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. 

[Thesignguy1986]

So I’m confused as how to my loan is  ineligible says processing volume needs work,  I’m actually well paced ahead of last years and previous years,  our customer frequency is high as well as new and retuned customers.  It’s not the end of the world but seeing this I will likely end up going to the bank in the next week for a loan for a second machine we’re gonna put in.  Granted I’ll prob end up w a better rate I enjoy the ease of how I pay back w square making it no burden being we are a high profit margin business - wish you guys were more straight forward I’ve been a long time customer compared to prob 99% of yours and have a very good track record. This has really made me think about alteratives

[brown17]

That is happening to me right now.   All of sudden it says processing volume needs work.   My sales are way up.   Did you ever get an offer?

[TheRealChipA]

@brown17 Processing volume and gross sales are two different things. Processing volume is card sales only. So if your cash sales as a percentage of total sales is higher lately, your card processing volume is down.

Remember, Square can only count on card sales when considering how much you can repay, and how quickly. Otherwise they have to rely on sellers to make extra payments when cash sale percentages are high. Many, if not most, don’t do that. 

so… processing volume is a very important metric to them.  Cash heavy businesses will receive lower offers, if they receive offers at all. It’s all about card processing! 

[brown17]

I understand that...95%of my sales are cc sales the other 5% are checks..  

[TheRealChipA]

@brown17 Interesting. Ok. Ignore my reply, then. Not everyone understands that. And it doesn’t apply to you, obviously. 

If I live to be 200 years old, I’ll never understand the mysteries of the Square Loan Black Box. Lol. I just wait for it to say I’m eligible and then decide if I want the loan or not.

Part of me thinks Square made a mistake trying to be transparent with their whole “here are your eligibility factors” page. It just invites more questions than answers.  Either an offer is available, or not. Maybe they should get rid of this page and keep it that simple. 

i think I’ll suggest to them they get rid of that page. In the end, they will never make everyone happy with it. Or obviously even most people. So, why should they bother trying?

[brown17]

Agreed lol honestly it's given me more anxiety lol.  I normally don't get this obsessed over it...but it's there so I look and stress lol

[TheRealChipA]

I’m going to quote you on that. Lol. I think Square might need to rethink how that entire page is worded. Thanks for your honesty!

[Me2018_]

Did you get ever get an offer?

[sbukovsky]

At 83% payback on the loan. Approx $13000 left on the loan. 
Everything is green across the board- Still not eligible.
Been with Square since 2014.

Will update.

[Gavindwyer]

I was in the same boat, and they told me that my business is no longer eligible for the loan program. Due to the type of business.  But won’t clarify.

[RP2011]

Did you receive that information by a agent or is it a message that is in your dashboard? 

[sbukovsky]

Dashboard. 

My Square Small business rep: no response to email or phone messages. 

[RP2011]

Yeah, I believe everyone gets that message until they are offered a new loan. 

[ianssoph]

Yes! Mine always says I am not currently eligible. 

[Gavindwyer]

No. Those are different 

mine insinuates a indefinite no. 

In the past it says a loan is unavailable. 

this states the “type” of business is not eligible for the program. Square beats around the bush and won’t answer me when I ask what type of business I own. 

My rep won’t contact me. 

customer service has hung up on me. 

I have had several loans. 

so now I’m going to have a lawyer figure out what type of business I own. Because I’m unsure of it. 

[ianssoph]

What is your business?

[Fca]

I know there isn’t a set time but I want to know the rough timeline of a new loan offer after being denied. I was denied due to 2 chargebacks. I was offered the loan when I was at 68 percent paid on my current loan. I was denied in the past and it took almost 3 months for another offer. It was fully paid off before I got another offer. I already know the generic answer but I am just curious about other sellers personal experiences. 

[Twpchair]

I have seen others say 2 weeks and then it goes back into the system and their algorithm. I have not had it happen myself just seen others with the same question. A couple I saw with updates as people were asking it's was 3/4 mths later and no new charge backs either! Keep processing and try not to do anymore charge backs! Good luck!

[Kbs7]

Did you ever get a new offer

[sayra]

Hello, @Fca. 

It's understandable that you're curious about the timeline for a new loan offer after being denied, especially given your previous experience. Every case and account is different, on this platform we do not have greater visibility regarding your account and loan qualifications. 

For Square Loan related questions and Loan availability or eligibility you will want to reach out to the Square Banking team. They are available at 855-700-6000 between 6 am - 6 pm Pacific Time Monday-Friday. Our designated team will be more than happy to help you further. 

In addition, we went ahead and merged your post to this existing thread where other Square Sellers have discussion their Square Loans. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Thank you. 

[danengine2004]

I am curious to know at least the metrics involved - if my average in transactions from Nv 15-Dec12 is $238,674.43 - then on the loan eligibility page it says my volume 11/15-12/12 is $206,449.19 why is there a difference there? THEN i AM AT NEEDS WORK FOR volume and my 11-15 12-12 is $206,449.19 and avg is $190,696 - can you explain haw that is called "needs work" Finally - I DO realize that at Square Loans is like a block box secret - our past 3 offers were $250K and now our last was $100K - I just would love to know if Square has made changes in their loan program at all