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. 

[HelloSunshineGA]

Agreed, my loans end up getting paid back very quickly because of the daily loan payments. I’m waiting for another loan approval and love the ease of the process, but I have suggested to Square to not continue to take loan payments once the requirement for that month has been met. Between the high pay backs, the higher processing fee and the uncertainty of getting another loan it may be time for me to go back to the original processing system that I used. If I had all the extra fees and payments still in my account I wouldn’t need another loan as soon. 

[ejeje12]

Agreed! I had 18 months to pay back a $19,900 + fees loan.  I'm down to $500 of the capital + the fees left in only 7 months.  I'm in need of more funding and can't do anything to probe that.  My business is literally at the mercy of funding when they tell me I can have funding not when I need funding.  I'm overpaying for card processing and paying 20% daily in loan repayment and even with a massive increase in numbers I can't keep up.

[GlitzyCow]

But the reality is that if you weren’t a year ahead on payments, you probably wouldn’t need the loan as badly. 

[ejeje12]

I'm on my 3rd loan ($19,900).  I'm 89% paid back, 7 months into it. The only thing not paid off is the loan fee.  Business is up by 45% and no offer yet.  

[_Violet]

Hi @ejeje12  - Thanks for reaching out to us here on the Square Seller Community👋

Please see the reply from me at the top of this thread which has been marked as the Best Answer to this question for more details.

I hope this information is helpful but please do let me know if you have any additional questions.

[BKO]

Hello my fellow entrepreneurs!

I have been using square since 2020 right before the pandemic, & square has been amazing, being a small business owner, there is a lot thrown at you but square made the entire application process incredibly easy from the PPP loan to square loans. I have had about 5-6 loans with them (i should have confirmed) but nonetheless I have had many loans with them.
Each one was bigger than the last, this last one was $26,500 I am 86% paid off and owe $3500 ish left.
We really did get used to receiving these loans, it has helped our business grow, & with the new construction, neighbors and concepts coming to our area we would have loved to have another  so we can get ready for all of new business we hope to receive.

But of course like many of you we have not been offered anything new, it’s all green up and down, so I am not sure what’s going on.

On 1 hand if the loan is paid off I will be glad to get all of my daily earrings, that would definitely help with the next phase of our store.  It’s extremely frustrating because  they get you hooked to something & then you have to go cold turkey. Yes I know it’s not guaranteed yada yada yada, but some accountability would be nice or at least a heads up, I’m fine being told no & it’s easy to send an email stating that after this loan is paid off you will not be receiving another [insert whatever reason here] but just tell me that! don’t get me into a rhythm & then ghost me 😂 that’s all I’m saying. Good luck everyone! I hope we all get what we need may it be with square but if not hopefully you have other options 🤍

[ejeje12]

Our stories are similar.   I'm on my 3rd loan have paid off all but the loan fee in 7 months.  I'm at 89% paid off and been waiting for over a month, checking daily and kicking myself for ever taking the first loan.  🙃  While square loans have been helpful in the past the uncertainty of them and no way to check eligibility or if an offer is coming is insane.  Owning a small business is hard enough without praying for an offer every day + paying too much for processing.   Square is a good product but I feel swindled because business is up tremendously this year, they have gotten me hooked on these and helped my business but when I need one I'm told an offer is not guaranteed and then the only place to talk is to type on a forum and hope you can figure out the algorithm.   It seems like bad business. 👎  I'm very seriously considering changing all of my processing and banking. 

[Lashlady]

I’m at 87% paid back and no offer have come in I’m wondering why it’s taking so long for the offer to come I’ve never waited this long for an offer to show up are they still giving out loans 

[Twpchair]

Yes they are! I was at 91% paid off before new offer. It's trending at a higher %  

[AllNewU]

I am at 81% and I think it is my 7th or 8th loan. My eligibility that I am being told on the dashboard and form letters is that I am not eligible. I am at 900K in processing for the year. Have had loan offers up to 118K but didn't take that much when it was offered. I am now at 81% paid and not being offered a new square capital loan. I would prefer to use square capital and have been patiently waiting as I pay on a daily basis. What I am looking for is anyone that has a new loan, can you tell me what their current rates are so that I can compare and go elsewhere for a small loan? I might have to switch to stripe. I am being told I am not eligible due to a declined loan. I have daily offers and received 2 loans since they have marked me as ineligible.  I was eligible and accepted months ago and then they marked me as ineligible for bogus reasons that are not true.   Just wanted to put this out there for everyone else that is waiting. It isn't just the smaller businesses. I think it is time for my bigger business to not wait for SQUARE CAPITAL.   It is easier to make that daily payment. I like it, but am being forced to pursue other options. Based on what I read here I must be in the top tier of businesses with over 1M in sales. I don't care if they exclude me because I speak the truth in square community.  Other issues like your call will be answered in Albania and my rep not returning my calls (I don't think he has a job anymore) Probably replaced by a robot or virtual assistant in Albania. I am starting to dislike square and will start looking for a new CRM to manage my over 1.2 M dollar business.   Best of luck to all of you that are building your businesses without square support.  Please share the current rates if you have a new loan. 

Thank you!

[Oxbow]

Thanks for the input. I will look into Stripe as well. After having 13 square loans and all being paid off in advance through sales the last off was so low Im at 47% paid before payment 1 is due. Im feeling like taking the loan was a waste of time and money.

[Tjl87]

So one thing changed on my new loan I just got, the rate went down. From 18.5% on the last one to 14.5% on this one.

[everest1]

Did they offer you more or less than the last time? I am just waiting and see what happens.

[Hotbear1]

Hummmmm can’t understand square sitting at 84% and no new offer everything is green and paying off our 6th loan there is no clear details on what a business need to correct just strange business practices 

[Otlf2018]

Just curious…. Does your dashboard show green including the line that says loan repayment in progress. Mine shows that in progress in grey. 

[Ash2328]

I got a loan offer today around 77-78% about the same amount as the last one! I hope everyone gets theirs soon!

[Healthyketo]

That's awesome! Congrats! Praying and hoping the rest of us are next! Question? Did you receive it at the time your eligibility page was updated with the time stamp or was it after it was already updated?

[Chacana]

I love to hear that this is the type of message that gives me hope. I'm not sure how Square works, but if you read on the seller community from 2021, 2022, it's the same people waiting for loans and trying to figure it out. I got a $43k loan in December 2021 and $63k last year in August. At this moment, I’ve paid back 82%. I need the money right now, and hopefully, I'll receive an offer soon.

[blueberrymae123]

Im currious what you end up getting because I got a $25K back in May of 2022, then $33K in Dec of last year. Im at $93% and just got an offer of 12K. Sales have continuously gone up and all factors are green. Doesnt make sense. 

[jaykpizza]

Has anyone connected their bank when prompted to do so? I’m curious if it helps/hurts if I choose whether or not to. Even their language was a little confusing: “Won’t be used to decline an application”

[CTC18]

Have you connected yours? Debating what to do.