Has Anyone received Square Loan offer in 2022?

[#1]

Has anyone received a square loan offer in 2022? For some reason it says I’m ineligible, however I was just offered 100k in Nov. I turned it down because the payback rate was 17% so that means with a good Dec, they would’ve taken $51,000 of my profits in just 1 month. I did a thumbs down on the offer because of that. Does rating the offer poorly take me out of receiving offers? 

[#2]

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[#3]

I’m in the same boat and it’s so frustrating. I’ve never had an issue getting a loan and now I’m at 84% and nothing. I process quite a bit in cc every month so I’m so confused. And sad!

[#4]

Your loan should be reviewed within about 7-10 days and you’ll get another offer. Or if it was your first loan, you’ll have to pay it fully like me. 

[#5]

This is my 4th loan issued last year November and no offers this year. 

At almost 86% no offers yet 

[#6]

Okay so the first one has to be paid off to get another offer. 

[#7]

Hi there @OceanicAvenue - Sorry to hear your frustration surrounding Square Loan eligibility 😔 I can certainly offer some general info that you may find helpful but ultimately, you'll want to connect directly with our Financial Services Team to discuss the eligibility status for your account.

Please know that Square Loan offers are only available for a limited time. Offers are based on a variety of factors, including recent Square processing volume, outstanding balance, and account activity. The expiration of your offer does not prevent you from receiving or accepting a Square Loan offer in the future. Please be assured that we will continue to monitor your account and notify you if you become eligible for a Square loan offer.

You can learn more about eligibility in this Help Center article, Square Loan Eligibility FAQ.

I hope this information was helpful! Please don't hesitate to reach back out if you have additional questions or concerns.

cc: @Asiana25 

[#8]

Hello. 

I haven't recieved any offers in 2022 to accept or deny. 

4 offers in 2021. 

Last dashboard showed I processed less than 10k in a month ... yes i thought it was in a year but it shows needs work according to the eligibility factors. Now I am not sure if the eligibility automation will offer any loans at all?

[#9]

Anything yet? I’m at 85%! 😭

[#10]

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[#11]

Hello everyone… I had to pay my loan off at 100% in order to receive my next loan… so their algorithm is basically to pay it in full with being in good standings. The one good thing I like is that they will allow you to deposit it instantly… so to those that have inquired about are they still giving out loans, they are…just have to pay it all to 100%… I hopes it helps… 

[#12]

Did you pay it off early, or process credit cards until it was 100% paid off? Just curious! 

[#13]

I did pay it off by processing more than the minimum balance amount..

[#14]

How long was it after your loan was paid off before you got an offer ? Mine has been paid off a couple days and I was just curious. Thanks for any help ! 

[#15]

I would imagine that they review your account within 14 business days of it being paid off. As long as all of your sales and chargebacks are good you should be receiving an offer soon!

[#16]

All of my loans, except my first of course, all came before I was done with my previous loan.

[#17]

I love Square loans because they are "fire and forget", it automatically gets paid back and that takes a lot of pressure off paying it back on time, etc.

However, I really wish they'd push it out a bit further in order to lower the percentage of daily sales.

I'm not a high-volume seller, so my loans are smallish, my biggest one was just on Jan. 25th of this year, and I'm already at 74% as of today, but it is 18.25% of my daily sales which hurts a bit, but I just raised my prices since it was about time I did anyway.

Usually this close to finishing I get a new loan offer, and I could really use one right about now, I want to get a nice bit of new inventory, but I have no choice to wait. It would be cool to have a request feature, or perhaps Square can start revolving lines of credit.

[#18]

Anything come of this?  I’m currently at 48% and hoping at 50% I’ll have another offer available 

[#19]

Hi @Jjbeautyco,

Thanks for taking the time to reach out. We appreciate your interest in Square Loans.

Keep in mind, new offers are not automatically extended when a certain percentage of an existing loan is repaid, but businesses may become eligible for a new offer when an 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 the business directly rather than repaying the existing loan balance.

We can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying an existing plan does not guarantee that the business will be eligible for another offer.

If 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, we’ll notify you directly through email and your Square Dashboard.

[#20]

Hi there.  While I understand the percentage thing and I understand why on all the other reasons, but when we are moving strong and we need a capital bump it really would help if we could request a new loan when very much needed.  I am moving at a rapid pace and I need new equipment and supplies.  It would help tremendously if a new loan offer would come thru for me now when I need it most, even if it's a bit diluted from the remaining funds in the current loan.  Sometimes waiting is the worse especially when you know how much better you could be doing if that bump would come on thru.  I'm currently at 67% and my 10th loan.  That alone should say how much I have grown since my first loan and how well I have managed to keep up my end.  I think I have proven myself pretty good.  I know that isn't supposed to mean anything in the term of getting the new offer, but it would help if we had something to go by so we could plan appropriately.  It's just frustrating. 

[#21]

Absolutely! Couldn’t agree more, my business has just about tripled since I’ve opened my business! Frustrating to say the least. 

[#22]

Positing in here bc I’m feeling so frustrated. I’ve had quite a few loans with Square. No chargebacks. No complaints. And I’m nearing 90% and nothing. I know quite a few people who have gotten loans sooner so I’m feeling frustrated! There doesn’t seem to be a rhyme or reason. I’m doing all the right things!