Has anyone received a new Square Loan offer in 2021?

[Tran1313]

[The title of this thread has been edited from the original: Has anyone been offered a new loan through Square Loan? 03/17/2021]

Hi everyone! Has anyone been offered a Square Loan this year 2021? Is square still offering? What is the maximum loan amount Square is offering? I’m almost paid off but still haven’t seen any offers from Square. 

[Ralphael84]

Yeah me too I’m at 81% no offer 

[Erikgalo85]

I received 2 offers this year so far and I'm at 71% on my current loan unfortunately my business has grown and with the comes new clients and chargebacks, I've had my first ever charge back a few months back and it was exactly the time I was reaching my 70 percent mark. I feel horrible because its a time when my business needed it the most and I have processed more then ever these first 3 quarters of 2021 with square then I have before. I did a little over 50k in just the month of May which I though would be great for the loan offer and would override the chargeback dispute I had . unfortunately I'm still waiting and I don't know the time frame on how long that will take.

[kristenlprice]

Wondering same thing 😞

my last loan was low compared to what I’ve got in the past and it’s nearly paid off. It was from the end of 2020

[ryanwanner]

Hello @Tran1313 and @kristenlprice !

Yes, Square Loans is still making loan offers. However, it looks like they're being a lot more particular about when and for how much.

The best advice I have is to make sure your business is looking as good as you can:

• Continued stable sales, preferably increasing
• No chargebacks or disputed charges

Other than that, the best thing to do right now is hang in there until you're eligible with their new rules.

It's not just Square Loans that's really restricted lending right now. I have a friend who owns a small chain of pizzerias. He paid off the latest store's build out in less than six months, each store is seeing explosive sales growth, and his credit score is quite high. A traditional bank said that even with all those positives, they wouldn't lend to him because he's in an industry that is struggling. Square Loans is a lot more flexible than a traditional bank, but they're still seriously looking at every loan offer with a darkened outlook. 😞

[fullcircle]

We've had 9 Square Loans in 4.5 years and recieved an offer 10 days ago, only to be declined for the very first time because we began selling a CBD-infused sparkling water during the pandemic. We are a restaurant/bakery/coffee shop, just trying to attract new customers when we were only able to do takeout for an extended period. I had no idea that was a deal breaker for Square Loans and would never have begun selling them had I known. We immediately pulled them from our beverage cooler, removed them from our Square online store, and are patiently waiting to see if we'll ever get another offer. To say I'm heartbroken is an understatement. I have been so happy with everything Square has to offer, but this feels like a huge blow at a time when we need the working capital the most.

[rigonidj]

HI Ryan, We had a similar decline recently and was curious if and when you received another offer from square?

Thanks Dan

[Miguel817]

I had one shortly after this last post and it was larger than the one before post COVID. Now I’m currently at 77% and I’m wondering if they will offer another loan since things are changing with square. If anyone knows or has had one in the month of August please chime in. Thanks!

[Miguel817]

I’ve been wondering the same thing. I’ve had several offers in the past and it makes me wonder if they’ll continue to offer loans after their change.

[Ralphael84]

I’m at 90% no loan offer no charge backs same consistency actually better but no laon offer

[sayra]

Hello @Ralphael84,

Square continues to consider all of our Sellers for loans, if your account qualifies for one, you will be notified by us via email or on your Square Online Dashboard. Take a look here for account-specific offers. 

Hope this helps!  

[Ralphael84]

I just tried checking my loans tab and no tab is there could they be re evaluating my account also tried checking online 

[Dvcarwash1]

I’ve successfully paid off 6 loans over the past 5yrs and my last loan was paid off six months ago and I haven’t received a new offer. Even with the pandemic my sales have been solid with no chargebacks but still nothing. I think Square Loans is putting a lot of their time & effort into the PPP loans/forgiveness loans.

hopefully they’ll get back to taking care of their good customers who have been with them from the beginning!

time will tell!

[Eric007 · Accepted solution]

Hi @Dvcarwash1,

We appreciate you taking the time to reach out.

We thank you for your patience during these difficult times. We understand the challenges you have faced and are proud to partner with a business as resilient and flexible as yours.

COVID-19 definitely forced us to take a step back and recognize how this virus changed how our sellers do business. New signals and criteria are consistently incorporated into our lending models to ensure we can best serve you. Eligibility and offer sizing for Square Loans program is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency. More details on eligibility and offer sizing for Square Loans can be found here.

While we do not have a specific timeframe for when another loan offer may be available, the Square Loans program will continue to automatically review your account for eligibility. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

I hope this information was helpful! If you have any questions about Square Loans please contact the Loans team directly.

[meltjen]

I have received numerous offers- most recently a week ago I had up to -18k and just got an updated one in my email for 4,500???? That’s less than 4xs the amount and my business is just as busy if not more so? Very confused about this drastic change. 

[Cameron_]

Hi @meltjen, 

Thank you for your question and being a part of the Community.

Offers through Square Financial Services are only available for a limited time meaning offers can expire or fluctuate. We are constantly evaluating your account (even if you have an active offer). You’ll continue to see an offer for as long as you are eligible. Eligibility is based on a variety of factors, including recent Square processing volume, payment frequency, outstanding balance, and account activity. To learn more about Square Loan eligibility, visit our Support Center.

If you have any questions, please feel free to contact us.

[Sharkala41]

I use to get offers before Covid and have paid off 2 loans with them.

[Miguel817]

A week ago I posted asking if anyone had received a loan offer in 2021 since the recent changes. Recently, I was offered a loan greater than the previous offer at 69% complete which is great to know. 

[Extremebeauty]

Your lucky!!!  I’ve been paid in full for WEEKS now and nothing. 

[facegirlbyday]

Has anyone had a square loan offer in 2021? I haven’t seen an update on any thread from businesses who have experienced a new square loan offer?  When was the offer given at 80% or 90% or 100 % of loan payback?  Was the offer comparable to your history or much lower?  

[barksandbubbles]

Yes, we have had new Square Loan offers comparable to our 2019/2020 offers. No outstanding loans when offers were made. 

[Miguel817]

Yes. View answer above. I was at 69% when offered another Square loan. Plus it was more than the last offer.