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. 

[Ralphael84]

When you make a payment it usually takes around or up to 10 business days to process and then they’ll revaluate

[brown17]

Loans are given off your card processing numbers.  Paying it off in a lump some doesn't help...they make no money.   

[mydpins]

Just got an offer at 87% of 108k loan. The new offer is almost only half of the previous one. Which I do not understand as have had no chargebacks, plenty of new customers and all metrics the review are green and even 40% boost in credit card sales…

[ianssoph]

Did you have to provide any collateral on a loan over $100k? Just curious. My loan offers have steadily increased and was wondering what I would have to provide if I accepted anything over $75k. Thank you!

[Sammie_C]

Hi @ianssoph!

Thanks for your question!

For loans amounts over $100,000, we may take a security interest in your business assets and file a UCC-1 statement with the Secretary of State where your business is organized. This is reflected in your loan agreement.

After you have finished paying off your loan, you can reach out to us with a request to remove the UCC-1 filing. Your business is welcome to pay back this loan early at no additional cost. It can take up to 10 business days after repaying your loan for the lien termination to be filed.

Please note that once the lien termination is filed, it could take additional time for the Secretary of State to process the termination and provide a UCC-3 termination statement.

Let us know if you have any other questions!

[ianssoph]

Thank you so much for the info!

[Denijo72]

Yesterday I received an offer  at 59%, not sure i will accept since i have 49% still to pay on last ine . 
this is my 3 rd loan 

#1 4300.00

#2  8400

#3  17300.00

not sure how they come up with the offer amount . 

[Me2018_]

How much was your current offer?

[Twpchair]

It's based off your sales and current rate to pay it back. You're green bars are probably all great trending up, increase sales, daily sales ect. At the rate your processing now you should be able to pay back said loan at the time allowed. Be careful waiting to long as loans have disappeared. I get your concerns at 41% paid you roll over xxxx amount. I just wanted you aware that they re-evaluate and the offer could disappear until they re-evaluate and a new one pops up. Good luck!

[Jjpainting]

This is pretty much exactly like me.  First loan was on 04/01/23 for $2950. They didn’t offer me my second loan until the first one was 100% paid off. Second loan was offered on 04/25/23 for $7150. I’m currently at 59% paid off.  Would love to get a third offer of $17300 right now.  I’ve only been with square since October of last year, which was a few months after I started my business. I’m hoping they don’t make me wait until I’m 100% paid off like last time. 

[ZOKZAC]

I finally got an offer today at 91% paid off on previous loan. It is less than my last loan but I am thankful either way. Waiting approval! 

[TGHOST]

About what time did you get an offer? Was it thru email or on the dashboard? 

[ZOKZAC]

Just about 15 mins ago I checked and it was there, I didn’t receive an email, it was on my dashboard. 

[Denijo72]

Same here . No email and approval like 10 mins later  with funds .

[BIGK]

Update 7/28: I finally received an offer after fully paying off my previous loan of $12k in June. 1 whole month of waiting and my new offer is $4k even though I have tripled sales/processing with all factors green. I’m not too sure what algorithm they’re using but how do my offers go from 2.5k-4k-11k-12k-4k?! 

good luck to everyone else

[Otlf2018]

Wow! But nothing has changed according to them. Not even worth taking unless you absolutely have to. 

[BIGK]

If the pattern would’ve continued then I should’ve received an offer of at least $23k. Business has been setting record numbers lately and has surpassed 6 digits so if I were to take the $4k it would be paid off in 2 weeks haha

[blueberrymae123]

Thats where I'm at as well! 

I have used square for YEARS. I've done at least 5 loans with them. Each loan has gone up and so have my sales. NOTHING has changed with my business. ALL factors are green just like in the past. I was at 93% when I finally received my offer. My last 2 loan amounts were $25,500 and then $33.800. My sales have almost tripled since the $25,500 offer last year. This offer that I just received was for $12,350! I was shocked. And their people on the phone literally just read you the same thing over and over that theres an algorithm thats done by a computer. Someone needs to check their software!

[Healthyketo]

I finally received one yesterday between 330-430pm at 96% Although it was half of what my previous loan was I was still just thankful to receive something. Now just sitting on pending and waiting for an approval. Has anyone ever been approved on a Saturday? 

[Jjbeautyco]

Yes I have! Ive gotten the offer and then a few hours later approval on a Saturday. I notice I get them Thursday’s or Saturday 

[PartyManiaMD]

I noticed my last two loans were offered on Thursdays. Hopefully they can move that to Mondays so people can go into the weekends in a better position! Wishful thinking I'm sure, just like I wish UPS would deliver my big shipments Mondays and not always on Thurs/Fridays >.<