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. 

[Kacey13]

Hi @danengine2004,

I will be following up with you via email. 

Please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.

[svhottie]

I have followed the eligibility page and have been eligible for months, repetitively day after day, week after week and still no offer! I realize it’s an automated system run by AI, but Square isn’t doing itself any favors by the “one size fits all” modality. And not recognizing great companies is a downfall, and they are leaving Square in droves. Perhaps going back to the way you were a few years ago might encourage business owners like me to stick around. But I’m not holding my breath. I have a little more time and I’m watching to see what happens

[Hamilji]

I’m at 84% and no offer.   Usually get one at 75% to 80%.  Does anyone know if they found someone to talk to? 

[TheRealChipA]

@Hamilji new offers are coming later, mostly. It’s not about love. It’s not about history. It’s about how much risk Square is willing to take on.

 Rather than looking at your current loan payoff percentage, look at you card processing volume. How much higher, or lower, is your card processing volume now than when you got your last offer? If it is flat or less, trust me when I say it will be a while. Flat card processing volume is the same as declining processing volume. It means a business is not growing. 

If your card processing volume is consistently and significantly higher than when you got your last offer, then Square could have reached the limit of the risk they can realistically take on their balance sheet in this economic environment. Lenders do this. It has nothing to do with you. 

Ultimately there is no one to talk to. When the offer comes, it comes. Until it does, there is no offer. That’s reality. 

i wish you well. 

[TheRealChipA]

I received a new offer. My card processing volume is up 30%+. I’m not alone. Square seems to be looking for significant growth, not business as usual. Paying a loan on time is not enough with any lender in this economy.  It sucks. It’s true. 

[PartyManiaMD]

@TheRealChipA How long did your approval take? I'm getting a bit worried because I was given a loan offer on Wednesday and it's still pending (today being Friday, and yes I know it can take up to 3 business days). Just wondering if there's any chance of it getting declined, usually the approval is pretty fast (this would be my 3rd loan with Square).

I guess I should wait until Tuesday to start worrying since it probably can take up to 3 FULL business days but man is the anticipation real. The amount is significantly more than I was offered last time because our growth is great, and I can utilize it to increase sales, add new profit centers, and take advantage of some of our wholesaler's warehouse deals.

[TheRealChipA]

@PartyManiaMD So, I have not taken this offer.  I rarely apply until I’ve paid off the existing loan.  This is because I’m a stingy, miserly old Grinch who detests paying more fees than I need to.  If I had accepted this current offer when I received it, it would have been approximately $500 in “extra” fees because Square would have paid off my existing loan and given me a smaller amount.  This way I pay the exact fees on each loan, and get the full amount.  Obviously I know that sometimes you just can’t wait, and I’ve been there a time or two.  But I try like the devil not to do it.

There’s always a chance of being declined, my friend.  It sounds like business is good enough for you that it wouldn’t happen.  But Square does review everything about your account history after you apply.  So, hopefully you didn’t have many disputes, and you didn’t use your own personal cards to buy stuff from yourself, etc.  From what I can tell, rejections seem to be due to extraordinary circumstances that most of us never encounter.  Don’t borrow trouble, as my grandmother was fond of saying, and don’t overthink it! LOL

I’m happy that your offer was also significantly higher, and that sales are commensurate with that good news.  This time around, when I do take the offer I’m going to use it to pay off some rather high interest debt I have remaining from the post-pandemic rebranding and reinvention of Piper’s.  At Square’s sweetheart fees, I’ll be saving a few thousand dollars immediately on interest I would otherwise pay AND I can use the monthly  payments I would have paid on those cards to eliminate the rest of my debt.  If the evil master plan works as it says on paper, I’ll be debt free by June of next year!  That only took 11 years.  But, Square was a big reason I’m able to get there!

I wish you well.

[CTC18]

My approval only took a surprising 15 minutes but I feel like that’s not normal at all!

