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. 

[Simplicity1]

We signed up with clover this week and will start testing that out….. I’m paying s higher rate at square because the loans helped us but doesn’t seem like tbsg want to give us more or tell us why we no longer are eligible…

10 years we have been with square there’s no upside for loyalty anymore! 

[Robgrey]

I am currently @ 64% paid back from latest loan in September.  I've had 13 loans through square and each one has been so beneficial to my business growth.  Cant wait for the next one:) Continuing to process 7 days a week.  My processing volume dropped to needs work right after new years but its back to perfect. Im guessing it was due to closed Christmas day.  Good luck everyone! 

[Blandkite]

I’ve been with square almost 6 years, had 3 loans offers within the 6 years which all been paid off but yet I still haven’t received an offer since May 2022. Unbelievable! 

[Stefanieblue]

I’ve posted in here a couple of times and all I know I had to beat 100% before I received a new offer… I guess that’s my algorithm for myself because I’m at 90% and nothing yet… hopefully I get one soon… it would come in handy since I slow down right after the Christmas holiday…I’ll keep you guys posted… 

[Km914]

Same here I’m now at 80% nothing still I typically have gotten the last ones at 60-65 so not sure why. Impatiently waiting I have some goals for the year

[Reneelizabeth]

I finally wad offered a loan.   It was a little less than last time, but not by much.  My business was slow December so that would make sense.

I was at 70% paid off when I got the offer today.

Some things I noticed:

-All loan offers have been made to me on the 18th or 28th of the month.

-All loan offers have seem to come when I have about $3000 left owing, so this changes the percent at which it seems an offer comes. 

-Loan offer came one day after significant sales.

-Yesterday was my birthday and I made a wish to get a loan offer when I blew out my birthday cake candles. (Actually serious lol)

I hope this helps!

[worker4life]

Is anyone receiving loans in 2024? I’m on my 6th loan with square and every experience has been fantastic. In late Oct. of 2023 I began my most recent, and already in Jan. I am at almost 80% paid back again and all my markers are green.  I have always been offered a new loan by now, and I’m always way ahead of the payment schedule by many many months, and this one in particular I am roughly 30 months ahead of schedule, so wondering what other people are experiencing? Only asking because I highly enjoy and have recommended square to all of my business colleagues. I just wish I had a better understanding of how this works because square is a fantastic company offering a fantastic program. 

[SageIntentions]

I have had numerous offers in the last couple of months but none of them were enticing. I feel like a loan that I pay off in 3 months is less of a loan and more of a cash advance. When I figure out what the loan fee would be in interest it starts to look like a cash advance too. Loans claimed if I connected my bank account it would improve offers. So I figured what the heck I am not getting any good offers might as well try it. Added my bank account and lost the current offer I had and haven't received a new one since. Not exactly an "improvement". 

[kailanik23]

I am almost 90% paid off with consistent growth, good in all areas and on my 10th loan at this point with no offer. I asked via email and they just send the exact same automated response each time and state that they can’t determine it, it’s an algorithm and humans don’t really have anything to do with the process. Which is so frustrating to think this entire loan process and decisions are made by a computer, it’s not personable or genuine at all because humans just aren’t really involved any longer (in much at all at square that I can tell, every response is scripted, the exact same responses each time or seemingly AI-generated). It’s disheartening to be with this company and feel like a number. Especially when we pay exorbitant fees and interest on processing. I hate our entire world has come to this, automation can be helpful but when you feel like no one is listening or is just posting an AI-generated response when it comes to a business you’ve put your blood, sweat and tears into it’s sickening. 

[ianssoph]

I process around 300k/year and my last offer was $40k…I’m currently 52% repaid and I’m not holding my breath for another offer from what’s being said. But business is great, so I’m not worried. Good luck to everyone! 

[ftblmeme]

I know I'm in the UK but I've seen an increase in UK businesses defaulting on Square loans (also PayPal Working Capital and Shopify Capital) and asking for advice on forums. I feel like this affects Square's lending across all countries if too many businesses default.

When I contact Square Loans I am redirected to the US/Mexico agents who can't explain the algorithm or why there are less loans being handed out. 

I haven't had an offer myself since November. Maybe Square overdid it in 2022/23 and are either cherry picking or stopped lending altogether? Generally I am against debt but Square offer good rates/nice borrowing system.

[ftblmeme]

The eligibility page is telling fibs lol. I take some payments through another method (have been for over a week) and everything is still green despite the average falling. A month ago when everything was above average it said "needs work." 

[mrAs]

Hey everyone. I just got my Loan offer at 76%. Pretty much the same amount as last one even though sales are up. But the gift horse still has excellent teeth...lol. So they are offering.

[aceshighcyclesh]

Sitting at 78% but as we are seasonal the quantity and consistency factor has moved into needs work. Hopefully a few big projects being paid for will right that and a new offer will follow shortly! 🤞

[jlafoy]

Finally got a new offer yesterday, and was double my previous one. And it couldn’t have come at a better time. 

[NRVGuru]

Well, it's March, we've reached 89% paid on our 11th loan, been paying steadily on it and still waiting on a renewal offer.

Had some slowing sales but still making payments, but that's small retail in a nutshell these past few months.

Our story's a lot less dramatic than others: It's a case of the Algorithm seems to demand infinite growth.

[HTB44]

Watch out now too. After posting my experience, square now seems to be deleting my responses from this thread. Tisk tisk Square. Turning into "fake news" Facebook now.

[GlitzyCow]

Well after reaching out and then telling me they’d get back via phone call, they messaged and sent me the now updated limit pre printed response on the eligibility page. They then said if I wanted to call and speak to someone I should call the phone number. Ffs. I feel like there must be classes and training people on how to be incompetent and dodge questions. Had to explain to the guy that I ALREADY CALLED AND THEY SAID THEY WOULD CALL ME BACK WITH ANSWERS. THATS HOW THEY GOT MY REQUEST FOR A FOLLOW UP!!! Gah this is infuriating 

[Jjbeautyco]

Just hit 68% lastnight … lets see how soon I get my next one .. usually get mine between 65%-70% and usually Thursday/fridays 🤷🏽‍♀️

[Tritter82]

I don't mean to sound rude in any way but I just don't understand why people are so dependent on the loans. I totally understand they are helpful, as I use them myself. However, I don't rely on getting them. If an offer appears and I see it being helpful I'll take it but it's not crucial to my business. 

I'm just trying to understand, maybe I'm missing something. 

[Solstice]

Almost 91% paid and early/on time. Everything in the green and no offer yet. Hopefully we get one before 100% paid which has been be past 3 loans