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]

Im on loan 4 im at 76% paid of a 17k loan.... no new offers.... usually around 75% we get a new offer..... we had a couple disputes however all resolved in our favor.... that factor still shows "needs work" so its super disappointing,.... ( 4 disputes all year which happens to only be 2 customers with 2 different transactions) 

we generally will buy some new equipment and we could use some right now....  I wish there was a way to expedite been with square for over 10 years..

the last few weeks of outages have been the first bad experiences Ive had.... disputes are what they are theres always idiots that say they didnt like something so they dont have to pay... 

I just wish we could get a new offer...... we are considering leaving square and the loans are always what kept us with them.... bummer

[Luly255]

I'm at 80% paid with my first loan with square.  Would they still offer me a loan if It's my first Loan and it's not paid off yet?  They lent me 9,000 sept 28th so it's right at a month.  

[Twpchair]

You could yes, it's hard to figure out their algorithm as you see from reading the thread. If it's your 1st loan or 16th loan doesn't matter. Make sure in your loan section all fractures are green. I've been with square since 2014 and use to get mine around 70%-76/78% my last loan I was 91% paid off.  Every person or business is truly different so to give you a 💯 answer nobody can hun. Keep processing and watch your loan area for a new offer. Congrats on a great first loan! And welcome to square!

[eatMoroccan3119]

how long has it been since you paid off? 

[jlafoy]

Feb 22, 2023 was my final payment. 

[Rainstar]

Paid off 70% when do you think another loan will come?

[BernadetteA]

Hi @Rainstar 👋

I merged your post over to this thread where other sellers have been discussing the topic. We like to try to keep similiar posts together for tracking purposes. 😊

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[Mistylh4]

I have had 6 loans through square I am currently at 72% and know new offer. I did however have an option to link my bank acct on the loan dashboard. Has anyone els had that option. 

[GlitzyCow]

Everybody got that recently. I refuse to give sq capital my log in credentials to my bank. My bank is already verified through square pos. 

[Tlew]

I received this today so hopefully it’s a good sign lol. 

[Katey555]

I have received a new loan offer when I hit 75% of paying off my current loan. Has anyone waited to take the new offer until there current loan was completely paided off and been offered a higher amount then they were offered at 75%? Wondering if I should wait to take out the new loan so I can get a higher loan amount if my current loan is paid in full or if it doesn't matter and will stay at the same new loan offer amount once I hit 100% paid off. 

[Minion]

Hi @Katey555 

So like with all Square Loan Algorithms , as you know it is all based on many different factors.  I cannot say for certain nor do I think anyone else really can say if you pay off your loan entirely will you have a higher offer, or an offer at all to be completely transparent. 

I have read , and (had happened to me once) a few cases where some people would let the first offer expire and then maybe a week or so after that they were offered a slightly higher one.  Again though every business is different but I have read here or there that this has happened to a handful of sellers.  

In my opinion, if you do not need the working capital right this second, and think that maybe in a month or so you're loan will be more paid off, then I would just continue to do business as usual.  Keep your sales up, returns to a minimum and I would hope that you receive a better offer than you currently have. 

[Twpchair]

I've seen the same as Minion a handful get a bigger offer how much more not sure. I would suggest the same if you need take it if not no guarantee when if or how much honestly. You could always take it and tuck it away for an emergency and keep processing away. Good luck!

[worker4life]

On my 5th loan with square, great experience everytime, but usually have a new offer by now. Im 80% paid, all green markers, confused...its oct. 2023, anyone else experiencing the same?  Square loans are the best, so asking because I want to continue with them.  Any info welcome.

[Dawggos]

Same here. I'm on my 4th and 80%. 

Green all around markers so I'm thinking square is reducing loans giving out. 

[Sammie_C]

Hi @worker4life!

Thank you for the kind words about Square and we understand your frustration!

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.”

There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. There’s no additional information we can share at this time, and we can’t go into further specifics about program requirements because the criteria we use is proprietary.

We will continue to review your account daily for loan eligibility. If you become eligible, you’ll be notified directly on your Square Dashboard and through email.

Please let us know if you have any other questions!

[ajconcepts]

square loans are a trap.... get something from American Express (kabbage) small business, they don't charge you based on what you process for the day.

[perkits]

We love Square Capital! It may not work for you, but has been a perfect addition for our business. We've had 6-7 loans with no issues. 

[PartyManiaMD]

Can you explain how they are a trap? They're extremely up-front with the amount they'll give you, the amount you'll repay, the percentage you'll repay per day, the % they're making, originating fees, etc. There is literally no trap when it comes to them compared to traditional lenders that charge interest and thus you end up not knowing the total cost of said loan.

As far as loan amounts and "interest/profit on Square's part" I find it more than fair considering many of us aren't able to qualify for traditional financing.

Banks don't lend without significant credit history or business length and they're just as predatory to those they actually loan to.

In a perfect world I wouldn't need a Square loan but they've provided an invaluable resource when I've needed financing the most.

[Sagmane]

Not as easy 

[raggedheart1]

We have had a loan offer at 73% the last few times. Right now we are at 81% with no new offer in sight. All of my markers were good on Friday morning, but Friday afternoon they all disappeared and said we aren’t eligible for the loan program and to check the square dashboard for new offers. Why can’t we see our markers anymore? What is going on?