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. 

[PricklyElder]

GUYS I GOT ONE! Well, an offer. The offer, like mostly everyone else, is way lower - but I snapped it up. It's exactly 1/3 of the highest amount offered a year ago (which is the last one we got). It says they will let me know 1-3 days; hopefully it'll be the 15mins like the others I've seen. I'll keep y'all posted.

[GlitzyCow]

I can’t remember. Were you paid off?  I’m two months and nothing 😩

[PricklyElder]

Yes 100% paid off around 07/01, so it took a while to get this offer. I guess I can now say too, that they ARE giving them, now let's see if it's approved - more waiting 😫

[GlitzyCow]

Did they approve you? 

[Lshaver60]

Paid off loan on 9/26, $68k in 8 months! Got loan offer of $13,800 on 9/29!  Really??? Im befuddled!  I saw Kevin from Shark Tank on the news saying banks are not loaning to small businesses and its going to be a huge problem because we rely on them to support our business!  Meanwhile big businesses get huge tax cuts and loans a plenty!   Come on square dont insult us!  

[VanKalkerFarms]

In the last 3 months (Q2 2023) Square Loans has facilitated approximately 119,000 loans totaling $1.10 billion in originations.  So yes, they are making lots of loans, more than ever.  On average 1,322 loans per day with a value of $9,243 per loan, or $12.2 million a day.   Now it may or may not be to repeat loan recipients or just new customers I don't know as who they offer loans to isn't public info.

[GlitzyCow]

Can you look that information up for let’s say a year ago today? I’d like to compare what is going on. Or can you provide the link? 

[VanKalkerFarms]

@GlitzyCow It is all available publicly in Square's quarterly filings.

in Q2 2022, so 1 year before the most recent filing I listed above, they had offered 122,000 loans totaling $1.01 billion in originations, up 30% year over year.  So Q2 2023 they had 3,000 fewer individual loans but $90 million more loaned. 

[anchohoney]

We’re at 87% paid on a 70k loan. It’s our 11th loan. All criteria green. No new offer. Despite the data that shows they are still lending, something has obviously changed in their lending criteria, and not explaining it sucks.

I’m desperate for my loan to come through because I just signed a lease on a second location. When I get the doors open, I will be using a different payment processor for that location. Feeling very abandoned by Square. 

[Koleen1234]

I believe the criteria has changed. You would think square would read this forum and realize majority of there customers are stressed out 

[HTB44]

But they don’t care. They won’t read it. Won’t send a actual response that isn’t copy/paste. They know it’s a hassle to change companies but a lot of people are doing it. I have been googling and researching for a week or so to see what’s out there. We get calls constantly to switch. It’s sad they aren’t treating us with any respect. 

[anchohoney]

Read this forum? Ha! Why bother, when there’s already been a “best answer” given? 🙄

[Cafe290w]

I’m at 82% now still not  see any offers usually the offer at 75% square they might have a very hard time for now.

[ClareJ]

I’m at 82% right now as well! Please let us know if they make you an offer soon

[lisap1970]

I’m at 85% and never have waited this long for an offer. 

[Krb22]

FINALLY today at 85% I received an offer (it’s under review) for $1000 less than my last at $4050. But hey- finally an offer! So hang in there 

[Gios1419]

I’m at 100% and no new offer. 

[eatMoroccan3119]

The offers will come , my friend got an offer last month for 47k averaging 30-35k in sales per month. SHe was 100% paid though and the offer came like 1 month after.... yikes. not so timely lol

[Oxbow]

wow any thing not in green on your dashboard?

[eatMoroccan3119]

what are you averaging per month in card sales? Is your bank connected? 

What was your last offer? 

[Cafe290w]

Can you please share what type of business you’re in right Now? I’m in restaurant business paid 84% now but don’t see any offers.