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? 

[Jjarquin1111]

Seems like i have bad luck this all year ( 2022)  i have paid over 4 loans fully never later and this year i haven't received an offer and not even on busy season! Glad  you able to get this offers! 

L.J 

Owner

Bkmoversla 

[RL35]

17% is not interest. Its the payback amount. Its the amount they take out from each transaction. There is no APR or intrest on these loans. Square charges a flat rate thats added onto the loan. My loan was for $6500 and they charged $800 loan fee and 16% is taken out from each transaction to payback the loan. You would need to have made over $300k in sales in one month to pay $51k back to your loan but your loan would be 50% paid off. And if the 2nd month was the same amount, your loan would be almost paid off in 2 months and you would most likely get another loan offer.

For me, its nice to get a large amount up front for big purchases. Then Im able to pay it back usually within 4 to 6 months and get another offer. Before covid, once i got to 60% loan paid off, i would get another offer. i would plan my business expenses when i was close to 60%. But now, my offers are coming at different times. One time it was 100% loan paid off, another at 50%, and now im at 70% with no offer even tho square says im good in all areas.

I love these loans cuz i dont have to remeber to pay the monthly payment and theres no APR. I wish i could pay all my bills like this. One less thing to think about.

[ianssoph · Accepted solution]

I have always received offers between 60%-80% paid back. They don’t give you their exact algorithm for offering a loan, but if you login to your dashboard they now give you more insight as to why your business hasn’t received another offer yet. It basically goes off how much you are processing and the mix of new to old customers. Best of luck to you! I am on my 10th loan and the offers always exponentially increase for my business.

[Stefanieblue]

I’m at 86% and no offer Insight… what percentage was you at on your last offer?  On my last loan offer I had to pay it in full before this offer

[ianssoph]

My 8th loan was 70% repaid and my 9th 60%. My current loan is at 62% repaid with no new offer yet. 

[Ralphael84]

I’m completely done with my loan have made several new clients no chargebacks great loan history 

[Stefanieblue]

When was you done with your last loan? And how long ago has it been?

[Ralphael84]

I believe the 18th I finished hopefully soon 

[Ralphael84]

About A week

[Ralphael84]

I actually got an offer yesterday 

[Pnp2014]

Did you ever receive an offer? I’m at 83% and wondering do we have to pay it off first before getting another 

[Magicsmurf]

I have twice been offered loans before I paid off the previous loan. 1 was at around 70% and the other was around 85%. They use the new loan to payoff the previous. So if you are offered $500 and still owe $100 from previous, you will only receive $400 when new loan is funded. There is zero guarantee that you will be offered a new loan before payoff. And it can literally be years before the next offer. (Received loan #1. Paid off well before required time frame. Took 3 years for offer #2 and then offers 3 and 4 were done as listed at beginning of this reply. Currently hoping for #5 soon. At 83% payoff right now) 

[Jjbeautyco]

I’m finally at 60% and really hoping for a new offer soon ! 🙏🏽 my past ones have been before 50-60%. 

[jennwd2021]

Yes, but super low ones, and they vary all over the place even though I have consistent daily sales.

[Candlestore]

@TheMercantile ; It should not take you out of getting offers since the offers are based on you Credit Card Sales.  You need to have roughly $10,000 a year (edited after accidently posting wrong time frame)  in Credit Card sales that are processed through Square.  I get loan offers from Not eligible during slow times to just about $30,000 during my busy season.  Square has some formula that automatically generates the loan offers that we see on our Square Dashboard.

[Ralphael84]

10,000 per year

[Candlestore]

oops my bad,  I thought I read before it was $10,000 a month but I stand corrected it is $10,000 of Credit card transaction a Year.  I will edit my previous reply.  Thank you for letting me know.

[Doran]

I turned one down in November for the same reason and then accepted one in January.  It was for a lower amount but it helped during the slow months.  I noticed you can now go into the Square loans tab and see your "loan health" it gives insight on eligibility and loan previous loan stats.  That section might help you see what is holding you up from an offer.   

[lyndalarsen]

NO ..Over the years U have had 7 loans. All paid off ..perfecto..&early..2 years 0 income ..(beauty industry)..Back at it. I could use some help..Now they say I am ineligible because I have “asked” for the loan..😡I am so angry ..just don’t have energy to look & pick a new company to process credit cards..

Lynda LARSEN 

[KatherineM]

Here looking for answers to. We consolidate our three locations in to one location show our gift cards can be used across all three stores. And our loan offer went away and now we are looking for a loan and we have a great sales each store does about 1 million a year and yet they won’t offer any it is maddening and frustrating and makes me want to go to a different POS system

[vickie_]

Hello @KatherineM, 

Thank you for taking the time to post.

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.