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. 

[_Violet]

Hi @Azhar_mohammed2 - Thanks for reaching out to us here on the Square Seller Community👋

For eligible Square sellers, Square offers business loans to grow your business. You can check your business’s eligibility by going to the Loans tab of your Square Dashboard and keeping an eye on your email inbox. You can read more about Square Loan Eligibility here in our Suport Center.

I hope this information is helpful but please do let me know if you have any additional questions.

[Nml28]

Whats happening with sq? Why cant they give us a loan when we need it. They dont realize more inventory more processing. I badly need more inventory and man power right now. No loan, less transaction 

[Blandkite]

I agree 

[MrRoadside82]

I got a loan Nov 6. Today sales are way up 64% paid off and can't even see my factors. When I click show more details it just says "Thanks for interest in square loans "

[MrRoadside82]

This is all I see

 

[MrRoadside82]

Is there anyone besides me who is still waiting? 

[nyallblacks]

I definitely am.... Currently at 74%. Last 3 came at 70% 74% 78%

[MrRoadside82]

Same here I'm at 70%

[Reneelizabeth]

Same here.  My last came in at 55% and 65% .  I’m now at 66%

[Knight87]

Got an offer today at 75%, yesterday I was at 72% but sales were up 3x more than usual, funny thing is last loan offer also came at similar % the day after unusually high sales. Now, loan prior to this one had nothing to do with high sales days but rather with frequency, like 12 days in a row of processed card payments. Assuming all factors are green is simply not enough, one of the two things need to happen, either your processing volume is above normal or the frequency. It's a game od patience, good luck everyone

[B-dot]

I need to somewhat disagree.

For me, my sales in 2023 were 1.1 MILLION.  In 2022, sales were $700,000.  Every month seen growth both year over year AND month over month.  We are open 7 days a week.  Square took $19,850 in processing fees in 2023.  So, based on your comment, I "should" have a loan offer because of both sales growth and frequency of processing.  

No offer yet.

The response I got from the Square Canada rep was "it's all a random algorithm that is proprietary to Square and cannot be described to the public"

[dinnerwithmaria]

Just a few hours after I posted my previous comment I was offered a new loan! I accepted and it was reviewed and approved and in my Square balance within 15 minutes! 

Hang in there....

[Twpchair]

Congratulations!!!!! I hope you have a great New Year! Thank you for keeping everyone posted!

[AllenAm11]

So here it is Jan 3. Have paid 89% of my loan back. Minimum already met for Feb 2024 payment. Processing around $200k per year with Square. Have received 6 previous loans, and NEVER gone over like 75-77% before being offered another loan. All my previous loans were paid off super early. Some new loans offered as low as 55%. But all factors in the green. Loan way ahead of schedule. The waiting game has been exhausting. The Square algorithm is beyond exhausting trying to figure it out, and I’ve just about given up. Have they changed their criteria without telling anyone? Is there more to actually being eligible than what they’re letting on? I just feel like we are all drowning here in this pool waiting for someone to throw us a float. 

[Blandkite]

I’m for sure drowning 😫

[Paulynne]

Update: I received a new offer about 4 weeks ago, for more than I’ve had in the past. 

[Crosstimberkoi]

Congratulations.   Still waiting here.  Did you have an open loan when you recieved it? What percentage where you at if so?

[Healthyketo]

Congrats! & Happy belated bday! Quick question, were all your eligibility factors in good standing? Where any in “needs works” since sales were down in December? 

[Reneelizabeth]

Thank you!   I should have mentioned that.  All factors were in green yes. 

[RedEyeBar]

So I finally got a loan! Offered 19,200 last loan is 75% complete. With 4722 outstanding. I’ve never had any of my loan application things be anything other than good. Always been good other than the current loan being in progress. I know my prayers were answered because I needed it for taxes and to just get caught up a little bit! I hope the res of you are getting what your looking for!

[Blandkite]

Good for you, I sure can use a loan to pay off my taxes, and buy more inventory! 🙏🏼🙏🏼