Anyone else leaving Square over loan ambiguity?

[BigDad7]

We have been with Square over 10 years. Have paid off many loans. Now, at 82% paid and no new offers. I am sure it is the 1 dispute we had this year (first in ten years). Unfortunately, criteria for loans on other processing sites are more transparent. We are going to switch payment processors on Thursday, prior to payday, if we do not have an offer. We cannot do business in this environment with no transparency. Our loans are always paid off 3-4 months in advance of the due date. I see alot of folks being in trouble and having to sit and wait for a ridiculously ambiguous process. I am sure they do not care anout our 45K/month business. Will post how we do with other processors in 6 months. 

[Twpchair]

I am so sorry to hear that you're leaving after 10 years! Unfortunately, any POS that uses an algorithm is all up to the system. I am old school here too, and I got used to that 75% and the almost-guarantee of the next offer. Unfortunately, over the last two to three years, it's been getting higher and higher, or popping in a 64% offer. In the end you and only you know what is best for you and your business. I do wish you the very best going forward. 

[BigDad7]

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[Vina3]

@BigDad7 Thanks for taking the time to reach out to us. We value you as a Square seller and appreciate your loyalty when choosing to partner with Square for your past business loans. We understand that it is frustrating that we can’t guarantee that you’ll receive a new offer because you’ve had previous loans with us in the past. we are unable to override the automatic loan offer review process with a manual review.However, we will continue to monitor your account for eligibility.

[Chingones_Canti]

@Vina3

I understand the need for automated processes in a company as large as Square. At the same time, it is worth remembering that the foundation of this platform was built by small businesses, and many of those businesses have remained loyal customers for years.

That is why a more formal review process, one that allows for human evaluation in certain situations, would go a long way. It would not only improve the quality of customer service, but also show long-term customers that their history and circumstances matter. For a client of 10 years, a response like “we will monitor your account” can feel impersonal and insufficient.

He made that post publicly, and many others in similar situations are paying attention. This is exactly the kind of moment where a more thoughtful, human-centered response would strengthen trust in Square rather than weaken it.

[CTC18]

Agreed!

[VanKalkerFarms]

Hope it goes well for you.  When these processors like Square, are so big, it is almost hard to comprehend the scale at which things are happening.  With the last public data on Square loans, they started 136,000 loans totaling $1.38 billion in originations in 90 days.  That is a loan a minute.  Now, if you asked the average person in the Square loans sub-forums, they might think it is 5 a day or 50 loans a day, not 1,500.  With that kind of output, it is driven by algorithms, as you can't have multiple 1000s of loan officers reviewing and submitting offers each day.  Personally, I think Square did itself a disservice when they started offering loans before the loans are paid back and that started a dependent cycle on loans.

If possible, I would try to talk with your local banks or credit unions and look into a Revolving Line of Credit or Line of Credit.  That way, if you need to borrow money, you only pay for the 8 days or 2 months you borrow it, vs a big lump sum with an offer like Square Loans.  

[MelaoCafe]

I’ve been following the discussions about Square loan refinancing and wanted to share my experience as well.

We’ve been using Square for almost 10 years, and overall it’s been a great platform for our business. However, the refinance process can feel a bit unpredictable.

It seems there isn’t a clearly defined threshold for when a new offer becomes available. Some sellers report receiving new offers at 50–60% repayment, while others are waiting until 70–100%, even when their processing volume and overall eligibility factors appear strong.

I understand every account is different and that underwriting models vary, but it would be helpful if there were more transparency around the eligibility milestones for refinance offers. Having clearer benchmarks would give sellers a better understanding of what they’re working toward instead of feeling like the process is somewhat random.

I’ve also heard from colleagues using other POS platforms where refinance offers tend to appear automatically around the 50–60% repayment range. I know every platform operates differently, but clearer guidance from Square on how offers are determined would be really appreciated.

Square has been an important partner for many of us small business owners, and having more clarity around this process would help sellers plan their cash flow and growth more 

[VanKalkerFarms]

Sure, it would be good for sure, but I guess another way to look at it is, before Square, you were making an appointment to go to a loan officer, maybe weeks out to plead your case for a loan, gathering dozens of documents, making plans of action, and explaining why this was necessary.  Now it just shows up, and you can decide if you want it.  As I have said before, I don't think there even should be loans offered while loans are outstanding, as it costs the customer a lot in interest or fees rolling that into the new loan.  I do think there could be more visibility, but even if there was, there is just the overall ambiguity of loan offers; more data points visible might just mean I have more green lights, but still no offer.

[Twpchair]

Thank you for sharing the Square numbers. It's hard for me as I also see and understand where Square clients are coming from. Physically Square couldn't handle the amount of volume and the speed of loans per day as they do now. I received the offer at 1 pm, and 10 minutes later, I was approved and signed; it was pending at my credit union later that day. No offense to the loan department, but we would be days as multiple people would be waiting for the deposit. The Mods on here get a tough go of it. Are the answers vague or seem scripted? At times, yes, but most don't realize this is a public forum. Anyone can see these posts.
I filter, block, and ban trolls daily. They are only protecting your account and information. It's a no-win situation unless you are the one who is receiving that offer that day. The metrics and the wording regarding connecting your bank should be addressed. The metrics are great tools for us to use to gauge sales and trends, month-over-month. They do not represent an offer that will come soon or at any time. Again, I love the metrics and do look at and compare daily metrics vs my database. I've been around long enough to be the first test batch of loans. Those days are honestly gone. For years, I could almost 99% guarantee an offer at 72-75% like clockwork.  Now, wow, I have had a range from my lowest 59% to 90%. That is a big difference between the offers. My numbers did trigger or justify an offer at 59% with sales over 5x the previous year.
I don't accept offers at 59% because they eat up a big chunk of the new offer. That's just my own personal feeling on it. I also have a LOC with my small credit union and love it. Not everyone can do that or wants the hit on their bowering ability. Clarity, communication, via email, or whether you call in, goes a long way. That way, folks who can get outside resources can. Wording, transparency, and stats like you posted, even once a week, would help users see that yes, loans are moving in record numbers (not everyone reports here). I'm watching 4 right now with their 1st dispute or return, and all ended in the square users' favor. All are close to 1 year waiting or over a year with still needs work? With no guarantee or guidance, it's like watching paint dry. Loans have always been a blessing or a curse, Thanks again! 

[LunaAerialMoon]

I am also looking at other payment processors for the same reason. We have been with Square for over 10 years and haven't had any disputes, always paid off every loan in advance, and eligibility factors always good. For the first time ever, I made a pre-payment and they held my payment for a week before processing it to my account. That has never happened it has always processed with the next processed amounts. When I questioned it, they said it could be up to 10 business days to process. That's not what my loan agreement states and when I explained that to them and explained that by law it has to process within 48 hours, they dismissed me. 1) If they aren't going to follow their own agreement, I'm done.  2) Why they wouldn't want to post the money immediately is beyond me especially when they pulled it out of my account instantly. I never thought that Square would get as bad as Stripe. Sad.🤷🏻‍♀️

[CTC18]

86% and still stuck on not eligible for an offer. This is an absolute first for me and this is my 12th loan.