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. 

[VanKalkerFarms]

Why would you not connect your bank account?  the money you take in has to get to you.  I've had my account with Square since Cinco de Mayo 2011 and have done over $10 million with them and they haven't taken a penny that wasn't theirs, this isn't a guy in a dark alley swapping food stamps for cash it is a worldwide processing disruptor.

[pawsperrydise]

There are a TON of security breaches with larger companies all the time.  So it is a risk.  Additionally there was a whole lot of "permissions" of information they asked for.  I also believe i read somewhere you cannot just "cancel" it without doing some letter in writing, etc.  So for some it may not be worth it.  

[GlitzyCow]

Before I came to square many years ago I was using a diff processor that I had my accounts linked to and they were all three hacked including the farm account. It took me well over a year to get everything straightened out. I had to set up all new accounts. It was a mess. I refuse to give square my log in credentials to my bank account. 

[VanKalkerFarms]

I guess I'm confused as to what you mean by linking your account.  you just enter your Bank account info here and you're good to go, no entering login and password.  

I don't use Square loans personally since they have never made anything close to financial sense to me, but they keep offering them though.

[pawsperrydise]

It does make you provide your log in and password for your bank and permissions to get back account information 

[Jjpainting]

I connected my account a while back before they offered me my last loan. If I remember correctly, no you are not providing square with your login credentials to your bank. Like every other site, they use plaid.  Plaid is so you can connect your accounts securely to any site without actually giving the site your login credentials. 

I’ve never heard of any site personally asking for your credentials which is why plaid exists 

[GlitzyCow]

In the capital dashboard it asks for people to connect their bank accounts directly by asking for log in credentials to the bank. 

the bank account linked to do transfers in your profile is different. 

[VanKalkerFarms]

Interesting that it is different. Thanks for the clarification on the differences.

[Jjpainting]

Like I mentioned in a previous response, I did connect mine when they asked shortly before my last loan offer. They ask for it so they can see how much extra revenue you bring in.  Which is the reason why I think my last loan offer was double the previous one. And if I recall, like every other site that needs access to your bank account, you’re redirected to Plaid. That is so you can securely allow them to see your account without giving the site your login credentials. So square never has access to that information 

[GlitzyCow]

Ok so you are giving plaid your log in creds instead of square. I have zero relationship with plaid. So that is even more of a hard pass. Square capital does not need to see my bank account. Period. 

[Twpchair]

I'm not sure if I remember correctly but were you the the one that had you're accounts hacked? This past Feb I had ID theft bad! They got into my bank accounts and routing numbers not my card. Opened 15 cards in my name and 2 loans. Nothing I could do as it started Saturday night and it was my bank not my debit card. I was there Monday at 9am and had to file a police report, credit bureaus investigation etc. I did get all my money back that day thanks to my small credit union. The first thing they told me and the state police was to never give anyone access to your accounts. I didn't but they still got me. Destroyed my credit it's still a nightmare dealing with it. That's why I'm so hesitant about it. I've never had 1 issue since 2014 with square. Using a 3rd party is what I'm worried about. 😟 

[GlitzyCow]

Yep. It was a nightmare for us which is why I told my previous to kick rocks. I refuse to give anybody log in creds to my bank which is what square wants, which is a third party with plaid. My account is connected to do transfers but square capital isn’t getting access to my bank. They can’t even answer simple questions nowadays and give me the runaround, why would I trust them with my real life bank info. Square used to be helpful when I called in for answers, now I’m lucky to get a real person who knows anything at all besides reading a scripted response. 

[sbukovsky]

Hey guys
I’m curious if anybody has received any offers in the last month or two? I have had more than 15 successfully paid off Square capital loans each one increasing as they are offered. Usually I receive my offer when I’m between 70 and 80% paid off. One rare time we got another offer at 65%. I am currently at 83% pay back and still have not received an offer from Square. We are being presented with an opportunity to be able to purchase some more inventory at a fantastic rate and expand our business. This would require us to purchase a brand new square, register system, and ultimately will create more processing for square. While we absolutely love everything that square has the offer I would have to say this capital program of theirs is a bit frustrating. I have heard there are other capital systems out there that do their capital differently. On another capital system there’s actually an eligibility bar every time you make a payment that little needle slides closer to the eligibility line where you are reviewed automatically for another loan. It gives you something to work towards. I actually love this idea and wish square would do the very same. It is very frustrating as a client and a longtime client of Square, we’ve been customers for the last 10 years. We invest in square stock. We do everything right and I’m sure Vet Sq. has had its fair share of businesses may be closing with open square loans or whatever. Which I think probably adds to their trepidation about providing new loans. We get calls all the time asking us to switch from square, and we never will because the square is much better for our business. we have always loved the square capital system ever since the first one was offered to us. I guess we’ve just become quite used to receiving it at certain times. It’s extremely helpful and to my opinion the best type of loan you can get because it’s paid off so quickly.

If anyone from Square is reading this, it would be super helpful if the capital program could be made to be slightly different. people get used to getting loan offers when they’ve paid off 70 to 80% of their loans so when no loan offer comes through after many years of her being the same way it gets frustrating as a customer. Especially when all of your markers are in the green and your sales are actually up. because telling people that everything Has to be in the green, and showing this as an eligibility requirement, but not offering anyone alone when they’re all in the green obviously means that a certain dollar amount Hass to be paid back on that particular loan before you offer another one. I owed $17,000 on my last loan and was offered a much bigger loan which is the one I’m paying off now I owe under $14,000 on my current loan and I’m still not offered another loan yet . It is very frustrating. If I knew I needed to achieve a certain number or rather, a certain amount, paid back before a new loan would be considered that would be hugely helpful. Honestly, the square capital system is hands-down, the best loan system and it is extremely helpful to have it all in one place being paid off out of my sales so I don’t even have to think about it. 

Just food for thought hopeful that square will be able to offer us capital again so we don’t miss out on this wonderful opportunity. We have right now for our business. 

[VanKalkerFarms]

Yes, multiple 1,000s of people do get offers daily.  It definitely is frustrating that it isn't a clear-cut way the Square loan process works.  It can seem like if I'm not getting a loan offer then they obviously aren't giving out loans, but just in the last 3 months, Square Loans made 119,000 loans totaling $1.10 billion in originations, up 9% year over year.  So their loan department keeps on growing.  That is over 1,300 loans started each day, loans not offers.

The idea of a "goal" payback is a great idea though. 

[sbukovsky]

Thank you that is very helpful. I know that they still offer loans. I just wasn’t sure if they had changed their algorithm on when. Obviously, for us, we have an opportunity in front of us now that we don’t want to miss out on an obviously we would prefer to use Square capital to purchase this opportunity. In the past Square has never let us down and has always been there somehow when we needed them. 

We eagerly check every day to see if we have a new offer. Truthfully, Square is the best possible loan scenario for us because I do enjoy the repayment system and how that works. 

[JanH6473]

I used to always get an offer at 75% paid back and I’m sitting at 83% paid Now and all in the green. Sales are way up this month and I very much need if. They have to have changed the requirements, bc there are too many people who aren’t getting their new offers until way later. It’s so frustrating 

[ianssoph]

I just received an offer of $43k yesterday at 76% repaid. Your offer will come!

[sbukovsky]

We are at 83% paid back. Nothing yet. It may be that I need to be at 85 or above. We shall see; I will keep you all posted. 

[ianssoph]

I just got approval and funds were instantly deposited. Good luck to everyone!

[GlitzyCow]

Did you have to provide additional info for them?

[ianssoph]

Nope, but nothing has changed for my business in 10+ years.