[TheRealChipA]

That’s not normal at all!  You must have caught them on a Slow Loan Day! 😆

[PartyManiaMD]

Yea it's weird. Our first loan was approved immediately, I think the second one took like a day, this one just feels like it's dragging. I don't have any disputes open and I feel like the process Square uses leaves less room for rejection since they already have the metrics they use to determine loan amounts. I guess it has to go through some underwriting process after the loan is accepted but man this timing couldn't be more perfect. I have one company offering 30% off our wholesale prices and a few other companies I need to buy in bulk for.

They could have at least offered the loan on a Monday so I won't have to wait the entire weekend! So inconsiderate. (JK Square underwriters, we ❤️ you).

[Twpchair]

My approvals are normally 10-15 minutes just the deposit part seemed to be longer than prior but it was a late Wed and that could have been it ??? I did receive it late Monday in my bank and available Tues. If I scroll down it seems to be the new norm for timing? I did read a response from square on someone's post that they are processing a high volume right now and getting them out as fast as they can.  

[Twpchair]

Hello, my last offer was on a Wed and I didn't receive the deposit till Monday night and was available with my credit union on Tuesday morning.  I also got nervous as prior loans took about 10-15 minutes after I accepted it and 1-2 days to hit my bank so from others I've read here there's was taking longer from once you signed till it hit the bank type thing.  I think imo your fine it just seems to be the trend going on. Good luck and congrats on the loan and best wishes for your business!!!! 

[PartyManiaMD]

Thanks for the reassurance guys. @TheRealChipA @Twpchair  I just got the approval email 😄

The only downside to this loan was the repayment rate went from 14.5% to 19.25% which is a bit rougher but easily manageable for me.

This puts me in a much better position and I can't stress how helpful Square has been compared to traditional lenders. It's at the point where even if my bank eventually offers me a commercial loan I'll probably tell them to pound sand. 

[Tran1313]

I had to call the square loans department and had them check on it. Push the people who was checking my loan to make sure I had sent the correct paper work over. People are very nice there and help with the approval. It took 3 days with calling them everyday bc I had to resubmit more paper work. But it finally finished and funded. U have to call in and bug. But it gets done. 

[Oxbow]

approval time was 15 minutes

[Twpchair]

Has anyone else seen a big turn around from credit cards vs cash? With so many businesses adding additional costs onto cards the amount of cash and checks vs cards is crazy 🤪 I'm retail furniture store if anyone is doing the same I would love to know? 

[VanKalkerFarms]

YTD 85.74 CC vs last year to this date was 87.39% CC.  So currently a little bit more cash.

[VanKalkerFarms]

Our checkouts get a little goofy sometimes with women paying some cash to lower their flower bill on the credit card.  It's probably something that happens in many places, but it'll be a $360 total and they bust out a $100 from bowling winnings or whatever to make the bill only $260 on the CC.  dozens of times a day.  

But still, even with that I just assume 85%+ will be CC which in the end is fine by me.  Up until 20 years ago, my parents refused to take CC.  I finally got them to start and immediately average sales started increasing.  it has been a steady increase from 20% CC the first year to where we are now. 

I just wish the CC industry would get all their cards chipped so we can crank out the tap-and-go instead of dipping or the awful swipe-only cards still out there.

[Twpchair]

😆 🤣 😂 yes! We see a lot! Or their receipt has their email or number and I always ask would you like me to send it to their? Noooooooo thats my husband's! 😆 🤣 😂 I just take the paper receipt or I don't even need one really! Sometimes we tend to sneak stuff into the house and if it's my husband he has no idea and 2 weeks later will ask if that lamp is new? Noooooo it was in the spare bedroom and I just moved it! 😆 🤣 

[VanKalkerFarms]

[Twpchair]

I know everyone loves cash and cash is king type thing. My only issue is our location and we are downtown but literally each way you go we are surrounded by interstates going up north or south. A mile from that is another interstate that goes straight across the whole state. We belong to the Chamber of Commerce and each meeting is about security and safety. We are in a prime location to be robbed. We have a floor safe and everyone knows its money and your life isn't worth it type thing. But cards I swipe they go and I just prefer cards over cash for that reason. I know a lot of people will carry a set amount of money so they don't go over their budget type thing and I get that but ughhhhh go get a prepaid credit card please! Lol 😆 luckily we are right next to the famous Cops and Doughnuts so we do have a lot of police presence in our downtown area.