I'm at 71% and usually see a offer by now (between 65%-70&).
Posted 06-01-2023
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.
I am a week paid off on my first loan offer and I haven't received any offers yet. It was paid off through my cc sales in 5 weeks and it was for $9000. I did t make any extra pmts. I am renovating my business and I am going to have about 3-5 days of down time and im afraid that is going to mess my percentages up to where I won't get an offer. Im so depressed. I could sure use it right now. I know it's all chance and luck. Which makes it harder cause there's nothing to go by. Are there any signs that one might be coming? Anyone experience the same situation? I can't delay the renovations. Thanks
Our downtime is towards the end of the year October-December. That is what I consider our slow season. With that said we’ve processed over 500k this year. I was paid on my last loan within 5 weeks of receiving with no extra payments. I paid it off Aug 2nd. So I had all of August and September with around 80k in sales and I was never offered a new one. I slipped into “needs work” in October for processing bc we cannot work 24/7 and that’s our time to regroup and restock. I am processing around $1000 a day rn with no new offers. It is beyond frustrating bc the “monthly” processing slipped into needs work but the “yearly” is still in the green. Nobody at square can answer anything except with a generic response and I’ve given them thousands in processing. I’m convinced they don’t care about helping me any longer with capital. If we don’t get an offer by the end of the year I will never take card payments for our big customers through square again.
I just reached 78% and hoping for one soon too!
I was always in the 70-76/78% range my last loan in June I was at 91% that was the longest I've ever waited. It's hard during June, july,and Aug it seemed to trend a higher % paid off. Now, I'm seeing more back in the 70ish range again. Good luck and please keep everyone posted it does help other users coming on looking for good news!
86% and all green still nothing.... the part that sucks is we had 4 disputes this year from 2 customers ( 4 transactions) and that hurt us but we are right on par maybe a little higher on sales, volume is good, everythig is green.... Wish we could get a new offer, we have a customer who wants to do net 45 and a new loan would be amazing to make that happen and win some business back from a competitor.
Note that our monthly payment is usually met 20-30 days before it needs to be!
a new offer would be a game changer for my business!!
anyone else in this situation?
There's a lot of people who are right in range waiting. If you scroll down there is a list that a very awesome user post how many loans are being done daily, monthly etc. And how each year square adds more and more capital to their customers. Another one just posted they received their offer yesterday. I believe right about your %. They did not state any disputes. We're the disputes you had end in your favor? With our business our policy is no refunds so I don't have disputes and I know in their policies square said it's a factor I just don't know how big of a factor it is? Please keep us posted I'm sure others are interested to see especially if they've had disputes before or could help you. Good luck!
84% today still waiting 🥹
Sending good vibes! Guess we're going to have to chug along into December??
13th loan all green 89% waiting….
Hopefully we get that email tomorrow ✌️🙏
So we've now reached 82%, paying our payments at a steady rate and we're now in the thick of the holidays. A renewal would look really good right now. Been with Square and its loan program a good while now.
Just got to 87% 💪… I’ll keep you all posted!
It asked me to attach my bank account for better offers but it went away. I was at 75% of my loan and was offered a new one. I wanted to see what the offer would be
The loan went away or them asking to link your bank? My last loan in June it wasn't there then. Now if I go into my dashboard it's there. I'm not a huge fan of linking my bank especially through a 3rd party. I had ID theft last February and they wiped out my bank, destroyed my credit and I'm still trying to fix it all. My bank that same day had every penny back in my account and now it's password and pass code protected even when I go in to deposit money I have to give both codes. The first thing the bank rep told me was do not give access to your account information and I am not doing that. It was and still is a nightmare getting the credit bureaus to act timely. Good luck to you!
91% maybe a offer soon??? 😂
Here's a hoping! This week was much bigger than last week at the nerd store, and it's now basically a week 'til Christmas...
I really wish square would just come out and say they’re not giving out loans anymore, I have been in good standing, sales increasing and still “your business not eligible”
Exactly I can't even see my key factors.
Greetings!
I have a drive through coffee shop and am ready to finish my mobile trailer.
I’m on my 13th loan at 62% payback, not an offer in sight.
Everything is green, sales up, open 7 days a week, zero disputes ever since 2016 when I started with Square.
I am thinking of just going to the bank and extending a line of credit, as they can process cards as well, but Square loans are so easy with daily payback.
I guess I will wait it out a day or two, then go a different route, but wondered if anyone has been offered another loan *lately* at 62% paid back?
I need to grow my business now, so wanted to ask ya’all here!
Merry Christmas everyone!!
I have no personal experience with any recent loans, but from the consensus in a handful of threads here , Most loan offers seem to be generated anywhere from 80% +. with you only being at 62%, I highly doubt you would see one in the next few days. I know many people speak of "offers in the past" , but that is just that.
With that being said, I am all for other sellers or business owners expanding their business needs to other banks. I think it is a good sign of growth and important to establish a good banking relationship with a local credit union or bank. I have 3 different business bank accounts which all serve a certain purpose to me and a certain relationship and continue to use Square as well as my processing of CC
I don't think that you should complexity cut square out of the equation completely as they do offer a lot of useful tools that banks don't offer.
I don't like to have all of my eggs in one basket though.
Best of luck with your mobile Coffee Shop, sounds like an amazing business you have going.
Cheers
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