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. 

[Crosstimberkoi]

Congratulations!  

Agree how frustrating it is and the fact we run the same in checks as we do cards.  I understand they don't make any money on checks or cash deposited to a bank.  On third loan at 78%.  Something needs to give soon as we are seasonal and winter is here. Our money flows spring summer in fall.   Guidelines would be nice.  Something to look forward to and now we are valued.  

[B-dot]

I am at 89%, and still nothing. Loans came at 62, 67 and 75% previously. Sales are up and astonishing 94%, absolutely no way payments, every factor is green.

[MrRoadside82]

I'm at 72% but I can't even see my factors just a thank you for your interest. 

[AllenAm11]

Same here! I’ve never paid more than 77% on a previous loan and now I’m at 86%. All my factors are green, never had a chargeback or dispute. Processing $200,000 a year in cards with Square with projected growth for next year. Kinda ridiculous anymore playing this waiting game. 

[Reneelizabeth]

It’s actually ridiculous the games they play with us.   If I end up getting the loan paid off before getting another offer I will 10000% be leaving square.   With all of their outages and fees and lack of people who can actually help you instead of just a scripted response, the only useful part of square is the loans… without those square is garbage.

 You’d think they would be more transparent to the people who are literally making all of this money for square. 

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[Simplicity1]

Same with us I’ve been paid off have had 6 loans with square never once missed or was late on payment all loans were paid esrly!! 

we close from Christmas into new years now all our filters are low and need work 

it’s heartbreaking the loans kept us going during our slow month and we used it to expand the business every year we processed 270k in 2022 and 225k in 2023 overall down by 16% but a customer went belly up and now we are being what seems to be penalized! 

id called square same old answers and we’ve been with them for 10+ years 

it’s sad and heartbreaking that we haven’t got a new offer and it seems we won’t based on everyone’s experiences 

i wish square would step up and get us a new offer!!!! 

[danengine2004]

We process $2.7m per year with square have has 3 loans over $200K never paid late etc. - always got new offwe at 75% - last loan was offered at $100000 only - and we took $92,500 hoping Square would reconsider our partnership - just paid off the loan in 4 months - NO new offer - again our sales continue to climb - obviously SOMETHING has changed - but Square reps act like it it AI that does all the thinking and offering - when you tell them that AI Must e programmed - meaning SOMEBODY must know what Square wants to do - well the reps who are paid to talk KNOW ABSOLUTELY NOTHING - YES SAD SAD SAD  - I thought I would give square a chance to resume our partnership which brought them in $100K in processing fees and loan fees each year but NO they are not interested I guess -  Bye Square

[Crosstimberkoi]

That is ridiculous.   What other systems are you looking into?  I've browsed a few but it took me 7 year to even get on board with a pos system from pen and paper.

[NRVGuru]

Really wonder how many other businesses got hamstrung this holiday season over Square dragging their feet.

[dinnerwithmaria]

if your business can't survive without a high interest loan you should consider that there are bigger issues to deal with. You are all acting as if you are owed a loan, when you are not. Its an added bonus of their service, not something you are entitled to. There are reasons you aren't being offered a loan. I just got one on the 30th at 81% paid off, so they're being offered.  

Get your affairs in order for real, and work on your business without expecting the favor of a loan. 

[ftblmeme]

Surprised no one else has said this. It’s true because how can people expect a loan between 60-80% every time? Also isn’t it just a vicious cycle if they keep giving them out one after the other? It makes sense to have a few months to a year’s break in between loans for business health.

I like their overall processing which is why I use Square, not for loans

[Blandkite]

If your business wasn’t “in need” of a loan you wouldn’t have taken out one, we’re all trying to stay afloat and thrive during this recession! So us asking for something they “offer” shouldn’t bother you. And if they’re taking from us hell yea we want something in return. Favor for a favor you know! 

[danengine2004]

The last way reduced loan offer of $100k took 14 days AFTER being totally paid off - now I am 4 days after paying off that one - not to sure getting another - Of m leaving square if no offer tonight or tomorrow 

[nyallblacks]

It's definitely starting to look like they changed the loan renewal parameters. You mentioned an offer from Clover. Are you using them simultaneously with Square?

[Summer2024]

Hi @nyallblacks! 

We understand that not being guaranteed a loan offer can be frustrating. 

