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. 

[GlitzyCow]

Gavin you are not helping anybody here trying to figure out if they might get a loan bc you won’t say what your business actually is. So coming here to complain about it without metrics and an explanation isn’t giving any of the rest of us insight. 

[Gavindwyer]

My Metrics are 2x YTD and it’s august. 
The type of business is irrelevant because I have had loans in the past. I have friends with the same business getting the loans. I’m not mentioning the exact type because I contract some legal council. Who else does processing and loans?

[danengine2004]

Metrics being known is ok, however I truly believe Swuare is not lending currently - being at 92% all green and next due date of Sept 28 being fulfilled - to me they are pausing lending - and making comments here about others getting loans, themselves to make me believe there is no lending right now - Stripe and Clover have told me to switch and I would receive max loan - think I will if nothing happens and I get to 100% I will have to switch processing - trying to stay loyal to Square but they are making it very tough to do so 

[Hotbear1]

We are at 93% All Green and nothing 

[danengine2004]

I’m pretty sure they have put a pause on the program and are not publishing it 

[Swain]

I received a loan in June being paid off at 73%

[ianssoph]

I can assure you that I am a business and received an offer at 76% repaid of $43k.

[GlitzyCow]

How long were you into that loan? I’m 100% PD off over a week ago but my first installment wasn’t actually due til today. 

[ianssoph]

It was from

november 2022 @GlitzyCow 

[Gavindwyer]

Gonna have to make the switch myself. I have completed over six loans now in less than a fourth of the allotted time. My issue is now all of a sudden my business due to the “type” no longer qualifies. If this was information that I had been given to years I’ve already switched. I’m not frustrated due to the lack of capital. I’m frustrated because I’ve been loyal. I’m executed several loan successfully. I’ve paid square hundreds of thousands of dollars. I can go and get capital elsewhere. The reason why I’m frustrated is because I’ve been loyal and I expect loyalty and I can’t even get them to answer a simple question.

[GlitzyCow]

What “type” of business do you own? That might help the rest of us. 

[Twpchair]

It is and I'm not trying to be negative but putting whether you are retail or food or something would help. I understand you don't need to add who your clients are but a brief description would help. I'm retail furniture and received a loan in late May. There has been post from square adims that have outlined what is going on with the market, the interest rates, and loaning in general that should be your first sign they are slowing their roll till it mellows out. This isn't the first time and I'm sure not the last. It is what is they see what we all see. Demographic play a part too. I'm in Michigan and 💯 the economy hasn't fully recovered compared to other states or country. I'm old schooled if it ain't broke then I stick with it! Square hasn't let me down I swipe it its there at 5pm eastern time. Is there others yep, but remember the grass isn't always greener on the other side of the fence!

[brown17]

   First, congrats on your revenue what an accomplishment!  Secondly have you reached the max they can loan out?   Reading up on square capital it is a program designed to help small businesses who don't qualify for the traditional loans.   Maybe with such growth you have "outgrown" square capital loans"  This isn't meant to be negative, It actually is a good thing if your business is doing that well!!  All these comments can make anyone stressed, I myself thought about leaving the thread.   There was a period I went almost a year without any offers with no explanation then all of sudden they started again.   Someone posted down in this thread statistics they found on how much square loans out a day.   I still have to look it up myself, but if it is true they are still lending.    Hoping something comes through for us all soon! 

[danengine2004]

I never looked at it that way - perhaps you are correct - however I do believe they are not lending all together - they have nor can provide any proof of doing so - Ill pay this small amount off and go to another processor

[PartyManiaMD]

Unless they've paused lending in the last two months, I received a loan in July. It is possible that due to business volume declining in the summer for a lot of retailers that they pause loan issuance for that time period. 

I've found Square loans to be a huge lifeline compared to a lot of what's offered in today's market. Hell I wish they'd allow for a second loan to be issued at the same time because capital comes and goes but the bills are never ending.

[lolo11]

has anyone ever had offers over a weekend? I'm assuming not, but just interested!

[lisap1970]

I’ve had offers on Saturday and Sunday. I’ve been with square since 2014 and had at least two a year maybe more. But sitting at 87% with nothing . Asking for me to connect bank account but I haven’t . 

[Obulldogs]

I don't feel the need or the reasoning to connect my bank.  Had multiple loans with square and all paid off early due to my sales.  I believe those sellers should gain a strong relationship and continue to receive offers earlier and for more money based on sales and past loans.  I will not connect a bank.  It's simple.  They already know your sales and take a daily payment. No need to connect a bank. IMO

[lisap1970]

Me either. I think if we have been loyal to square and paid these loans it should stay like it was in the beginning. I just got reviewed like everyday it says at 3:43 and still no offer.  

[GlitzyCow]

So did you end up getting one?

[Tritter82]

I never connected my bank, and most likely won't due to the security factor. I still received an offer about a month ago