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. 

[Me2018_]

Good luck, same here , i’m at 77%

[Swain]

🤞🏻

[Dolledup2018]

Same 🤞

[Rayhubbard]

Oddly enough after my $4000 loan being paid off , even paid it off early  they offered me a 1260 loan.

I'm doing more transactions then ever , never been late on my previous loan .

A 1260 loan is an insult so I'm holding out for a higher offer.

[Me2018_]

Sorry to hear ,I believe manually  paying it off early doesn’t really favor us, unless its  thru the transactions 

[Me2018_]

Was this just an offer  today?

[Jjpainting]

Makes no sense at all. How long did it take them to make this offer after being fully paid off?  

[Me2018_]

Ok keep us updated , thanks

[RL35]

So, I finally got a decision on my loan application and it was approved. It took 3 and half days for them to yes, even tho none of my info has changed from the last 6 loans apps, which only took them an hour to approve before. But, yay, my money will be here next WEDNESDAY!! I have been annoyed with this whole situation but I'm grateful it's finally done. 

[Me2018_]

Glad for you. Was your increase this time relatively low compared to before or ?

[RL35]

Yes it was. Normally the amount increases nearly double each time. But this time it was 2k increase

[tcdstores]

We are at 78% paid. No offer yet as well. This is loan #13 for us. We usually have an offer by now. The last loan was significantly lower than the previous 2 loans but our volume as remained pretty steady on growth. Hoping to have a new loan offer soon so we can fund our spring expansion. 

[Bonzy2010]

seems like we both are in a pretty similar situation...my current loan was less than the one before too even though sales really didn't change much. My guess is they limiting their offers now internally, before you can pretty much count on an offer coming in by 75% or so for years (been with square about 6 years) now it's just super random and you could end up paying it all off before a loan is even offered like a few people here have said

[tcdstores]

Yeah, I think loan amounts have to do with processing volume for a specific time period before the offer is made. Maybe an average over a set amount of weeks. I'm still not sure to be honest. Since my last comment a few hours ago I'm at 80% paid off now. Still no offer. It's nerve wrecking sometimes. 

[Sammie_C]

Hi @tcdstores,

Thanks so much for commenting!

Potential offers are based on many factors related to your business including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. You can learn more about how your business may become eligible for a loan in our Support Center. Square Loans are currently offered by invitation. While you are processing with Square, Square Financial Services automatically reviews your processing activity to evaluate loan offer eligibility. If we spot that you’re eligible to apply for a Square Loan, we’ll proactively reach out to you (via email and in your Square Dashboard) with a customized loan offer.

Square Loans are currently offered by invitation. While you are processing with Square, Square Financial Services automatically reviews your processing activity to evaluate loan offer eligibility. If we spot that you’re eligible to apply for a Square Loan, we’ll proactively reach out to you (via email and in your Square Dashboard) with a customized loan offer.

Let us know if you have any other questions!

[Tiffanygalchutt]

I recieved an offer but it’s less then half of my last loan, my husband is saying if I i wait it’ll go higher 

[TheRealChipA]

@Tiffanygalchutt I wouldn’t bet on that. Not in this economy at least. With interest rates high and loan industry defaults going up, lenders are being very conservative. With good reason.  Sure it might go up, but it might go down, too. That’s the chance we take, I guess. 

I wish you well. 

[Twpchair]

I've been with square since 2015 and I've never had them give me offer than let expire and they came back with a larger offer??? 

[Ralphael84]

I’ll be there ecstatic to see a loan offer being 91% done 

[YPC]

I paid mine off with a lump sum 7 days ago. All green when it comes to eligibility but no offer. I have had 8 loans before. Does paying it off early affect anything?  I process around $50k per year. 

[Ralphael84]

Yes it takes around 10 business days to process