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]

I used to get offers on saturdays. Nights. Whenever. But if I were you I would not be counting on a loan for any upgrades. My business is doing really well and I’ve been 100% paid for almost 3 weeks now. My last loan was 1/3 less than the one before and I was only on my second repayment installment. I paid this last one off before my first installment. Square told me that if I needed to switch processors that was my decision bc they can’t tell me if I’ll become eligible again. So my loyalty means nothing to them. My last loan was the 12th or 13th loan and with them. 

[Hotbear1]

Square has really taught us a lesson not to depend on something that’s not ours !!!!! We are at 96% paid and no offer and all is green we have been loyal to square but not in return!!!!!! We will be paid off before next Thursday and we won’t be dependent on that loan any longer we will save our daily payment and be our own loan there lost not ours 

[GlitzyCow]

For sure. Such a disappointment. I saw somewhere they were rolling out a new credit card program or something but my dashboard only says capital still. It also wants me to connect my account through capital and I refuse. I will not be giving them my banking log in credentials ever.  If my dozen loans previous have not been an indicator to them how reliable I am not sure how connecting my bank there will help. Over it. 

[danengine2004]

So here is my deal. Our average monthly processing is $172k we were recently placed at 2.3% so that makes Squares take $4k per month or $48,000 per year. We have had 12 loans. In over 9 years processing. Our average ticket is $8400 - we sell diesel engines and parts for diesel engines. Over that period we have had 3 total disputes highest $185.00 all 3 were found in our favor as the customers “forgot” the charge and subsequently remembered the charge and ok’d them. Again we have had 12 loans last one $250k, and was given when previous loan was 83% paid - previous loan was $214k and previous loans was 86% paid - and previous to that was $250k given at 78% - last month we called Square to ask for a better processing rate from 3.91% which was given to us a new one of 2.3%. Right now our current loan is at 95% $13k open and by most calculations should be paid within two weeks. We recently Jan of 2023 began a major expansion to offer Remanufactured Diesel engines - it has required a $155k investment from our end and during expansion we have to wait to be paid after 60-90 days from customers we have $435k in hard orders   - we get paid either by check, wire transfer or credit card - for card processing we EXCLUSIVELY use Square - we use QuickBooks and “lock out” customers from using credit cards AGAIN WE HAVE NO OTHER CREDIT CARD PROCESSORS - we need help with cash flow in this time of expansion - even our bank will not help as we are too new in the expansion process - so when we reached 83% I started watching dash board -  all codes are green “good” our next payment date is Sept 28 and we are fully paid - Again we are at 95% now and I am convinced Square is no longer offering loans - even tho I see “some” people saying they received loans I am very skeptical as there seems to be MORE at higher even some at 100% for long periods so I am thinking there is NO more Square loans. Again at 83% we started watching - now at 95% we have reached out to both Clover and Stripe and they say we will get 1.9% processing fee and 2.3% processing fee respectively AND a loan offer of $200k and $225k respectively guaranteed. We DO NOT want to leave Square as we feel loyalty in business is important. but if we do not get an offer between now and 100% we will probably have to make a change. We will sometime to process on square UNTIL we reach 100% - if Square does not value processing fees of $48k and loan fees of $27k per year basically 2 peoples jobs it will really ya confused about thier business model. Again in 12 loans NEVER a late payment or failed payment Thank you 

[danengine2004]

I did not mean  (it was typo) “We will sometime to process on square UNTIL we reach 100%” I meant we will continue to for sure process with square until 100% on loan Then decide if we need to make a change

[GlitzyCow]

Off topic but wherever you are, can you modify a diesel rn? Parts etc are impossible to find and everything has gotten so **bleep** expensive. 

[GlitzyCow]

Also i did not bleep that D a m word 

[danengine2004]

Hello - I’ll try and help - what brand of engine do you have - we concentrate on industrial diesels, Perkins and Yanmar brands 

[Gavindwyer]

That’s how I feel man. It’s crazy. 

[Jjbeautyco]

I finally received mine today.  Large transaction this morning pushed me to 70%.. I had update at Alittle past 1:00 and received offer an hour later approved 30 min later and instant deposit on square debit card!   Wishing the best for everyone else 🙏🏽🙏🏽🙏🏽 stay positive 

[Tritter82]

That's awesome. Thanks for sharing. 

[lisap1970]

Did you call or anything to see about your loan? I’m at 75 % and been with them since 2014 and range two loans per year and haven’t heard a thing 

[PartyManiaMD]

@lisap1970 You'll be able to see whether you have a loan available Here. I recommend checking once every few days as they'll appear when you're least expecting it/most need it. 

Keep in mind there is a lot going on behind the scenes when it comes to loans they're issuing, underwriting, preapprovals, percentage paid off and how fast or how slow they're repaid. The best you can do is make sure all your metrics are green and to check back regularly. 

Unffortunately calling them won't affect how fast you get a loan and the offers will only show up in your loan dashboard, I don't recall ever getting an email saying I have a new offer (if I did it was after I already saw the loan offer LOL). 

My last loan was in June and was for a healthy amount which means I probably won't get another one until October or November at this rate.

Best of luck and hang in there!

[Maybelline03]

I am sharing my experience in hope that it will give some insight and be validating. Some unexpected, sudden, high expenses came up for me this week and Square loans have always been helpful. I could use one now more than ever. 

I recently paid off a Square loan about a week ago completely. I also have all green variables for my business. I have received approximately 5-6 offers in the past which I took, all loans were paid off ahead of time and I was usually offered one loan after another quickly. This is not the pattern this time. As of yet, I have not been offered a loan and my business is up, and again my last loan is paid off 100% 

I contacted customer service a week ago by email and was told I had a couple of pending payments which cleared the next day. I was also told it could take up to 10 business days to be considered for another loan. As of yet, it is not happening, so I feel your concern and frustration. It is stressful. I think the pattern is different right now and it is taking longer to get an offer. I know it is hard to be patient with financial stressors. 

I hope we all get an offer soon. 

Please let me know any updates and I will do the same. 

[lisap1970]

Thanks for letting me know. I really would like to get an offer soon . For holiday inventory.

[lisap1970]

Hi Maybelline03

Have you had any offers yet. I’m at 76% with no offers 

[TLU]

80% today & no news yet.. hoping for a offer any day! 

[lisap1970]

Did you ever receive an offer. I’m at 80% and still nothing . 

[Maybelline03]

I did finally receive a loan. For my experience, it was offered after my loan was 100% paid off and I had a few larger transactions. In the past, I received an offer at 70%-90% paid off. This was not the pattern this time. My new loan offer came within 2 weeks of 100% paying off my latest loan. I have had 5-6 loans with Square, all paid off ahead of schedule. So, loans are being offered, however, for me it was longer this time around. I just needed to be patient. Best of luck and hope that your offer comes soon! P.S. I had to check my dashboard daily to even know that I finally had an offer. 

[GlitzyCow]

I’m happy someone is getting them at least. I’ve been paid for 5 weeks and was completely paid before my first actual installment was due and I have not been offered a new one. It was my 11th or 12th. My processing has gone up this year so… really no clarity. This will probably be my last time responding unless I get an offer I’ll update. But it is trending that larger processing revenue businesses are not getting offers as much as others. Super frustrating. 

[Hairbywhitneyjo]

im currently at 75% and patiently waiting!