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. 

[Healthyketo]

Mine is still pending from Friday and I’m nervous as to why it’s taking so long to approve when usually we use to get approved almost instantly. 

[ianssoph]

Mine took 4 days the last time I got approved.

[Healthyketo]

I needed to submit more information. So now just waiting for an answer. This process use to be so much easier and approvals we’re quick. I hope I get approved today. 🙏🙏🙏

[HealthySF9]

Good luck ! I'm in the same boat.   They requested more info this morning, I sent and waiting !  Update us here too. 

[Healthyketo]

Just got approved! Thank you God! Praying for the rest of you to get offers & approvals soon! 

[CTC18]

 

Do you have your bank account linked where it asks in the loan eligibility? I’m debating if I should or not.

[Candice5040]

I’ve had probably close to 10 loans through square, have always paid back way ahead of schedule and now it seems like it is taking longer and longer to become eligible again… all of my things are in green and I’m almost 70% paid back. I’m really hoping to get that eligibility email asap! It really helps my business continue to grow!

[TheRealChipA]

Hi @Candice5040.  It is taking longer for new offers lately.  This is not just a Square Loans issue, either.  All lenders nationwide as getting stricter about loan eligibility, and they are taking much longer to hand out offers.  The biggest issue is that interest rates are pretty high and lenders don’t want to have too much exposure on their balance sheets right now — at least not until rates stabilize, which thankfully they are doing, finally.

I wish someone could tell you how long it will be, but no one can, even at Square Loans.  All I can do is wish you good luck and a speedy offer!

[RP2011]

We just paid off our second loan. We received our first loan in March 2023(2k), on april 8th 2023 we received our second loan (7200). We paid off our second loan on July 23rd and have been waiting for another offer and still nothing. We have been in green all these months expect for last month, I think we were down by 4.3%. We really need another loan since we had some unexpected expenses so just waiting here but we running out of patience! 

[RP2011]

Right now we are up by 46.8%. 

[sbukovsky]

My business? I have a retail store that sells antique and vintage furniture and accessories mixed with new furniture and accessories. Hunt & Gather Vintage Market LLC in Princeton MA. 

[ianssoph]

@Gavindwyer what type of business do you have?

[Austlo]

I’m on my second loan through square, 72% paid on a $33k loan. First loan I got to 66% paid back, and had a new loan offer. I’m just wondering what time of the day do you guys usually see them come in? 

[Austlo]

Just an update, currently at 77% and still no new offer. 

[sbukovsky]

https://squareup.com/us/en/press/square-unveils-credit-card-and-new-banking-tools

womder if this has anything to do with it

[Jjbeautyco]

A few people this past week have received loan offers and have been approved so I don’t think they’re not offering them  at all 

[alexandriak]

I keep getting emails that I'm eligible for $x amount in a loan but I haven't taken anything in years. So they are offering them.

[DinaLRosenberg]

We also have an offer but have never taken a loan with square. We have a line of credit with our bank instead.. it's just too hard to get people on the phone at square and we have a banking contact that knows our biz- much better relationship there.

[Lshaver60]

Still no offer 88% paid off! I’m getting anxious and not understanding this method!  
I have a lot of projects lined up to renovate my building that I bought.  Square is my only option!  I used my last loan to put new restrooms in my restaurant.  The loans have helped me so much and I won’t ever be able to finish my projects without them!  Dang it!  
pray for me!!🙏🏼

[danengine2004]

We are all hoping for something to happen - but - I'm at 95% and nothing - I do not think Square is being very upfront about the possibility that they just are NOT offering loans any longer

[RP2011]

Exactly what I’m thinking as well! We have been paid off since July 22nd nd haven’t received a new offer! It’s getting very frustrating. Why offer the loans and out of nowhere stop. If we are in good standings etc. I don’t see why they should stop! They make thousands of dollars from us when we pay loans and the processing fees! The loans should keep being offered to everyone who pays their loans even sooner! I had 18 months to pay a loan back and I paid it back in 2 and a half months so why not offer another loan!