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. 

[luci1811]

Hey! Have you been approved yet? 

[TrendzbyM]

Yes approval few minutes after !

[Jjpainting]

Just wanted everyone to know that I just got my 4th loan offer.  My second loan offer didn’t come through until after it was 100% paid but was over double the first. Third offer came when I was 80% paid which was only around 15% higher than second. My offer last night came in at 68% paid off and was almost double the third. My last two offers came in when my sales were higher than usual for the week prior. 

hope this helps 

[Chance2322]

Did you do the bank connect?

[Twpchair]

I didn't on my last one and still received my loan.

[Twpchair]

Congrats and thanks for the update! It is very hard to determine when or why you get your next offer. People can see they are still doing them and you can be 💯 paid off or 60%. I've been with square since 2014 and too many loans to count but I have ranged from 70-76% to 91%. Thank you again, for the update!

[Solstice]

We are currently at 93% paid all green and up in numbers with no offer we will probably have it paid off end of Saturday… 

[Pecard81]

So you all do 2% daily ? So paid off 100% in 50 days. I thought I was on track to pay back fast. About 10 months.  

[Solstice]

We pay back 20% on all transactions. That was the terms for the amount we took and will have it paid off in 2 1/2 months for $20000 total 

[Pecard81]

So you are selling about 20k a month, that’s about the % they have being giving in the past.  About 9% of year cc sales.   I would love to get a 9% loan right now.  I am at 87% paid off.  
the balance is almost the loan fee total exactly  

[Blandkite]

My business sure can use a loan right about now, I been with square for about 3 1/2 to 4 years, I have never waited this long, I usually receive an offer before paying off the previous loan. 

[Pecard81]

What % are you at?

[Blandkite]

All my loans are completely paid off 

[Pecard81]

Sorry just read you paid off in sept

[Pecard81]

i recieved approval and funds yesterday I was at 92% and loan offer was 1/3 of previous loan.  All green,  sales on par to last  year, offer went way down.  It still will go a long way.   

[bsa77]

Did you get approved right away?

[Pecard81]

Offer came in Monday approval Tuesday.  Almost 24 hrs exactly 

[bsa77]

Congrats!! Happy Holidays to you!

[ApexSupply]

OK just received an offer and it was already approved....Square is the GREATEST!

No, in all seriousness waiting and not knowing is unhelpful, confusing and somewhat stressful. A little more transparency would be beneficial and definitely appreciated I think. I understand for first time borrowers or maybe people trying to game the loans, but for those who have a good track record letting them know a % of business done, or loan paid or some other metrics would be great. It could always come sooner and no one would complain, but at least everyone would have an idea of what to expect.

[Nml28]

🎉,

what was your loan percentage paid when you got the offer?

[ApexSupply]

83%. And yesterday when I checked loan eligibiiity factors there was no update all day. Then today got the offer.