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. 

[Twpchair]

We are normally open 7 days a week (retail furniture store) and during the holidays we close early Christmas Eve and Closed on Christmas. We did the same for New Year's. Our took a hit too and it is a blow to the eligibility page but I would assume most businesses have the same problem with hours and days off with Holidays in mind. Good luck to you and hope you have a great year going forward! 

[ftblmeme]

It updates daily, happened to me and then recovered a few days later. The average volume is what matters

[B-dot]

Average volume means nothing to Square.  Being close for ONE DAY.... Christmas day, with GROWING SALES DAILY throughout November and December, then saying my sales are down when their own actual figures show a $37,000 INCREASE makes absolutely no sense.  

I had over a million in sales in 2023, not a single day closed except Christmas day, and continued growth month over month, based on their own stupid charts and graphs on their app.....

I honestly do not need the loan, and can do without, but it definitely helps cash flow so we can use our current flow to grow.  But Square **bleep** around with shallow answers and inconsistent criteria is actually hurting small businesses who rely on these loans.

I am switching to Chase, who even with a monthly rental fee has far better rates and direct connections to my bank.  They are beating Square average by 20%.

[eatMoroccan3119]

Hey guys , 

I understand those of you that are frustrated about no new offers or not knowing what and when to expect, also frustrated with the same generic answers from the Square support here. Please take a moment to read from my experience. 

My restaurant business has been with Square since 2021 and we went 5-6 loans now , with the biggest one being around 92k. In the beginning we were processing around 40-50k / month and the loan amounts continued to grow,  2023 we were averaging 90-100k / month and the biggest loan we got was the 92k. After we paid off the 92k we got an offer of only 30k.... I know frustrating right haha and our sales during that month we got the 30k offer was around 80k / month.  

A big factor is not only how much total sales you gross I think but the number of new customers / how many transactions etc. Our sales dipped a bit and the frequency in transactions charges were reduced.  We are 60% paid back now with the 30k loan but during this month ( january 2024) we are only expected to do 60k...in sales.  I too am curious how big my next offer will be hehe.  

Also regarding questions about your eligibility and other specific questions pertaining to your case, I'd send Square Loan Support a direct e-mail. A specialist will look at your account and advise more specifically on your situation. Ask detailed questions, refrain from non constructive complaining or silly comments about how much fees they make from us blah blah blah, or how long you have been loyal to Square.  I have had many back and fourth with their Loan specialist and in the end always got the info I needed and eventually they always come through ! 

Be patient and focus on keep the business growing without just wishing for the Loan to come... which eventually it will come if you have had previous loans. 

[GlitzyCow]

I have asked specialists specific questions asking for answers and they’ve never given me a direct response. They put their generic response to my question every time. They say that information is proprietary. We also grow with new customers nearly daily. I’m wondering if there is a limit per year of how many they are allowed to offer. That is the only thing I can think of. 

I’ve noticed a trend that vendors that have had large loans typically get a lowball loan offer and then pay off completely, without a new offer for months following. So I’m wondering if your 30k offer will pay off and then you will be in radio silence like I am now experiencing. 

[eatMoroccan3119]

I have been there as well my friend. My partner's business ( massage/skincare) went through 10+ loans with Square as well and during the slow month after they paid off their biggest loan ( 38k), it was silence, no offers. Sales was stable at around 25-30k, then in Oct 2023 they did around 45k in sales and a new offer of $42,000 came out of nowhere.  This was about 40+ days after the 38k was paid off. 

I think sales has to be stable or slightly higher / growing trend to keep offers high or otherwise we get lowballed or no offers at all until you hit a bump in transactions/sales. 

That account was also dealing with 8+ chargebacks ( the account activity was also YELLOW , not green ! ) , that's why we figured no offers came in, but once sales hit over 40k that OCT, the NEW offer came right away.  During the application process we were asked regarding the chargebacks and bank account changes etc, in the end we still got approved ( submit evidence of fraudulent chargebacks, explain your case etc. ) 

My businesses have been in almost all situations with Square over the years, but in the end, our growth was largely thanks to Square for sure. 

It will come my friend, keep pushing and focus on day to day operation ! 

[GlitzyCow]

That makes me even more sad. I paid mine off in August and September my sales doubled. No new offer. My average month is around 45k and I’m consistently growing that average. I’ve never had a chargeback and I have over 200 good reviews. 

[eatMoroccan3119]

That's interesting.  Is your bank account linked? Healthy balance? What industry?

We have never linked our account. 

Well, hopefully it comes soon. I'm sure 2024 will be your best year ! 

[GlitzyCow]

I will never connect my bank account. I did however link my square checking account to it. It never showed up on the plaid account but then last week I got the little icon saying I needed to reconnect it. I’m not going to. I’ve had issues in the past with getting hacked and I’ll never give another company log in creds to my bank. Ever. That’s why I connected square bc it’s their own company pretty much.

[Cauldron]

Just a heads up for anyone with a “reserve” on your account, a Reserves category just got added to my account activity with a “needs work” status. It says:

Reserves: 

Your account currently has a reserve, which could be used to cover chargebacks. This is affecting your eligibility.

Extremely disheartened. The reserve was implemented in mid January and holds our funds for 90 days after each transaction. 7.5K and counting that we can’t access and bills that need to be paid. Now to find out we aren’t eligible for offers either because of it. We were hoping to get an offer soon to help pay the bills that were affected by the reserve. I don’t know what we will do

now 😞

[danengine2004]

This just keeps getting better each day - what do these ASSCLOWNS at square think? We all get 90 day terms with our vendors ??? Shame that because of poor business decisions by ultra LIB moron rich boy DORSEY - a once great operation known as Square - is now a crumbling pos

[danengine2004]

Again hard to realize what I am paying them (Square) 1.4%, in processing fees for - sure they deserve almost a point and a half THEN take NO risk - sounds like a good deal to me ASCLOWNS a SRE Square 

[danengine2004]

To think today earlier all I had to be upset with Square about was the fact they they pulled the plug on loans and they had no guts (as any company lead by a lib-tard) like Jack Dorsey would do - but now there are “payment limits” “reserves” - Ihave two orders to run Monday AM BOTH will be on Stripe - bye bye Square **bleep** CLOWNS 

[danengine2004]

If I was you I would immediately credit back my customer that had the reserve on it (yes you would lose the processing fees because of squares NEW Chicken **bleep** policy) and then ask the customer to pay via check or wire 

[danengine2004]

Try Stripe and or stop taking cards from customers take checks or cash or wire or Zelle - it is not worth it dealing with processors any longer I agree 

[Pecard81]

84% and rising no news yet, I’ll let you all know.   👍👍

[Charliesparties]

I hit 91% yesterday. My sales are up 400% since the beginning of this loan. I've paid this much of the loan off in 6 months. I did have a slow month in January but now I am doing over 1k a day which is quite an increase. I'm not sure what's going on and why I have not received a new loan offer. This loan will be paid off by the end of this week if not faster. Just based upon the number of invoices I have out for the rest of this week already pays it off. So I guess they're waiting till this one is 100% paid off

[Twpchair]

It seems for a lot of people (not all) the percentage is higher paid off. With the ups and downs with the market and a lot of lenders holding tight its nice to see someone get a loan! Good luck to you and great job with the business!

[Twpchair]

Good luck!!!

[brown17]

Record processing/sales 78% no offee. Crossing my fingers it comes through soon.   

[Twpchair]

Good luck! They've been trickling in. Hopefully, they will get back to normal soon!