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. 

[DD_2019]

Ours started very low at $1,000 and has doubled every time. 

[Me2018_]

Ok that’s good, so this is like your 5th or 6th one?

[DD_2019]

Yeah, 6th I think. 

[Me2018_]

Ok thanks for the information, very useful 

[Bronze_Palms]

Hi! I have received loan offers from Square and I am curious why you would move forward with Square for a loan versus withdrawing a personal loan from your bank or a business loan from another place? Are rates better with square? Are repayment offers more efficient?

Thanks in advance for your reply!!

[ianssoph]

@Bronze_Palms i use the square capital sometimes because I don’t want a personal loan on my credit report. You do end up paying slightly more, but it doesn’t affect your available credit on your personal credit score.

[Deezus]

For me because it's taken out daily so it's quicker to pay back it does not show up on your credit report for some reason. And they're reasonable offers with a flat fee so in my opinion it's better then going to your bank.

[Oxbow]

Its a zero interest flat fee loan and direct deposit within 48 hours. No documentation required

[Obulldogs]

For one its much faster and less of a hassle.  Banks will want to see everything before they take the risk and then charge you probably higher interest-bearing loan.  Square already has your sales info so they are more inclined to loan you money based off your sales.  No interest. Just a loan fee added toy our loan.  And like IAN said, no credit reporting.  

[AllNewU]

Thought I would chime in about my square loan history. Started at being offered 5K I didn't take the full amt last offer was at 118K. It is based on sales. My sales increased from 300k in 2021 to 1M in 2022 and looking at 1.5M-2M by the EOY. I believe we will see lower loan amts being offered and higher fees. I did receive an offer when I reached out and requested more funding.  They pre-approved me then declined me so I am not eligible until they decide I am eligible.  I am at 62% repayment. Like I said I didn't take the full amt so I thought they would let me increase but that did not happen. I think my numbers speak for themselves!   I'll manage without it I have CC's to hold me over while I await a new loan offer from square. I'm not holding my breath!  Once I am repaid and not in need I may shop around for a new system if I can find a better processing rate. I pay square quite a bit to be an unhappy customer!  I continue to let them know when I open square and give my feedback. I am paying back faster and faster and they are working in the opposite direction. Holding on tight to their pennies!

[Me2018_]

Hi, how exactly did you reach and request for it ?

[CTC18]

When did you receive your last offer? How much did you take of the 118k loan? Also, how did you reach out asking for a loan? I didn’t know you could do that. I’m at 71% of a 48.3k loan.

[AllNewU]

Nov 11, 2022 I took 55K and have paid back 62%.   I asked for an increase because I didn't take the full amt and I was pre-approved then declined when I accepted the offer. Indian Givers! I didn't know either but I reached out through support. 

[ReptileLyfe]

I’m just as frustrated, however at a much lower rate. I just got an offer of 19,900 at 76% repayment. After 2 weeks I thought it would go up (our sales increased during that time and we then went to 82% repayment) but the offer dropped to 18,300 and the interest went up! I then paid an additional 2% manually which cancelled the loan and am hoping they give us a better offer (our sales were much higher over the last couple weeks!) but it’s been a week and still nothing. We’re currently on our second loan (never max it out) and have a revenue of about 330k per year.

[Me2018_]

How much was your first loan and how long did it take you before you got the new offer?

[Jalisco20]

Have you received an offer yet? Im at 73% and im hoping to get one soon!

[Tritter82]

I've had quite a few loans and have received new offers from 68% to being fully paid off. There is just no telling when it will happen but it will 

[Lazarus5502]

Did you recieve an offer yet?

[Lshaver60]

I have not!  I’m 92% paid owing $5600 of a $68,000 loan!!  Not sure why not by now!  I have always gotten them by 80% paid back!  I had plans for my restaurant kitchen floor replacement, but not going to happen now I guess!  
god this is so annoying! 

[danengine2004]

Well not to burst your bubble (as others have said my posts are scaring people??) I’m at 100% paid off on a 250k loan - we paid off in 8 months - and have had 14 loans previous and like you were usually made an offer at latest 86% - so I’m pretty sure NO loans are being given right now by Square - they are having $$ problems lost 561m in 22 - (how I’m not sure) so to all of those thinking I am scaring people - I will tell you that Clover has told us the minute we set up account a loan will be offered for same as Square - we paid ours off Friday so Tuesday I guess we will start using Clover - Square just does not want to give any explanations etc - and oh yes Clover HAS offered us a solid 1.87% processing fee no matter how taken OR what kind of card  - so there you go - Square boys bring it to me I guess - remember I’m just telling my experience which is what this community is all about 

[Brooke34]

Did you ever receive an offer?