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. 

[Maybelline03]

The loan was what I expected. Square is only one way that I receive payments. I run a small, private mental health counseling practice and most other ways that I get paid is through insurance companies. I use Square as an option for people to pay out of pocket or for their co-pays. Myself and my clients like Square too because I can take Health Savings Acct payments via Square.

[danengine2004]

Hello - just curious if anyone else is at our level? We process close to $3m per year (and to those who say we are NOT a small business - you are wrong the Fed Gov considers up to $10M per year as SMALL BUSINESS) ANYWAY OUR PREVIOUS LOANS WERE ALL AT $250K - USUALLY RENEWED FOR OFFER AT AROUND $40K TO GO - so last loan we payed off at 100% then waited 4 weeks - and were finally offered a loan at $100K. I believe Square has changed metrics altogether - the phone people say it is all done automated however AI still needs HUMAN programming - Square WILL NOT DISCLOSE any changes to the program - I would like proof either from other sellers at our level or from Sqaure that loans ARE still being offered at the $250k level. Our processing level has remained at last year LEVEL or more - SO AGAIN CAN ANYONE (sellers) WHO HAS EVER RECEIVED A $250K LOAN IN THE PAST LET ME KNOW IF THEY WERE RENEWED AT THAT AMOUNT - OR IF SQUARE REP COULD CHIME IN AND TELL TRUTH ABOUT THE MATTER. Thank you

[BIGK]

I’m still curious on how they determine loan offers. I’ve had 5 loans so far since starting my business back in June of 2021. The loans I received (in order) ranged from $2700-$4000-$10250-$10750-$4160. I just received the $4160 offer and I am already 56% paid on it! 

My metrics have always been green and I have paid each loan off very quickly with just the daily repayments and no extra manual payments. Sales have increased substantially compared to $42k in 2021 (started the business mid year), $112k in 2022, and $120k so far in 2023 (projected $150k+).

Even with the steady growth of business and a substantial increase of sales compared to last year, why would the offer I just received be only 38% of the offer prior to it? If they were basing loan offers on sales/processing/repayment then this offer should’ve at least been $15k+! 

The Square Liaison that was assigned to my business doesn’t have the answer either but hopefully the next offer I receive will make up for this last one! 

[lisap1970]

Can you tell me what a Square liaison is? I’ve never heard of that and been with Square since 2014. What do they do exactly and are they helpful at all? 

[BIGK]

She was assigned to my business last year and has been my point of contact for anything I might need. This is from an email of our first interaction:

This is Erin, your dedicated account manager at Square. 

Big Kahuna's Island Grill has seen a lot of growth as a business, so I've been assigned to your account as your dedicated point of contact moving forward. I am here to:

• Consult on ways to make running your business as easy as possible
• Be your liaison to Square's internal teams (disputes, Square Capital, support, etc.)
• Brainstorm ways to reduce your costs
• Record your feedback and relay directly to product teams

[lisap1970]

Well that’s just cool. I wander how you would go about getting one of these folks. It must be new I never was offered anyone. I would like to check into it. 

[BIGK]

It’s pretty awesome and Erin is amazing! I’ve never reached out to them before she was assigned to me and one day I randomly got that email from Erin so I’m not too sure about the process on how to get one

[Stefanieblue]

Has anyone received any offers after 50% paid off? 

[lisap1970]

I used to. But now at 81% and nothing. I’ve called and get the same scripted response from Square. Trying to be patient. 

[Denijo72]

My last one in june was at 51% .

[HTB44]

No. Never. Always 60% and above. 

[TrendzbyM]

Im at 62% paid off and I don't think ive  ever had one this soon. I'm hoping one will come soon though because I'm moving to a new  location next month.  Im I'm the process of buying new supplies and furniture and could really use it early! 

[BigA]

Just received a loan offer today 77% paid off 16th loan and it’s pending approval. I did notice the applicant has alot more wording I assume now that they are a bank (legal jargon) as well as it now states you have to agree to a credit pull, I don’t remember that being there before but I wonder if now they will be based on credit as a way to also eliminate people from qualifying. We shall see if the approval comes as it’s very evident something has changed, I have been with square over 10 years with no complaints so far let’s see what happens with this application. Never been declined in the past 🤞🏽

[brown17]

They always do a soft pull and require a 300 credit score....but yes I think that now that new "management" let's call it took over more verbiage has been added....congrats! 

[Me2018_]

Hi, how much was your offer for? I believe they do credit checks over $75000

[Brooke34]

I think it's personal guarantees over 70k. They might do credit checks on all of them now. 

[mrAs]

Did you get approved?

[Koleen1234]

I am at 81 and nothing 

always had an offer by now 

[royalphotos]

I am currently at 93% and no offer. I have always had offers and paid my loans off well before they were due. So not sure what is going on. I have started to transition to other processing vendor for some stuff while I figure out if I want to stay with Square or not. 

[HTB44]

We have had meetings with other processing companies too.  This is getting completely ridiculous and very frustrating.  Many other companies have a plethora of features Square can't even touch AND offer capitol as well. So we will see if Square comes through and has something other than a copy/paste response or reading from a script when we have questions.

My favorite was "I'll send this to the escalation team" and got the same scripted response 3 times in a row.  Sad they are not taking care of the people that pay the fees

[Koleen1234]

I also looked into other processing. I choose clover and the offered me capital. Just had to show my years with square. So we will see