Have loan offer slowed down for retail companies only or is the slow down across all industries?

Kiwismom

Hi,

Being on these boards I have noticed a significant slow down in loan offers. I myself am 4 weeks paid off on my last loan with all great metrics, and I have not received an offer. I have a retail store and in the past have received offers promptly after pay off if not before. I'm wondering if loan offers have just slowed in general or are they not offering to certain trade industries because of the volatile political and economic climate.

Papaya

Hi @Kiwismom

I understand your concern.

I can confirm that we are still offering loans and that all accounts are reviewed individually. Each account is evaluated separately based on its own metrics, so the timing for receiving an offer can vary from seller to seller.

I'd recommend continuing to maintain your positive metrics.

If you have any other questions, we're happy to help!

Sky
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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Papaya

Hi @Kiwismom

I understand your concern.

I can confirm that we are still offering loans and that all accounts are reviewed individually. Each account is evaluated separately based on its own metrics, so the timing for receiving an offer can vary from seller to seller.

I'd recommend continuing to maintain your positive metrics.

If you have any other questions, we're happy to help!

Sky
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Kiwismom

I have tons of questions but zero confidence that they will be answered with anything but the same generic answers I have been given. It's very obvious that Square is not extending loan opportunities like they used to. There are multiple sellers on here deeply unhappy with the current loan process. A little transparency on the reason for the slow down would go a long way. But like I said I have no confidence in that happening.

Papaya

Hi @Kiwismom

Thanks for responding.

I understand your frustration and appreciate you sharing your feedback. I want to be transparent with you — we are unable to provide account-specific information regarding loan offers as that data is proprietary. What I can confirm is that each account is reviewed separately based on its own individual metrics.

I know that may not be the detailed answer you're looking for, and I hear your concerns. Your feedback is valuable and I'll make sure it's noted.

Sky
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Kiwismom

How is information on my specific account proprietary? Yup, definitely disappointing. I am currently exploring other companies and they have been a lot more transparent in their loan offer systems.

Papaya

Hi @Kiwismom !

Thank you for taking the time to respond.

We value you as a Square seller and have appreciated your time on our platform. We understand that a Square loan offer is important to your business and not being eligible can be frustrating, but we are unable to override the automatic loan offer review process with a manual review.

Accounts are evaluated for offer eligibility based on many different factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. While we do not have a specific timeframe for when another loan offer may be available again, keep in mind that we will continue to automatically review your account for eligibility.

We understand that you need to make the best decision for your business and we wish you continued success.

Sky
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Kiwismom

Hi,

No one is asking you to override the automatic loan review... although that would be nice. What most sellers are asking for is more transparency in the process, instead of the canned answer. Square is denying a slow down in offers but one glance at these forums will tell you otherwise.