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. 

[anchohoney]

You just described my situation precisely. 

[Brooke34]

Same situation. Been 100% paid in full for around the same amount for three days. No new offer. 

[TaylorA92]

I am at 73% back now on my 6th loan. Will update with any progress. Not expecting much but my last loans would come from 69%-75%.

[lisap1970]

I’m at 83% and always had an offer between 65-75%. Still nothing 

[Twpchair]

I was usually around your range as well. My last loan came in at 91% paid back. Good luck to you!

[TaylorA92]

Thanks for such enlightening posts. The 68k loan paid in 8 months only to be followed up by a 13,800 is slightly concerning. They might have just shifted to smaller loans for quicker payoffs. Seems like their position is to offer loans that aren’t as risky. 

[GlitzyCow]

What is your yearly processing this year? Just curious if I should still be hoping for something decent or throw in the towel with them. 

[TaylorA92]

The 68k loan mentioned above was not my loan. The last loan I received was 30k and I’m 75% paid. We do about 225k in processing. And normally have an offer in hand by now. 

[Gios1419]

Was 99% and no new offer.Just payed off the balance of $200. Hopefully that helps. 

[HTB44]

Unfortunately I don't think it will. We have had 12 loans with Square, all paid on time and in less than 12 months except once when we were doing a buildout and closed.  We are at 77% paid, always ALWAYS got our offer at 60-62% and nothing. A lot of people are saying they are 100% for weeks or months with nothing.  We are up 40% over last year as well.

[Gios1419]

I believe you. Now I have this message Loan eligibility is based on many different aspects of your business, not all of which are listed here. We can’t guarantee a loan offer even if everything looks “good.”

[Keesh]

This is nerve-racking because as a business, you get into a rhythm, thinking that the loan will be offered at a specific time and your forecast future moves based on the fact that you know you are going to get a loan and then, the whole thing changes. I don't depend on it to run the business but it has been awesome for the growth of my business. I am on my 6th loan, 65% paid. Usually get an offer at 50 something %. Come on Square please lol!!!

[lisap1970]

I’m with you. Like you said I didn’t depend on it but I did figure it into my future plans for the business I’m at 87% and still nothing. I even tried to talk to them Friday and got the same response we all get. 

[Jpphoto]

I am currently at 88% with all in green for eligibility and nothing yet. On my 4th loan. It is so nerve wracking as a small business we rely on these offers. I pray daily that it will come through. 

[Jen14]

From I remembered they told last time about credit check. Can someone give insight? 

[Sammie_C]

Hi @Jen14!

Thank you so much for your question!

When your business applies for a Square Loan, we will not access or review your personal credit report to evaluate the application. With your permission, Square Financial Services may access and review your personal credit report to help improve our evaluation of your business for any future loan offers. Please note that applying for a Square Loan doesn’t affect your credit score.

Feel free to reach out if you have any other questions!

[GlitzyCow]

So they won’t but they will? That reply makes no sense. 

[HTB44]

Just spoke to Square and I literally asked “so we are **bleep** out of luck”? And the customer service guy said “yep”. Lovely “customer service”. We will 100% be switching if we don’t get a loan this week. 

[anchohoney]

We’re absolutely moving to Toast for our second location, which is sitting empty and unrenovated thanks to Square’s BS. I’ve had it. 

[HTB44]

I got the rudest rep in the phone today. I said we just want some kind of answer other than “we don’t know anything”. I said “so basically we are just shot out of luck?” And his response was “Yep”. So mad. We are in the same situation. Second location empty while paying rent. Very sad what they are doing to those of use who keep THEIR lights on. 

[Devmichelle]

I’ve been 100% paid off for months. Since June….. All in the green. Have had several loans before && still no new offers.