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. 

[GlitzyCow]

Replying to Brown17:

this isn’t necessarily true. Square makes money with processing fees every time someone swipes. If someone’s sales are up Square is making money. If we instant transfer, square is making money. No matter what if we are growing 400%, square is making money on us at the same rate. I think what is happening is that they aren’t getting money on the loan fee by offering early.. which is still dumb bc if processing is up it doesn’t take much to get that loan fee back in fees, so you’d think square would continue helping businesses grow by offering capital bc they are only making more money doing so. 

[Hotbear1]

Square is making tons of money off the loans because the interest is already built into the loan win win for them even if you pay it off early all I know is we have been outstanding to square and in return look at how they treat the small business in which they say they help but there in nothing we can do about there process and there business just remember when you are trying to grow you small business partner with a company that help you grow if you are great customer to them

[Healthyketo]

Does anyone know if when the eligibility page is time stamped if that’s the only time to get evaluated for an offer? Or has anyone gotten an offer after the time stamp. (Sorry if this question is confusing) 

[ianssoph]

Every offer I have gotten in the past two years has been on a weekend in the evening no where close to when I was time stamped.

[PricklyElder]

It’s timestamped below the last eligibility item. Mine is always everyday b/w 12pm-155pm MST

[Lovedeepsingh]

I’m looking for a small loan for my business 

[Lovedeepsingh]

Can you please tell me how much i can borrow 

[Candlestore]

@Lovedeepsingh ;

Go to your Square Dashboard here: https://squareup.com/dashboard/ 

Then on the left side click on Loans.... if your business is eligible the amount your eligible will be listed.

[Lovedeepsingh]

I’m looking for loan 30k

[TheRealChipA]

Hi @Lovedeepsingh.  Welcome to the Community.  I’m replying to both of your posts in this one.

Square Loans don’t work exactly like traditional bank loans.  We can not ask for a loan.  Square has built an algorithm that monitors our accounts and informs us when we are eligible for a Square Loan.  There are a number of factors that make up eligibility, and those are outlined in this eligibility document. Also, here is a link to the Loans FAQ.

There is nothing that any of us can do, currently, to speed up the process.  And the Support Team doesn’t have any more information that what is contained in the documents I linked to.  If you are in need of a loan immediately, the only thing I can recommend is trying your local bank, or maybe see if one of the online Fintech loan companies might fit your needs.  Just be sure to research those carefully before accepting funds from them.  There are some great ones out there, and some not so great ones.  

Best wishes,

[PartyManiaMD]

"Just be sure to research those carefully before accepting funds from them.  There are some great ones out there, and some not so great ones.  "

Oh boy can they be borderline insane. One tried to offer me $7.5k with a $15k payback in THREE weeks. I'm like sir after the first week you would have gotten your initial loan back and then I'd be paying you 100% over the next two weeks. Your offer is insane. Others are reasonable but still extremely expensive over 3-6 month paybacks.

At least they're an option, it seems like the banks will only touch you if you don't actually need the money, which defeats the point of going to them for a loan in the first place... I straight up told my bank that when I actually qualify for a bank loan I'd probably just find a different bank because other than a checking/savings account my current bank has been pretty useless.

Square honestly has been a life saver, even if they can't help us with how slow we've been this summer.

[Luxefloral100]

How to qualify for a loan 

[JK_Fiber_Art]

Hi Luxefloral100,

You may want to start with this info.

jk

[Kacey13]

Hello @Luxefloral100 ! 

Thanks for taking the time to reach out to us.

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[GlitzyCow]

How sad. We were all thinking the same thing. Square told me yesterday in a nutshell it doesn’t matter if I switch processors, they can’t give me any info and that was up to me. What a slap in the face. They’ve made lots of money off of my business and I’ve been loyal to them. 

[Lshaver60]

Agree 100%!  I’m leaving if they don’t offer! Because the MCA’s out there will not work with square! 

[Hisergirl32423]

MCAs?

[elissa198]

Responding again with an update. I still don’t have a new offer, I’m currently at 71% paid, all my previous loans were offered at 55%-68% paid. I’ve had 6 loans with square in the last two years. My first one was small around $1200 all have gone up since with my last one being the largest at $11500. I only have $3900 left to pay. We are always in the green “good” as far as the eligibility factors. I emailed square loans and they claim they are still offering and they never know when a new offer will be available but accounts are reviewed daily. Same bs I always get. My offers always come when I need them most for the business. Which is a combined tattoo studio and a front end retail shop with crystals and metaphysical supplies. So we take a lot of payments through square, loans are always ahead in payments. I don’t understand why no new offers. I’m starting to believe they are no longer offering but not telling us yet. I usually use my offers to get ahead with inventory for the holidays and to get me through the slower season. I don’t use any other type of business lending because even though the percentages are high, I like that square loans get repaid via card processing. If you are a real business and have received an offer recently, please reach out to me. Id like to chat. 

[ianssoph]

This post was edited by a Seller Community moderator to remove personal information

@elissa198 you are welcome to reach out to me at anytime. I received an offer of $43k on august 6th. (email address redacted)

[elissa198]

Thank you! I’ll email shortly 😀

[CTC18]

Has anyone gotten one recently between 50-60% paid off?