Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[danengine2004]

Hello Glitzy - not too sure how you made out today in negotiating the Payments Limit away, but here is what happened on my endeavor - a manager got me a phone conference with a manager from loans named Jennifer - she said indeed these NEW criterion have caused quite a stir amongst long time loan customers - she further said YES as long as you have NEEDS WORK no offer will EVER arrive. Jennifer said she would check and see about on the other side of getting the pAYMENT LIMITS removed. After speaking with her - I called the 800-700… line and spoke to a Rachel in customer service - She said she would see about getting PUMENT LIMIT removed - a very short time later, I received an email from her explaining she found it NON NEGOTIATED and PAYMENT LIMIT would not be lifted - she further explained that SQUARE did not care about saving or losing my processing revenue. So at least from my view I guess it cannot be modified and we will not be eligible for a loan until September - tomorrow I will let you know how long Stripe will take to give a new loan after we switch processing to Them Take a care 

[GlitzyCow]

Thanks for the information. September is only 6 months from now. I’m currently on month 8. They told me the limit would be removed after 90 days. They’ve been lying to me for 8 months about my one limit on my ONE customer out of HUNDREDS of customers and it not affecting my eligibility, which indeed it has been. Im

so upset. This to me is operating under false pretenses. It’s not ok. 

[danengine2004]

They are nothing but liars correct - it is so baffling how they would carry this lie on AGANST business partners - just baffling - thank you again 

[GlitzyCow]

How did you find out you would be eligible in September?

[danengine2004]

They did not confirm I would eligible in September they said the Payment Limit would be lifted but not until September - then I assume NEDS WORK goes away. In an event I’m going to be long into Stripe by h then and will NOT have processed with Square at all at that point 

[mydpins]

I am at 90% paid off now and still no new offer. My card processing is at an all time high and organically paying on my current loan well ahead of pace. My 60 day payback requirement was met in 15 days… This is getting frustrating and if no new offer before loan is paid I am switching companies. The loans is what has kept my business with them because of the convenience. But if not getting one then why stay with them paying the higher fees. I can go with a credit card processing company

[Twpchair]

It's bouncing all around right now. My last one was 81/84% paid off. The one in June was 91% paid off and I was happy with that because most people were paid off or higher 90% range. Feb/March it started to get back to 70-80% paid off for many (not all) each person, business, and location is all different and that's why it's hard to pinpoint an exact amount or percentage. 3/4 years ago I could almost guarantee mine was 74/76% and new offer. I look at the market, the economy and other lenders and see what they are doing. Jump on a board like this for clover or PayPal and their customers are saying the exact same thing! Lenders right now are still lending but they watch and see when things start to settle down and level out too. Good luck and hopefully an offer will come soon!

[mydpins]

Thank you and appreciate your feedback. I can only speak for myself as prior to switching to Square for my CC processing I was using Elavon through a deal I acquired through Costco...They were cheaper on the processing rate and I only switched to Square because of the Capitol Loans. If they are no longer offering it to me for whatever reason then why should I stick around hoping for an offer meanwhile paying more in CC fees. 

[Twpchair]

I understand that 💯 I was just saying watch I've had myself different POS promise me with my credit card charges they would start me out day one with a 50k loan! Wow, sounds great and then I jumped on their sites and it's the same as the others. Most lenders are holding back right now is all. Honestly, my best business wise is through my credit union and they use merchant services and I looked into it at 99.00 a month and 1% cheaper I didn't want to switch out. I'm old school and if it's not broke don't fix it or change it. I swipe that card and since 2014 the next day it's in my bank. I don't want to wait 48-72 hrs and start monitoring that. It's more work for me. The loan part it will work itself out it always has. Since 2014 I've seen the massive upswing to what we are dealing with now as far as loans go. In the end you and only you know what is best for your business! I just wanted to share many stories I've seen on here where they promise the world and you wait 6 mths plus and start from the beginning. I have yet seen one person come back and say yes this company said day 1 you will get 50k! It's like everything else they all are salesperson and they get paid to get your business! You and only you know what is best. Good luck to you really! Small business owners are what was the backbone of the world and I wish everyone the best! It's a tough 24/7 job and we can do this and keep mom and pop stores alive!

[Twpchair]

I get it 💯 you and only you knows what is best for your business! Good luck to you!

[Pecard81]

Iam at 80% got there in 4 months, that being said I hope you are right and I get a offer soon 👍👍

20% monthly give or take 2% 

[Twpchair]

My last one a little over a month now I was at 81/84% paid back. It came in late Saturday night and posted in my account Monday. We had 3 extremely busy days and the offer came in.  June was 91% I hope we can get back to old days 70-75% good luck!

[Pecard81]

Yes my last one was December and it was at 92% ish

[Hotbear]

We received a loan and we are at 82% in 29 days no new offer here

[Twpchair]

Did you receive an offer or no? Going off of most people posting it's ranging in the uppers 80s to 90s? They are still doing loans daily. If you scroll down you can see the 1/4 to yearly. I don't see many in the 70s like prior years but the higher percentage paid back. Good luck and more information about your situation would help!❤️

[Paula_hanks19]

I’m waiting for an offer myself as well. I’m sitting at 69% paid on my current loan and have paid back almost $19,000 since November. This is my 5th loan with square and I have daily card sales. Although I appreciate the ease of the daily repayments and how it’s helped my business, it can be frustrating sitting and waiting to receive an offer with no knowledge of when that financial assistance may come my way.

[Me2018_]

That’s great to hear, hope you get one soon. If you don’t mind me asking, what was your total loan amount and your payback rate ?

[Paula_hanks19]

$24,000 with a rate of 18.25%

[Dolledup2018]

I agree! This is the only downside….you never know when it’s coming! I wish they had an eligibility review tab so you would know once you hit that marker an offer would be coming. Of course as long as all requirements were met. These loans have helped my business tremendously and I am praying a new offer comes soon! 

[Paula_hanks19]

I so agree with you! I have clicked on the “not eligible “ tab but then I am shown where my account is in “good” standing on all requirements listed except for the “loan repayment “ which shows in progress. I don’t understand why the repayment wouldn’t also show good standing when I have averaged paying back $3800 or more monthly, have always paid in full way earlier than required, and have daily card sales that exceed more than 70% of my overall payment methods. I didn’t receive any of the EIDL funding nor the restaurant reviltilization funds so the square loans have been a life line for my business since the pandemic began.

[Dolledup2018]

I have not taken any federal fundings either since the pandemic. I just saw where people were saying their eligibility went into hibernation mode and it would no longer show the eligibility factors. Mine just went into that as well and now no factors are being shown 😞 I’m 78% paid on my 4th or 5th loan and have always been well above schedule when paying back. My small business thrives when I get these little capital boosts!