Has something changed with loans?

[FirstLook]

Hey all! Just wanted to see if there's been a change to the Square Capital algorithm or something, seems like a more than the usual amount of people haven't been getting offers, and I'm currently at a higher percentage paid back than I have been for over half my previous offers the last 5-6 years with all green metrics and haven't received one yet. I was really hoping to have one by now as they're always a huge help, but reading through this forum makes me lose hope lol. 

Fingers crossed one comes in soon, but just wanted to see if anyone had answers as to things maybe being different with the algorithm or something. Thanks y'all! 

[Minion]

Hey @FirstLook 

I think what you have seen around the forums is all that anyone really knows or is able to say.  There really isn't anything else that anyone can say other than assuming what is going on.  I know many sellers are viewing this as a bad thing, but really it is a good thing as when an offer does come in, you are keeping more of that loan than you would when getting one at 75%, so when looking at it from that way it is a good thing, its just unfortunate for many that they are used to earlier offers.

Personal note, I wish Square would change it entirely to another offer isn't potentially extended until the current loan is 100% paid off.  That would cut out the guessing game as far as % paid back.

[Abby_M]

Hi @FirstLook 

Thanks for posting on the Seller Community.

New offers are not automatically extended when a certain percentage of an existing loan is repaid but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance. 

While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. 

If you have any other questions, please feel free to contact us directly!

[kacey_k]

I know loans are still being given but it’s the still the same about the inconsistency. I do wish there was more straightforward answers.