[eatMoroccan3119]

Our restaurant is averaging about 90-100k/month since this Jan the past few months we are at about 85k / month average. We had a $87,000 loan and its 83% paid now, only $16,500 left.... weird no new offer for us yet. Last time we had 20k left and got an offer. 

Hopefully we get one soon ! The funds will be handy for marketing and prep for holiday hehe.  Fingers crossed. C'mon Square Capital. I love u. 

[HTB44]

Our last loan was last day of December. 82k. Our sales are up 40% from last year even being closed for a month and a half. We are 76% paid and have always gotten a new loan at 60-62%. Nothing. 

I wonder if enough people start switching processing companies if they will get the hint. 

[Jen14]

Thank you for contacting the Square Loans Team!  I will be assisting you today. 

I looked into your account and see that your business currently has an active Square loan. 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 are not currently 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

[Kendall1117]

Yes! I received my second loan offer after 65% was paid off. First loan offer was $13,200 last year after about 6 months with square, I was averaging about $8k-$10k per month for my last 3 months leading up to that offer at 6 months. After taking the $13,200 I paid off exactly 65% then I had received my new offer of $22,800. That was in January, I’m now at 63% paid off so hoping to get a 3rd offer before the 70% mark. I could use more capital. But honestly I think every loan qualification is different. Your processing volume, to number of sales per week, to if you have any disputes or returns, to discounts given or how many times you’ve gone on vacation. It’s wayyy too personally tailored to compare offers with other businesses, I’m afraid. I’ll keep updating on my loan journey with this chat to contrast notes though!