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. 

[Twpchair]

A few have around your percentage but on the whole if you scroll down more are trending higher % paid off. My last one was 91% paid before my offer. Good luck to you! 

[GlitzyCow]

Our yearly sales are double that+ and I’ve been paid since August 2nd. No offer. We took some time off in October here and are renewing inventory so I’m sure they think 500k isn’t enough for a loan for the year. I’m so over it. 

[Rainstar]

Your loan was $500k?  It’s been paid since August 1st and no offer?

[GlitzyCow]

No my sales are 500k. I’ve been paid on my very small capital loan since August 1st after a 5 week repayment from when they gave it to me and I haven’t gotten another offer. It was dumb to even take that when they offered it to me but I was worried if I didn’t I wouldn’t get another one. So here we are nearly 3 months later and haven’t gotten another offer. My sales slowed the first two weeks of October because it’s our downtime to regroup so I’m sure that is their excuse at this point, but still my yearly revenue should stand for something. I’m looking into clover now. I think they are eager for my business. 

[ianssoph]

@GlitzyCow i cannot believe you haven’t received an offer!!! 

[GlitzyCow]

I’m really bummed and feel stupid for processing when I should have just accepted cash or check for my large customers. I gave square a lot of money in fees. I know 500k people think oh that’s not a small business but in agriculture it is not large by any means. 

[Twpchair]

Yes, I'm starting to see more come in at a lower % paid off. Not all as you see if you scroll down many are still coming in around 90% or paid off. My last one was 91% and I use to range 70-76/78% and received new offer. Good luck to you and keep plugging away with your business and congratulations on the sales!!!

[Solstice]

Update: at 95% paid off and still no offer. So odd and it doesn’t make sense. 

[Twpchair]

My last one I was 81/84% paid off. The one in June was 91% paid off. They have been running smoother and around 70-80% paid off the last couple of months? I don't have my bank account attached either, my last one came after 3 really big days and Saturday night I had an offer accepted it and Monday it was in my account. Good luck and hopefully it comes soon!

[brown17]

Im at my busy time of season 65% paid off on loan and counting.   Hoping to see a loan to purchase some new equipment this year!   Watching my sales, they are more than my average so hoping comes soon! Usually see around this time of year when get going in our business again!    I've seen them come anywhere between 60% paid off all the way to fully paid.    Fingers crossed! 

[Jjpainting]

Yeah it’s so random on when an offer comes. I’ve seen posts on here where people even got offers with loans paid off in the 40’s% range. That was when the prior offer was super low and the current loan was like on pace to be paid off in like a month. I’m in my busy time as well. My last loan was in late November when I was slow.  From that time until end of February I only had 10% paid off. Then within the previous 5 weeks, like 40% more has been paid off. I’m hoping to get an offer in the 60’s. I’m doing very well in sales and financially, but another loan would help out a lot with marketing and some new equipment. My last loan which was double the previous one, came in at 66% paid off during a week when my sales were 250%  over average.  I’m pretty sure that’s the main thing looked at for early offers. 

[Twpchair]

Yeah, I agree when you very good days in a row it triggers that Ole algorithm imo. My last 2 came after 3/4 days of double to triple normal days. We did have sales going on both times and more customers came in. I'm retail furniture store. 

[brown17]

And no dashboard update today....

[Twpchair]

Yes, I've seen a lot especially seasonal ones that for 3/4 mths zero to little credit card actions and then boom! They are processing like crazy and big amounts. That usually triggers a review and they can go back and look at previous years and see you are seasonal and this is the norm for you. I'm retail furniture store and last year did 2 custom kitchen cabinets uppers and lowers both with islands. Each over 8k in 2 days and it triggered the system too! A lady from square called asked about the purchases and a little about our business ect. She got a better idea of what we did and noted it in my account and no problems at all. But if we normal on a weekend do 3-5k and now add in 2 in a couple of days over 8k that will do it. I'm sure they will look at previous years and no biggie. Hopefully, it triggers a loan offer soon following that! Good luck!

[brown17]

My increase in processing is definetly triggering reviews...under review again immediately after taking a payment just now 

[brown17]

Yea im way up there too 74% paid but still nothing 😞   i have received offers before after my dashboard updated to not eligible for the day..holdimg out hope that happens again! Lol

[Twpchair]

Good luck and fingers crossed for you too! It's so hard to tell compared to 3/4 years ago. Hopefully, it will be in 70s again soon! 

[brown17]

Really thought I'd be coming up, huge week ! sales & processing way up...guess my theory of doing more than your normal was incorrect lol.   Still crossing my fingers its soon!  At 71% so literally could be anytime now.   Oddly I had like a 4 hour period where my account was randomly under review a few days ago????

[Twpchair]

Could be with increasing sales over a short period triggered a review? That might not be a bad thing. I had 3 extremely busy days and late Saturday night that's when my offer came in. We had a 3 day sale going on and did 2-3 times the processing and I think that's what triggered my offer at 81% and by the time Sunday came is was 84% paid off. Monday money hit my account.  Good luck! I'm sure with the way your processing or volume it should be soon!

[brown17]

That's what I was thinking to I tripled my sales in less than a week....we are very slow between dec-march...we do lawncare/landscaping 

[Twpchair]

Yeah, I'm sure they know what kind of business you are (seasonal) and it will trigger the Ole algorithm nobody can Crack! 😆 🤣 😂 it's just so random anymore it's hard to nail it down like 3/4 years ago I could almost pinpoint between 70-75% an offer was coming in and now nope 🙅‍♀️ everyone and every business is different and all you can do is keep working and swiping those cards!