If your business isn’t eligible for another loan at this time, rest assured your account is automatically reviewed regularly to determine eligibility.

We recently added a eligibility page that you can navigate to by going to the Loans tab on your Square Dashboard to gain more insight into the status of your Square Loans eligibility. We analyze your business’s data for key factors that determine eligibility, such as processing volume, payment frequency, and account activity. Please note that there are many factors that may affect your eligibility, and accounts are evaluated as a whole.

If you’re eligible for another loan, we’ll notify you through email and in your Square Dashboard.

I hope this information is helpful, but please do let us know if you have any additional questions or concerns.

[GlitzyCow]

None of this information is helpful. It basically says you are doing great but we don’t want to help your business. I’ve been loyal to square for years and I paid off my last loan which was less than the previous with a healthy growing business, in August. My parameters are green. This isn’t also new or recent. The info you send here is a robotic response to your customers who got in a routine to depend on getting offers that have quit coming. Unless you have information into why your vendors aren’t getting loans when their business has increased and nothing else has changed, seeing the good factors are worthless. We want to know what we can do better to get an offer. Your responses are simply not needed because they don’t provide insight at all. Please give us useful information. I’ve really enjoyed square loans and I’m hopeful every day I’ll see an offer but I have not and I have not. It’s been nearly six months since I paid the last one off completely. I’ve gone scenario after scenario in my head as to why I haven’t gotten an offer and nothing makes sense. The frustration and anxiety as well as emotional really messes with you because you think you’ve done something wrong and legit have not changed your business. I enjoy having square as a processor but at this point we may just go back to having a line of credit with a traditional bank because you have clearly dropped me. 

[danengine2004]

No it is NOT you I’m sure - you are rational - it is me I’m pretty sure I’m not - you are right these Square “reps” are liars and scammers - and I’m just trying to find the correct words or phases “zing” them into actually helping us. And truth be told I just do not believe there is much of a loan program anylonger - square in in financial decay with other Dorsey investments - all in all I’ll no longer be on here at all im content now with running the first (now four) sales Monday morning on my new Virtual terminal I just activated from my Stripe account which up to this point we only process $60k a year because Strioe was what we mandatoryaly had to use on a go daddy store we set up to sell parts - Good luck Glitzy - the rest of ya …. Eh!!

[brown17]

Just a question for you.  Honestly too. No Drama.    What bank is not going to hold your funds over a certain amount of money.?   Do you know anything over 15,000 is held up to 2 weeks for review before released with any bank??? Did you know most banks put a hold on money over 2500?   Do you know that most banks hold funds until they clear through payers account?   Nothing square is doing is abnormal.   Different than years past?  Maybe but not wrong.    Also square loans are exactly what they are.   Not traditional and based on you sales.   IF you are continually getting charge backs (not refunds) then it is a red flag.  A refund is when someone returns your product.   A Charge back is when someone calls their bank and says i did not make or agree with transaction resulting in an investigation which most banks clearly state can take 30 or more days depending on amount.     I understand your frustrated but coming on here screaming at Square is not going to change your situation, it is only going to annoy your fellow sellers who are all here supporting each other. Contact your local bank, provide statements from square showing your income and apply for a loan.    Then when your square loan comes through pay that loan off and build your business credit!   There is so much more you can focus your energy on rather than screaming at a computer.   Just trying to get you to look at it a different way.   Not being rude.    

[Tritter82]

Yes, every word of this. 

[VanKalkerFarms]

Not here to argue that you aren't having issues getting loan offers or whatever other issues as this thread is just such a mess.

I'm just commenting to say that just because you "just do not believe there is much of a loan program anylonger" does not make it true. It is demonstrably true that Square had almost a HALF MILLION individual loans last year. It is in every quarterly finical stamen they make exactly how many loans and what they total to.  Q4 2023 "Square Loans facilitated approximately 137,000 loans totaling $1.40 billion in originations, up 22% year over
year."  So NO, this isn't some grand conspiracy to deprive you of a loan and that they are lying to the SEC every quarter about making loans and how much they did in business, you just didn't get one but in just one day over 1,500 people did.

It definitely seems Square isn't working for you so as an owner of multiple business I wish you nothing but luck in finding a bank that will work with you and you have success in your business.  I have a great relationship with 2 local banks and that is the way to go not to swing from Square land to Square loan hoping another will come up.