Have you had current closed disputes and still received a new loan offer?

[ArmstrongCleanS]

Greetings,

I'm 89% paid off on my current 3rd loan. I was offered a previous loan by this time. Everything on my account is great, except my current disputes. The disputes are closed and are 6-10 months old. I am aware that they archive after 12 months. However I'm wondering if anyone has received an offer with the history of these disputes shadowing or if the disputes need to be archived? Square hotline just advises me to wait and it's been weeks. No change. 

[ryanwanner]

Hello @ArmstrongCleanS !

I wish any of us could give you a direct answer here. The loan approval process is completely automated, even the support team and their superiors don't have access to override anything.

With the current rocky state of the fintech industry (not to mention the overall state of the world), it's not a surprise that loan offers have become more stringent. It's a fear that many sellers are only surviving loan to loan. Any unexpected ripple could see a significant rise in defaults, and the algorithm is able to hedge bets to keep Block's balance sheet in the clear. This isn't unique to Square, however. I've seen and heard from sellers on other loan-providing platforms that their offers aren't nearly as often or as large as they've been in the past.

My best recommendation is to keep pushing at your business and driving sales. The algorithm will see that and will eventually come around to the idea that your business is a safe bet for a loan offer.

Not the answer you'd like, I know, but the best we have right now.

[Abby_M · Accepted solution]

Hi @ArmstrongCleanS 

Thanks for posting on the Seller Community.

Recent disputes on your Square account may impact your eligibility regardless of the outcome of the dispute. Eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. Loan offers are also based on a variety of other factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. 

Please contact us directly if you have any other questions

[JTPets]

I had 1 dispute this year, I approved the dispute as I knew it was fradulent and was able to secure myself from loss. I had a loan and have a pending loan offer. They may impact you, but your overall profile is going to make or break you not just a dispute or two

[Twpchair]

If you look closely at what the Mod stated (which is awesome), Ms @Abby_M is our hero back here. They all are great really. It does indicate some negative factors. However, she made it clear that these are just part of the overall picture. If everything else is going well—such as an increase in sales, more swipes, higher swipe volume, and new customers—along with your previous loan history, then it's not necessarily a bad situation. Good is just that, increases vs the previous timeframe is much better growth. Keep plugging away even if it's 1 or 2 of the good green metrics and putting them up to increased vs the previous month or quarter would be even better. That would help out a lot. Good luck and don't beat yourself up over something or sometimes out of your control when doing these other good metrics are in your control. You got this! 💪