85% paid off all green and still no offer, does any know what's going on
Hi @Arminius !
Appreciate you taking the time to post.
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. We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.”
We will continue to review your account daily for loan eligibility. If you become eligible, you’ll be notified directly on your Square Dashboard and through email.
Hope that helps, please feel free to reach out to us directly if you have any other questions!
Hi @Deliman!
Appreciate you taking the time to post.
There are many factors that may affect your eligibility, and accounts are evaluated as a whole.
You may view your eligibility page by navigating to the Loans tab on your Square Dashboard. This page was built to help our sellers gain insight into the status of their Square Loans eligibility by taking your business’s real time data and comparing it to key factors that determine eligibility.
If you have any question please contact our Canadian Loans Support team directly at 888-800-5333.
We appreciate you reaching out and hope this helps!
Received my offer at 78% on Saturday. As bad as I wanted to wait; this has been a slow and brutal winter and I need to rebuild. Hopefully with the new inventory, this will be paid in no time. It was only a $1000 increase but I’ll gladly accept it.
Hi @ianssoph !
Thanks for posting on the Seller Community.
You can connect your primary business bank account with Plaid, and we’ll only use this data to improve future offers. Connecting a bank or multiple banks is optional and will not affect your current eligibility status. Our system will still continue to monitor accounts for eligibility as it has done so in the past.
Hope that helps, please feel free to reach out to us directly if you have any other questions!
Thank you for your help on this thread, @Twpchair! ❤️
It sounded like you were newer to loans. It's so hard to try and make a guess on it with the first few loans especially. Besides me telling you there are no guarantees of if or when the next offer might come. The difficult part is Square and the algorithm trying to figure out your processing pattern. With any new account, you have to start somewhere. The algorithm is a tremendous help for us to use but it's not a guarantee of an offer nor is it a bust if something needs work. Square takes into account your whole profile. Time with Square, previous loans are huge. All the good signs. Increase in sales, volume of swipes, and new customers. The algorithm is doing its job and crunching numbers and recording data. It does look at your account daily. If you can help it increase sales or boost the number of swipes maybe that might trigger it to take a 2nd look at your account. That's just a wild guess. Something has to! Good luck and Keep us posted ok.
Yes, I understood you. It transfers over the next day. Now, when you go to make your loan payment it takes 7-10 business days to process. Once it is cleared you are eligible to update and go back into the algorithm. If or when, with no guarantees, it's hard to say. The last time I paid off a loan in the upper 80s to low 90s, I was 14 days (federal holiday) fell in there to process the payment and clear through the system. Then it took 2 days to go back into the algorithm. Through this process, I was already paid off from sales. Before paying off your loan double-check to make sure you don't have any offers. If you do it will cancel it out during this process. Good luck with your journey!
Thanks for posting on the Seller Community.
While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. New offers are not automatically extended when a certain percentage of an existing loan is repaid, offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.
Feel free to reach out to us directly if you have any additional questions!
I have seen the waiting list and I believe it is new. I mentioned in another thread (or this one?) that it doesn't surprise me. I can't speak to Square's rationale, but remember this IS an American Express card. I'd imagine that Amex's agreement with Square calls for a rigorous vetting process since that is how they handle their own company-issued cards. I've not seen much chatter about this on this board, though. Like you said, it is a new product. It has been tested and rolled out slowly and carefully and, honestly, that gives me some hope that it is ready for prime time. One last thing -- given the very rocky economic outlook, a waitlist seems like a wise plan on Square's and Amex's part. The last thing any of them (or any of us who depend on the financial stability of Square) want or need is a mountain of uncollectible card debt on Square's balance sheet next year. Better safe, than sorry.
I don't know what you mean by is that a good thing, @Paulynne.. Yes, it's a good thing that Square is continuing to expand their financial offerings to its sellers. But if you are asking if it's a good indication that you, personally, might qualify for a card, there is absolutely no way to guarantee that. Take it at face value -- there is a new card option being offered, there is a waitlist, you joined it and were told you'd hear back. Those are facts. Beyond that, looking into our crystal balls is not wise or productive.
