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. 

[Blackbear579]

After doing research for the past week it looks like (FOR THE MOST PART) square is not renewing loans as early as they once did. For example, if you are around 70 to 90 percent paid off there will not be a new loan offered like once upon a time. Some people I have come across said that they got new offer in the low to mid 90's. Most people are fully paid off with no new offer in sight. This is unfortunate because like myself, some businesses only use square loans as a source of lending. 

[Me2018_]

Ahi, what source is that from?

[Blackbear579]

If you fish around the square loan forum, you will find all of this info from various users.

[aceshighcyclesh]

That sounds like it could definitely be the case as I’ve been seeing that this is happening to many people with many past square loans and early repayment history. I could definitely see them being more cautious with lending due to the current state of things.

[Dolledup2018]

I only use square as well! I have constantly been looking since hitting 78% because that is what I have always been use to.  I have never not been offered a loan by now and I am on my 10th square loan. I was all green, I have always been way ahead of pay schedule! I don’t mind paying a little more for processing fees like we do with square for these opportunities they provide our small businesses. Until then I will look at my white screen and keep hoping for the best 🫣

[Vermiciousknid]

I’ve been in business using Square for ten years and have never taken a loan with them. They always offer me between 40-50k, but this week it dropped down to 10,000.  My sales and credit usage have been consistent and steady for years. So I know it’s not anything on my end   The only other time this happened was during the beginning of Covid shutdowns. They took away all loan offers completely. Came here to see if anyone else experienced this this week. I think the issue has to do with the overall economy and a lot of people defaulting on their loans and going out of business, not any particular users. Hope that helps.  

[aceshighcyclesh]

That is where my thinking was leaning… before, during, and after Covid our sales have remained consistent, yet no offer in sight and a weird screen saying we are ineligible for the loans program now. The economy is in big trouble so it would not surprise me if they were tightening the purse strings a bit.

[hum3kimp]

My loan amounts with square was $19,500, $30,000 then $46,000.

i'm about 93% paid off the $46k one and I just got a loan offer of $12,450 only. My sales haven't dropped much at all so this is quite shocking. Thats lower than my first ever loan with square.

[Me2018_]

Yea, it’s pretty shocking , i’m assuming the economy situation as well. What type of average sales you doing monthly to get those amounts if you don’t mind me asking ?

[hum3kimp]

We were averaging around $20-25k monthly on square sales if that helps at all. Just card transactions. Sales have dropped a bit the last couple of months, but I wouldn't think they warrant such a low loan offer.

[Me2018_]

Yeah let’s all just hope for the best, most people on this thread have been waiting almost 2 weeks now and are above the usual percentage . How long have you been with square? 

[hum3kimp]

Been with them since early 2020. You?

[Me2018_]

I been with them since Feb 2022, i was with paypal, i also average about 20k a month but usually only put about 12-13k on square and rest in paypal. But i think i’ll start putting it all on square as they seem to give out higher amounts. So far i been offered 3500,4000, 5600. My 1st loan was in july and i usually get an offer around every 3months so far besides this round here. And sales only been going up

[Vermiciousknid]

We’ve been with square since 2013. 

[Me2018_]

You never accepted an offer?

[Vermiciousknid]

We run about 20k a month on average. 

[Paula_hanks19]

I was running an errand this afternoon and while standing in line to pay for the supplies, I decided to check my Square checking balance and “Thank You Lord!”🙌🏼🙌🏼 I actually had a new loan offer! I was paid down to 80% as of this morning on my current loan and still showing ineligible this morning when I had checked so I believe they update around 2 pm daily. This could not have come at a more needed time! Sales are beginning to pick up after the horrible winter months but I have been struggling to keep my doors open and to keep things going while waiting for it to pick up.

[Me2018_]

So glad to hear that, happy for you. So are you saying your screen was still showing ineligible but it had an offer for you? Also about how much more was your increase compared to your last one ?

[hum3kimp]

Can someone send a screenshot with blurring any sensitive details of this white ineligible screen. Would love to see what people are talking about. I am not sure I have come across it yet. 

[aceshighcyclesh]

I went to go and take the screenshot and hooray I’m back to showing eligibility factors!! It’s just a blank white screen that says your business is not eligible for square loans program.

[TheRealChipA]

Honestly I think that @aceshighcyclesh‘s post makes a lot of sense. As I understand the workings of the “Blessed Loan Algorithm,” it is constantly working behind the scenes. It seems to me that when an account is being reviewed, that that account’s factors are inaccessible. But then they show back up again. 

One  would only notice this a lot if one was being obsessive about checking on their next loan. But that’s just my experience. I check it a lot when someone mentions this “white ineligible” screen. These days, since I don’t count on a loan offer, I just wait for the email. No email, no loan offer. My Zen state thanks me. Ha.