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. 

[Taranto20]

so 91 percent paid all green sales way up.  got a loan offer half of last loan.  need any money at moment so had to take it should have it paid off fast though. Was approved in 10 min after submitting.  hope it helps others wondering. 

[Jjbeautyco]

Interesting!   Is everyone noticing they’re receiving offers once closing out for the day or is it random? 

[GlitzyCow]

Hopefully soon 

[Khabilah]

Paid off 5th loan 2wks & 2days ago. Been all 'good' forever. Hoping for an offer soon.

[VanKalkerFarms]

It can for sure be frustrating and I do wish there was some type of gauge that said you are this close to an offer just repay 5% more etc.

But, Just to put the enormous amounts of loans that Square makes I thought I would break it down to an average of How many loans are fulfilled in a day (not offers but actually starts).

In the last 3 months Square Loans facilitated approximately 119,000 loans totaling $1.10 billion in originations, up 9% year over year.

That breaks down to...

1,322 loans per day with a value of $9,243 per loan or $12,220,168 (Twelve million!) a day in loans.  
So as you can see it may feel like there aren't any loans happening because you aren't getting any but with Twelve Million dollars a day in loans on average that is a lot of loans being originated.

And this is public information from their Quarterly results.

[Gavindwyer]

No I have not.

And to make it worse when I check my eligibility square says “your type of business is not eligible for a Square loan.”

When I ask square, what do you mean by my type of business they just give me the blanket answer of I don’t qualify at this time and it’s proprietary.

But that’s not the question at hand. It’s not am I currently eligible. It’s states I’m never going to be eligible.

The thing is is I have had six square loans at this point and I paid them all within two months three months.

But now all of a sudden, my type of business is not eligible.

What’s my type of business? veteran owned? Disabled owned? Successful? Small? One that pays its loans expeditiously?

I have called Square and I’ve had two different people hang up on me. It’s been nothing but problems with Square in the last six months. I’m looking to franchise my current business and I’m also starting a new business within the next 90 days and I’m seriously considering my options. 

[Healthyketo]

I received one at 96% on Friday for half of the previous one I had and just got approved a few hours ago. Yours will come soon. 🙏🙏🙏

[Candlestore]

8-7-2023 we were just offered a new loan at 79% paid off.  

[Jjbeautyco]

Hoping for an offer tomorrow?  Busy day scheduled with cc ! 

[Robgrey]

Currently paid back 74% from last offer in December. Processing 7 days a week and hoping any day new offer comes!!! Square capital has been super helpful. 

[Healthyketo]

Square is indeed sending out offers I was offered a loan at 96% last week for half of what I was offered on the previous loan. I accepted it and it took 3 days to be approved. I normally would get offered at 60% -70% so they are taking longer than before. I was already losing hope and it finally came through. Hopefully y’all will be offered soon! 

[Denijo72]

Why are they asking to connect bank account?

[Lshaver60]

I’m not using a bank so I guess that will cause delays in my offer if I get one!!

[Jjbeautyco]

Thank you for updating   I was about to ask if anyone recieved anything.  I’m only at 64% so I guess I’ll continue paying and see what happens. 

[glyph]

I got a new offer a few days ago, at 77% paid off on my most recent loan. I think this is my 4th or 5th with them. Iʻm going to do my best to resist this time, but never say never. For my last loan, I had an offer extended and revoked multiple times due to uneven sales before I finally pulled the trigger and accepted.

[GlitzyCow]

I called today because with holiday coming I could use a boost to buy inventory. However I am not counting on anything. She said that square is lending she hasn’t seen any change in the offers and that they put out new offers daily and we don’t absolutely have to link our bank but it “helps determine eligibility”. I honestly don’t think anyone working for square really knows anything, they are just robots reading a script. There has been a change. There is a pause of some sort for a lot of us. The bank connect thing literally said “will not be used to deny a loan”. I think for the most part we all know the ins and outs more than most people who work for square. I’m just bummed. 

[GlitzyCow]

Why don’t you just post the link I have not seen any such announcement anywhere. Why would they tell bing? When was the announcement? 

[danengine2004]

Im sorry it will not post the html - go to bing and get on with the virtual assistant and ask the question - "has square loans discontinued it loan offering?" that is as close as I can get you to it unfortunately

[VanKalkerFarms]

First, never take what an Ai chatbot says as fact as it is just piecing together the best answer it can which is not guaranteed factual, which in this case is incorrect.  Square is still offering loans and is one of the largest growth drivers it has.

I could take an offer now but I never would as the terms are not good for me and I have access to a RLOC at my bank if I ever needed a loan.

[ianssoph]

I own a high traffic salon and my stylists are all independent contractors that use their own processing. Three girls that use square, same as I, just got offers this week. I am not a bot. You can check my salon out for yourself. Entanglements Salon in Arkansas. They are offering new loans. 

[GlitzyCow]

Furthermore- square rolled out “in house accounts” where people can set up charge accounts under my business and we can invoice them at a later date. I got that notification today. Like ok I’m supposed to help my customers charge but in retrospect square won’t offer a line of credit for our business to operate like it has been?  So my product is going out the door on a good faith charge but they won’t offer capital for operating expenses.. What the heck is going on.