It was my 1st loan out of nowhere so if I get another offer it would be number 2. I've been with square a few years but really started pushing business hard a year ago before then it was just weekends while I was off work now I'm working after work and on weekends. They approved me for 1930 pay back was 2120 and had that completely paid off in 30 days. Metrics are still good but with my truck being down I can't make as many service calls
It sounded like you were newer to loans. It's so hard to try and make a guess on it with the first few loans especially. Besides me telling you there are no guarantees of if or when the next offer might come. The difficult part is Square and the algorithm trying to figure out your processing pattern. With any new account, you have to start somewhere. The algorithm is a tremendous help for us to use but it's not a guarantee of an offer nor is it a bust if something needs work. Square takes into account your whole profile. Time with Square, previous loans are huge. All the good signs. Increase in sales, volume of swipes, and new customers. The algorithm is doing its job and crunching numbers and recording data. It does look at your account daily. If you can help it increase sales or boost the number of swipes maybe that might trigger it to take a 2nd look at your account. That's just a wild guess. Something has to! Good luck and Keep us posted ok.
I agree with this comment, cause I was in your shoes. Square gave me a loan literally one month after being with them. New offer came literally weeks after, but my sales were literally every day. Keep swiping and let it kick in. They’ll give an offer soon once they see business is growing and booming.
Ok
Any update? It the 1-3 loans are really difficult to try and gauge with so little data. Hopefully, you received your new offer.
I am at 96%. 2% gained in two days. Still nothing
What number loan are you at? How long you been with square? I know loans are still coming, but a lot plays in factor, all depend on your business, sales, and all that good and bad part of it. I been with square since Jan and my offers came pretty quick it was all at 100% paid off. Also I paid it back fairly quick as well
This would be my 13th loan. I've been with Square since 2015. Im at 96%.
I'm the same, 85% and nothing
Quiet in here....... I'm at 58%. Last offer came at 62% but that was the earliest I ever received an offer in the 5 years I have been with square. Fingers crossed I get another early loan. Really in need to increase my staff and inventory! Good Luck to everyone waiting 🙂
62% is awesome! I pray you see that again and it spreads my way!
It has been honestly. We get a spurt of 4-5 in a day or 2 and then silent for a bit. Definitely a bit odd. Good luck and hopefully you can break this silence.
Well 62% so we will see! I have to say though system has been funny past few days. Not displaying all info in customer account, didn't get a loan status update till midnight last night. Balances not updating right away and today my marketing campaign took over an hour to actually send . WEIRD
Hello, let me tag a couple of people about the delays first @TheRealChipA @ryanwanner not certain if it's anything but running slow thought I would let you know. You are rounding the curve! 50% is my imaginary line 😂 to the countdown. Good luck to you and hopefully everything will work itself out. Thank you for the update!
Hi @brown17
Sorry to hear about your situation.
Thanks for providing your feedback. I will pass it along directly to the Square Banking team. We are thrilled to hear how your Square Loan provides benefits to your business. We hope you continue growing your business with Square, and share more of your successes with us.
Don’t hesitate to contact us directly if you have further questions or concerns.
Thank you!
Well 68% and 5% came from yeaterday alone! Hoping i trigger a new offer aoon! Fingers crossed!
i pray every one here gets good news and get more offers. im still around shop has been very busy, and i also took a hit with employees stealing 😡
Good morning, well, I am happy business is going strong and busy for you. I’m not so happy to hear about your employees stealing from you! Hopefully, you took care of that fast! I hate that for you. You just start to take off fast and strong to have this happen to you. Tools aren’t cheap either. Hopefully, you took care of the situation. Looks like you will be replacing some tools next loan it you haven't already. Good luck to you!
Yeah already replaced it. Not much needing a loan right now, hope all is well with you
Doing ok. Glad to hear business is still going good. I hate that they took YOUR stuff smh. Especially, they should know how hard you've been working and pushing through to build yourself up to where you are now. I hope you know who it is and they can take someone else's stuff! By the way, I meant I hope you fired him if you knew who did it. I am glad to see you back here helping others. I'd better watch out for you or someone might snatch you up and put you on the loan boan boards! That's ok you would be a perfect fit here one day. Keep up the great job!
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