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. 

[thehealingplant]

we’re currently sitting at 72% and up about 45% YTD along with significant increase in processing volume. This is our sixth loan and it’s typically come between 65-75% so fingers crossed. Our biggest concern is seeing how many are saying their offers are so much lower than the last ones.

[PartyManiaMD]

Don't be discouraged and keep in mind a lot of it has to do with processing volume and sales. If business sales are down it would make sense the offers are lower because Square wants a healthy ability to pay said loan back. 

Without going into specifics my latest loan was almost twice as much as my last loan so I'm guessing it really comes down to volume and in my guess total amount.

I've found Square has been eerily able to predict when and how much funding and it's been a huge help compared to my local banks.

[thehealingplant]

I'm not saying that they listen or monitor these... But we got an offer today finally 🙂 And it was higher than last time! (Not by a lot but by enough it's a huge help to our business!)

[BodyInBalance]

Congrats! I'm happy for you.

[jackiebee12]

can I ask what type of industry you are in? i have always gotten an offer at 75% and i’m sitting at 83% as of today. my sales and processing is up compared to last year and the first couple months. 

i have been checking regularly since 71% and nothing. it would really help my business right now!

[BrnzBarbie]

I have a small café.   With the warm weather,  my sales have increased dramatically in the last few weeks .  All my factors are still green but no offer.   

[Oxbow]

bar and rest

[Oxbow]

So too update... !st payment on loan number 13 due 7/23. Loan was so low the 1st due date I was already paid off 58%!! Going shopping for different processor

[GlitzyCow]

My first actual payment isn’t due for another three weeks and I’m at around 75% paid off. Not sure what to think. 

[HelloSunshineGA]

This process makes no sense, I’ve reached the point that I will use Square to payoff the required amount for my loan each month until it’s paid and use my salon booking site cc processing for everything else. No need to keep paying the high fees with square if there is no perk of a loan offer in the future, or at least an actual clear explanation of when we will receive a loan. 

[Twpchair]

Hun, I am so sorry but I see this daily now! I sit on 6 different forums but not the loan one so I'm as lost as you! Mine was 91% paid off before new off compared to the old days around 70% ish.  I wish you the best! Hopefully, the loan department or forum is looking at the feedback because a lot of loyal long time square users are leaving unfortunately. I truly wish you the best!

[Otlf2018]

What processors are others recommending?

[Twpchair]

Ughhhhh,  hun I've been with square since 2014 there are a ton from pay pal to swipe etc, but be careful read the fine print to your bank offers pos as well but the hidden fee's for them can range from free to 99.00 a month and up. I belong to the chamber of commerce and a lot went to Clover. I personally don't know much about them but they were the same as you I'm keeping it 100% real if square likes it or not their loan is what drew a lot of business in and with it being so iffy people are looking now for the cheapest processing and less fees imo

[Otlf2018]

I’ve been here since 18’. I understand that there is no guarantee for a loan renewal. It can’t be a coincidence that we are all on here talking about the same topic and Square just keeps posting the same tired answer. Something has definitely changed. All we are asking for is transparency so we can plan accordingly. Clover is what a lot of companies are using. I’m gonna check them out. I’m at 78% paid and look forward to being at 100%. 

[HealthySF9]

Has anyone not have all greens under the eligibilty check list  but got an offer? 

Everything was green for us except for the " account activity" because we had 10 chargebacks/disputes in the last 2 months. But these disputes were from 3 cards and all of them are valid charge but the customer's card did automatic chargeback because they went over limit.  That is so bullcrap isn't it. We are stuck with the chargebacks/disputes now and it's pending decision by the customer's back.     We paid our previous loan 100% and did not get any offers for 2 weeks until few days ago. 

Got offer 47k despite the red" account activity" .  But what are our chances of getting approved? I'm so nervous because of this. I hope we get approved. We are doubling sales and growing, hope Square loan don't hold these disputes against us. Has anyone have these chargebacks/disputes open and still got approved? 

I guess we will find out in 1-2 days. 

Praying we get approved. 

Thank you Square

[GlitzyCow]

I’ve never had a charge back or dispute in years of being with square. Square asked us to provide a cc auth form for one of our main customers which we did and they said that was perfect. Everything is in the green and processing increasing or steady and I’m 100% paid. It’s a good sign they gave you an offer I would say. 

[HealthySF9]

Thanks for sharing !! Ill update you guys as soon as I get the e-mail of Approval or Denied haha

[ianssoph]

I’ve never had a chargeback, but last year my account mistakenly had a lien attached to it and it put my account reviews in the red. As soon as it was cleared up they offered me a loan and approved it, but it did take 4 days.

[HealthySF9]

What does it mean a lien was attached to your account? 

[ianssoph]

I assume it was something on their end. All they would tell me was that it was mistakenly put on and taken off.  No clue. Around the same time my cashapp was also hacked, so I don’t know if it had any correlation.

[HealthySF9]

Update( 1 business day after I accepted offer and waiting for approval) ;

I got e-mail asking for more information ; 

bank change / statement  ( i changed the deposit bank account ) 

Business verification 

I just submitted everything they asked, now waiting. 

I'm excited and hopeful it will be approved 😃 

Square always gives our business life.  Pray for approval !!!!C'mon Square haha