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? 

[Bray26]

We are paid up on our loan, way ahead of schedule at 73% on our loan 4th loan as well as all our our standings are “good” unfortunately we are in need of a new loan in a major way as this crazy economy has greatly affected us and our customer base and we are approaching slow season which is super scary right now. We appreciate the ability square provides for small business that may not be able to get another loan elsewhere but we may also start looking at a different pos system with a more reliable and transparent process for when we need it. As a provider to small businesses as y’all are I feel like the whole “there no way to predict a loan offer” is a crock and very disheartening when sometimes it’s the last shred of hope a business may have for the moment. Really wish we could get a new offer or atleast know what marks were supposed to be hitting to obtain it. The lack of transparency is my biggest issue here. 

[Innerglo]

You must have nice revenue if you are being offered 100k! 

I looked at the loan but the % rate for borrowing the cash was kinda high for my liking. 

I talked to a friend and he did get a really good thing from taking the loan.  Once you take the loan you get assigned like a square rep with a direct contact number. I guess an account manager?  Once you have that person you can negotiate some other neat things like a better CC processing rate if your cc runs over 250k yearly. 

[bsa77]

Do you know where he found the direct number for a rep? I am well over that yearly and have never been able to contact someone directly

[ianssoph]

Go to your dashboard and chat with an agent. They will give you the direct number and customer code to call.

[Bigbodyblendz]

Coming up at 78% percent on current loan and still nothing. Plz advise 

[Minion]

I know this is going to sound like the robotic answer that is always said but loan eligibility is checked daily.  Many sellers are and have received loans (based on replies in similar threads).  Just keep processing payments and doing business like normal and hopefully you will see a new offer on your dashboard sooner than later.

[Prince1]

I paid off 4 loans very fast(less than 1year) and haven’t received another offer. Just curious if anyone else received one lately. 

[PartyManiaMD]

I would just check weekly and keep using Square to process transactions. I myself can't wait to use Square to propel my business forward. 

Square has honestly helped my business far more than my local bank has and in my opinion the fact that they offer loans based on your metrics puts them far ahead of traditional banks.

[ianssoph]

Just letting everyone know that I just received a new offer at 70% repaid, so they are still monitoring everyone’s businesses!

[bsa77]

That is awesome!

[thehealingplant]

Congrats! That definitely lends some optimism. We’re sadly losing a bit of hope over here as we’re almost past our remaining from our smaller loan without an offer and over 77% while continuing growth. 

We’re afraid that a mix up with square last month is going to keep us ineligible but we can’t seem to get a clear answer on it.
We’re keeping our fingers crossed we’ll be considered soon ourselves.

congrats again and happy holidays 🙂

[ianssoph]

I wouldn’t lose hope! Just keep processing. On my last loan I had a mix up and it didn’t affect anything! 

[thehealingplant]

We got an offer within two hours of posting this 🙂 

[Bizcredit]

I'm sitting a 69%. Hoping I get an offer at 70%.

[Prov]

have you recieved an offer yet ?

[Sweetmagnolia]

That’s awesome! I’m currently at 77% paid and no offer in sight. Very discouraging but I keep praying someday soon I’ll get an offer! How many loans have you had with square?

[ianssoph]

This is my 12th loan

[Sweetmagnolia]

That’s awesome! I’m praying for my 3rd to he offered. I’m all in the good. 77% paid off. Way over the 10,000 in card sales in a year. Just hoping it comes soon!

[TrendzbyM]

I’ve had 14 loans with square over the years 

[Sweetmagnolia]

That’s awesome!

[bsa77]

oh wow! congrats! fingers crossed over here 🙂