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. 

[Oxbow]

140K

[GlitzyCow]

You got a 47k loan on 140k annual revenue? 

[PricklyElder]

The 140k was someone else. I got a loan offer of 70k on ~$500k and took $47k loan

[PricklyElder]

Last year $516,000 and on the factors the year that have for processing volume is at $532,707...

[Twpchair]

Hold tight mine came in at 91% paid off and usually 70% ish the percentage seems to be higher ( not all) but most. If you read through the thread it's trending 90% or higher 

[Twpchair]

Hold tight I've been with them since 2014 and I was 91% paid off before new offer. They are doing them daily. Watch the thread and it gives you a good estimate 

[Twpchair]

Hold tight give it a couple of weeks to be eligible again. They are still doing loans daily. I got mine at 91% paid vs 70ish paid off. They are still coming in daily 

[Oxbow]

All our numbers are doubled and our loan offer went from 12k to 4k. now we are 34% paid off before payment 1 is due.. really didnt work to take the loan

[GlitzyCow]

Same. Almost 60% paid before first pmt due. My offer went down also with a 700% increase in business. I’ll be fully paid before the first payment at this point. 

[Oxbow]

Its so sad. For 6 years I felt that square was behind us for growth or emergency expense. I no longer feel that way, At 47% paid and 1st payment isnt due till 7/23

[GlitzyCow]

I’m at almost 60% before the first payment is even due. Def hard to understand the metrics. Maybe I’ll get a better offer sooner than the last one which was around 92%. 

[ReptileLyfe]

A few weeks ago my current loan was 76% paid off. At around 330k annually and steadily going up, they offer a loan for 19,300. I waited hoping it would go up, 2 weeks later it changes to 19,900 with higher interest!! Hoping to get a better loan offer, I make an extra payment to take an additional 2% off the current loan which automatically cancels out the offer. Exactly one week later (86% paid off at this point) our new offer comes in this evening for 15,800... talk about a disappointment!! For a business that's constantly growing you'd think the offers would go up, not down. Especially paying each loan off early and never taking the entire offer. I was hoping for 25k but at this rate I'm pretty sure it's a take it or leave it offer and I'm afraid they'll just keep going down until the economy changes or something.

[ianssoph]

What was your loan before all of this? I am right at 300k annually and my current loan is $40,500 at 71% repaid.

[ReptileLyfe]

I got 11,500 out of 17,500 that was offered I believe-which is my second loan through square. The first loan was around 7000 or 7500

[ReptileLyfe]

I just double checked, we're at 207k as of today, we should end the year with at least 330k at this pace but I believe it'll be closer to 355-370

[ianssoph]

Okay. I’m currently on my 16th loan. I will post if/when I receive an offer. The plus side to them offering you a lower amount is it will be paid back quicker and you can borrow more again, hopefully!

[GlitzyCow]

It def benefits square to do that because they are making bank on the fee… 

[Oxbow]

I feel ya! Im at 58% paid and 1st payment was due 7/23

[Healthyketo]

Any updates? Anyone receive an offer yet? 95% paid and still waiting. 

[BIGK]

Waited a whole month after paying mine off, new offer is less than half of last one. Even after tripling sales, doubling card processing, and having all factors green…

[ianssoph]

73% repaid and took a 10 day vacation so I’m sure I will bet penalized for that.