Is anyone still recieving loan offers?

[Prov]

Is anyone still recieving loan offers ? and at what percentage was your previous loan paid off? i’m currently at 70% paid off and usually see a new offer by now .

[HC_Charlie · Accepted solution]

Hello @Prov thanks for your post. I know it's frustrating waiting for a loan offer, especially when you've been extended a Square loan in the past. There isn't a guarantee that you'll receive additional future offers, there are a lot of factors in play. Check out this article for some more info about loans. Eligibility may be different for every seller, and accounts are reviewed regularly. You don't need to contact anyone, just keep an eye in your dashboard if a loan offers becomes available.

I do know that loan offers are still available and are being offered, the only advice I can give is to remain patient. I hope you'll be able to receive an offer soon and wish you all the best in the new year. As a fellow business owner, I know how much new capital can help a business and I've also taken advantage of Square Loans in the past.

Good luck and happy new year! Thanks being a part of the Square Seller Community!

[Cowlicks]

How do I get offered a loan?

[Escaper2022]

You must process over 10k with Square and fulfill their other requirements and they will eventually offer you one. There’s no way to apply.

[Sammie_C]

Hi @Cowlicks!

Thanks so much for reaching out!

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.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

Please let us know if you have any other questions!

[Jjbeautyco]

I’m currently at 47%.  Some I’ve received at 40% and one was 52% and another 65%.  So I guess it varies.  I’d love to receive anther offer too.  Just waiting 🥴

[JulyOct1998]

Just curious, are your payments usually ahead of schedule on your loan/previous loans? 

[Jjbeautyco]

I’ve been about 1-2 months ahead of schedule.  Right now I’m at 61% and paid up to April 1  

[Twpchair]

I was usually 70ish to 80 max I believe before my next offer came in. Keep swiping daily. One thing I've noticed and maybe it's just me I swipe daily with sales. I don't have day 2/3 swipes a week for large amounts. Mine can average from 10.00 per swipe to 5k depending on what the customer buys. I don't know if that makes a difference I personally do accordingly to their info at the bottom about keep swiping and doing business type thing. I also sit on a few boards to help with feed back and Q&A for the last couple of years. It helps other businesses with questions and sales tips but I've learned more myself for business tips. When I opened my store I had no clue, no real business experience I was a Physicial Therapist lol 😂 and jumped into retail furniture store so I was really new to retail sales and credit card processing company etc. So it's helped me a lot personally. 

[Jjbeautyco]

Ok god to know. I’m at 63% paid off as of this morning.   I own a hair salon so it’s usually 4-6 swipes a day amounts being from $50-$300 but makes total sense.     Fingers crossed 

[Twpchair]

Best wishes to you! And if you don't mind keeping me posted as you see many others are right around you or your percentage and curious too! 

[Twpchair]

Ugh, I've been with square going on 8 yrs and have had 8/9 loans. So don't hold me to it unless you really need it each loan is in your account but I usually average 74-78% paid off than a new offer. So far I have never been not offered a loan (knock on wood) I'm retail furniture store open 6 days a week and swipe credit cards daily. I've never had one charge back either as we have a no return policy. I'm a brick and motor downtown store front location if this information helps. Any other questions please just ask away I have no problem giving you my experience with square. 

[Jjbeautyco]

Have your loans always doubled or vary? 

[Twpchair]

In general yes, they have always increased except for one time during prime covid and I received roughly the same amount I paid off. I believe right around 12k without going back and looking. I had about 5-6k remaining from previous loan and received the remainder.  After that and things started to open up totally ( I am in Michigan and was considered non essential) and still received my increase as we could sell curbside and by appointment type thing, over the phone etc, so I still had daily sales but after that loan they (3) all went back in and increased. I hope that helps. 

[Twpchair]

I will add if it helps that I do roughly 70% now in card sales. It use to be closer to 90% and it is starting to increase again but I noticed last year we did more in cash and cards than ever before.  But that's starting to change again and more cards. I've never paid off my loan early say if I had 5k paid 4k off thinking I would get another offer sooner I've always just kept swiping daily and letting it do its thing. I use a lot of free advertising like Facebook, Google, yelp etc, I do have a billboard and run ads on the radio during holidays or special events but on the whole I use Facebook and free advertising.  I am in a smaller rural area and the only mom and pop type retail furniture store too. I'm not sure how long you've been with square? I'm going on 8 yrs now with no issues at all except one time and that was my fault no square. I had ID theft and they got ahold of my ssn and bank account. I had to lock and switch account numbers etc and that through me off for like 3 days where square held my funds for me until I got all new information and restarted and boom that night every penny was deposited and right back on track no issues. 

[OceanHills]

Had anyone received offers in 2023? 

I'm curious if they are going to offer them this year. From previous comments and posts no one has received an offer this year. 

[Escaper2022]

We just got one but it was lower than the last one we got that we paid off in 5 months. 😒

[OceanHills]

That's a good sign. 

Sorry to hear it was lower in 2023 than your previous loan.

Was it significantly lower? 

Was it offered at the usual prepayment percentage or after you paid it off 100%?

Thanks for your insight! 

[Escaper2022]

We used to get it at 65% but this time it was 86%. The repayment percentage is 13.75% which is lower than the 16.5% on our last one. The loan was 18% lower than the last one. Even though previously they were almost doubling the amount with each new one. 

[OceanHills]

I've seen various threads on the Square Loans offers. It seems like they aren't offering them in 2023. People have posted that they are past their usual percentage repayments and in great standing and no offers appear. Has any one received a new Loan Offer in 2023? Does anyone have information if Square is phasing this aspects of the company that's helped so many. Myself included. 

[Melthenailgirl]

I haven’t received one and I’m at 80% plus it’s saying I’m ineligible and when I click into it doesn’t even come up with my loan stats and eleibilty factors looking good etc. it just says I’m not eligible to be part of the square loans program which it’s never said that before. 

[aceshighcyclesh]

This just happened with mine about a week ago. Any changes in your status?

[Tiffanygalchutt]

I just received a new one at 94 percent paid off. My last loan was 9500 and this one was 4 😩