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. 

[Obulldogs]

UPDATE: I received an offer at 89% today.  Pretty disappointed in that it's 1/3 of my last offer. For those wondering it was less than 9% of my card sales dating back to my last offer (FEB) which I would assume would be their timeframe of consideration.  Wanted to let you all know.  Good luck and hope you get one soon to help your business out! 

[Pecard81]

What time are offers coming in?

[Mtc12]

everybody is different but if you check where you see the green “good” markers It usually gives you a timeframe of when they do come in. 

[Pecard81]

Thank you, but I was asking about the offers not when they check your account.    

[Sarjack]

I just got an offer this afternoon between 1 and 3 pm. I was at 73%. I didn't take the full amount because I don't want to repay 20% of my sales so I opted for less to keep it around 15%. Hope it processes quickly.

[Twpchair]

Congratulations!!!!

[Pecard81]

Great news, Iam at 79% everyday I am closer to get one, Iam sure of it!

[R2RUT]

Does paying back the loan put you back to

Be reevaluated because I usually have an offer, and I was at 93%, and they sent nothing so I went ahead and paid off, and still nothing Green all across the board 

[GlitzyCow]

No it actually makes it worse. You won’t receive any offer at all until 7 days after the manual payment. It’s best to never pay off ahead of time if you are looking for another offer. I did this once for $30 and they still took 7 days to reevaluate. 

[R2RUT]

Oh no……wow!!!!! I know when reading through the thread, others were saying they paid and allowed their percentage to be deducted from the balance and still received, so I was like, let me see, and still nothing I will not do that again wow

[Twpchair]

Unfortunately, if you scroll through the thread the odds aren't very good doing it that way. Square has to process it like others have said and depending on what day of week you could be looking at more than 7 days. I've seen many that were closer than 10-14 days! Then you go back into the algorithm of when and if you get another offer. There are no guarantees when or if. You see some here that have been paid off completely since August and no new offers. Myself,  when they were asking for feedback on a line of credit vs loans I was all for it! Apparently, that didn't happen 😕 good luck and hopefully it will come soon!

[PsyD]

Is this 7 day thing a fact? Like has this been confirmed by multiple people?

[GlitzyCow]

Yes. You can also find it in your loan dashboard under common asked questions. 

[Twpchair]

I can't believe that you still have not received another loan! That's just insane to me and don't understand it at all! 😒 I've been seeing your post from around August time frame I truly don't get it??? I really hope one comes along here soon! I'm sure the whole thread is going to blow it up with congratulations!!! Fingers crossed 🤞 for you hun. 

[Jjbeautyco]

Hey yall, so just received an offer slightly above my last one but way lower than expected I guess.   Has anyone turned a loan down and if so what was the outcome ? Did they counter immediately after with a new loan ? Etc. 

[ianssoph]

In my experience they will lower it even more. But who knows with this algorithm.

[Twpchair]

Hello, congratulations first! Honestly on the whole I see that they don't get another soon at all or most (not all) it goes down. I just received my last one I believe 2 weeks ago as of Saturday and it was slightly higher than the last off in June/July  and I took it. Because I tend to get Saturday offers after a busy Thursday-Saturday and around 7pm eastern I get an offer. Nothing moves at least for me until Monday and then approved and deposited that night. I know some on the weekends freak out compared to my weekday offers are done, accepted and approved usually within 15 minutes but the weekends for me at least kick in and move fast on Monday. If you do accept it. I check my old loan and within 15-30 minutes my old loan is paid and new loan % circle is all green. Then I know I'm ok its just waiting till Monday. IMO if it was me and I needed it I wouldn't roll the dice and hope they double it. That doesn't seem to be the trend right now! Good luck and great seeing you again!

[Jjpainting]

I’ve never turned down a loan, but each loan I have received has been higher than the previous one. Mine were as followed, around $2500, $7500, $8500, $14500. The first one I got about 3 months after signing up with square and it took less then a month to pay off. Didn’t get my second offer until about 3 days following paying off 100%. Third offer was at 80% paid off. Fourth offer, and current loan came in at 66% paid off. But my current loan, even though it’s the highest one I’ve received so far, is still only around 10% of my annual card processing sales, which I find quite low. Would have thought it would be closer to 20% of my annual card sales since my last offer came in a little over a year of being with square. I remember one post of someone taking a loan offer at around 5% of his annual card processing sales, and he posted like a week later after it was only 25% paid off, and he had a new offer much more appropriate to his sales volume. 

For anyone that reads this, I’m curious what your offers typically are as a percentage of your annual card sales

[Jjbeautyco]

Thank you! I had a pretty big sales total and hit 73% pd off yesterday… they checked my account 2 hrs before my drawer closed then checked my account today (closed on Sundays but saw yesterdays end sales) and received offer right away.   I decided to accept it in hopes to keep a good standing with them for future offers.  

[Tritter82]

Mine seems to be between 10-12% of my square sales.

[Twpchair]

Mine are usually 10-12% I have been around awhile and I have never seen besides 1 say 5%? My highest years ago was 16%. I've been with square since 2014. I'm not sure if you will get 2 messages my phone decided to update when I hit the send button ugh!