Has Anyone received Square Loan offer in 2022?

[TheMercantile]

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? 

[Nancy__]

Hi @Nicole9k ,

We appreciate you letting us know about your situation.

Since this is a account specific question, I have followed up via email directly.

Please contact us directly if you have any other questions.

[Mo570]

The biggest mistake that anybody can do with square loan is to pay it off straight from your bank instead of from your daily sales.  I have always for years paid off my loans by December 25th and sometimes paid off few times in a year straight from my bank.  Last year I paid off and my offer from square after that was almost $6000 less.  I don't think they look at when your best time is.  I think if square finds more than one loan institution then you might get fair loans based on your past credit history with them.  I decided to pay off my loan a month ago and I am done with them.  You might get offers when you really don't need it which is right before Christmas. Many loans throughout years and recently not happy with it.  

[Bizcredit]

I'm at 60%. Been looking for a loan but guess it's too early.

[ianssoph]

I’ve had loans as early as 60% and heard of others getting offers at 50%. I think it’s all based on how much you’re actually processing.

[Stefanieblue]

Within a couple of hours… I guess my sales had to process that day but when I woke up the next day my offer was there…

[Bizcredit]

Still giving out good amounts? 

[ianssoph]

40k

[Vlashes]

If you dont mind me asking how much you processed over the year? 🙂 

[ianssoph]

220k!

[thehealingplant]

Hoping that bodes well for us as we’ve had very very similar processing (although obviously Square has shown there’s not a lot of specific rhyme or reason haha.)

congrats again!

[TrendzbyM]

I’ve had many loans over the years ! I’m  at 63% now and hoping to get a new offer soon !

[bsa77]

So another question. I always have met the minimum payment requirements well ahead of schedule with my sales. For instance, I have a new minimum payment due in February 2/18/22 that just generated. Does that have to be met before a new offer comes through? Has anyone ever received an offer before that was met?? I looked into several options over the last few days and finally starting to exhaust hope with 84% paid back all requirements for new loan is good, no issues and $340k in sales. If square doesn't come through it is time to take my business elsewhere. Capital loans are the only thing keeping me here at this point. 

[ianssoph]

I still had roughly $500 left for my payment and received an offer!

[bsa77]

Great! Thank you!

[Sweetmagnolia]

Have you received an offer yet?

[TrueEssence]

I know that this is an older thread, but I was wondering if maybe the original poster or someone else on this thread has figured out how everything works as far as the amounts they give you and a definite date on when they will send another offer.

I've had roughly seven loans, with most of the first loans not breaking over $2,000 (I'm processing no less than $65,000 a year, as I also accept cash). My highest loan has been $4,500, yet I'm seeing others receiving $50,000+. My barber was the one that introduced me to this a few years ago, and he's been getting $30,000 in loans and more and isn't processing half as much as me. He's only processing more per day than me, as he has consistent clients.

Also, he usually gets new offers at 58% - 65%, but here I am at 74% (should be 76% by the EOB today), and I still haven't gotten anything. I wish there were some way that we knew exactly when it would come or EXACTLY how much we had left to do.

[Bizcredit]

Haven't heard of anyone knowing the algorithm of the loan process. Just have to wait unfortunately. I'm at 70% just waiting and I have had over 10 loans. All you cam do is wait.

[Lynwardwoodwork]

Hey square peeps! Love Square, and with former work in the merchant services industry I can say they are definitely the best to go with for small business. Question: I paid off my first loan early and business is booming. How long after a loan is paid off does it take to get a new offer? It's been 8 days and I could really use the capital for growth. Also curious what other processors loan programs are as easy? Thanks. 🙂

[Candlestore]

@Lynwardwoodwork ;

I was getting Loan offers before I paid my last one off.  But now I see more and more not getting offers till outstanding loans are paid off.  With the holidays you may have to wait a little longer.  As for other types of loans I just saw under my Loan tab on my Square Dashboard about Refinancing Loans, which would be for businesses that did not pay off their current loans yet.  From what I have seen with Square, when we are slow I get no loan offers because of Less Credit card processing, but during our busy season I get big loan offers. Just keep making Credit Card sales and new offers will come.  Also reading here on the forum I recall seeing something that Square gave out some bad loan deals over the last few years and has redid the loan process, and the offer process.

Congratulations on being busy!

[Lynwardwoodwork]

Thanks Keith! I actually got my offer today. And hello neighbor we are in Johnstown, PA

[Bizcredit]

Congrats. I am waiting on one too but my processing is slow this time of the year. Service based business. Normally picks up right after new year. I need to add some equipment before the spring rush. We'll see.