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!

[chefparrishg3]

Just curious if anyone has gotten any loan offers. I am now 77% paid off on my 11th loan and have not been given another offer. I am up almost 70% sales wise over last year and I am good in all the existing eligibility factors. Im frustrated and really just dont know what my options are here. Anyone recently gotten offers?? if so what percentage paid back were you at when additional offer was made? thanks 

[Minion]

Plenty of loan offers are still be given to business'.  Pretty much anywhere over 70% seems to be the general consensus of when an offer will arrive.  Seeing as you are past that, just keep making sales and doing business as usual and you may have an offer well before you know it.  Some more information in this thread here of people getting offers.  

[chefparrishg3]

Thanks for the response. Continuing with daily sales as usual. Fingers crossed my offer comes soon. I have another once in a career opportunity to pick up another account. Which essentially would double my current revenue. Just don't  want to cut my nose off in spite of my face which is what would happen if i were to sign them without the capital I need to prevent cash flow problems. Either way thank you !

[Minion]

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@chefparrishg3 wrote:

Thanks for the response. Continuing with daily sales as usual. Fingers crossed my offer comes soon. I have another once in a career opportunity to pick up another account. Which essentially would double my current revenue. Just don't  want to cut my nose off in spite of my face which is what would happen if i were to sign them without the capital I need to prevent cash flow problems. Either way thank you !

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Absolutely, not a problem at all.  I tried in the past to "figure" out Squares loan algorithm but I gave up because it was pretty inconsistent based on what I thought was the data they were looking at.  I pretty much just through it on the back burner and always a nice surprise when you login to see the notification that you have a new offer.

With that being said, I did put together a thread here with some other tips on business credit building .  I haven't updated it in a little while (I just got approved for a Divvy card, which is similar to a charge card) , but some different avenues for business that don't require a personal Guarantor . 

Best of luck!

[jules72]

Hi @chefparrishg3,

Appreciate you taking the time to post.

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.

Your account is automatically reviewed daily to determine eligibility. 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!

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[Heatherannabuel]

Did u end up getting one?

[Ireneharper]

Yes I would like to apply for a loan 

[HC_Charlie]

Hello @Ireneharper thanks for your post. Square offers loans to select Square Sellers; there is nothing you need to do or apply. You'll just have to check your Dashboard; if you are selected to be offered a loan, Square will contact you. There is nothing you need to do you apply.

[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!

[Prov]

Thanks i’m hoping an offer will come soon 🤞

[Jjbeautyco]

How are you? Have you received an offer yet? 

[Escaper2022]

We’re also now at 77% and waiting for our offer, we usually get one at 65% so I’m not sure what is going on. At first I assumed it was them waiting for 2023 to start but now we’re nervous.

[Prov]

we are also anxiously waiting

 . hoping to be able to purchase more merchandise . hopefully we will both offers soon🤞🤞🤞

[Escaper2022]

Did you get an offer? We haven’t 

[MHB2016]

We are at 89 percent and still no offer and we have been with square since 2016 and have had several loans before 

[Jjbeautyco]

Can you see your good/needs progress list and see if you’re short on something.  It seems I usually receive between 60-70% before I get one but never more. 

[Lynwoodloper]

I stopped using square I paid my loan in full 4 months ago and kept being ineligible so I left. 

[Twpchair]

If you don't mind what company did you go with? I see here weekly that business owners are moving forward to different pos services but nobody post where they are going or the good vs the bad?

[simplejones]

How long does it take to get a new loan offer? I paid off my balance from a previous loan last week on Thursday.

[Sammie_C]

Hi @simplejones!

We appreciate you reaching out!

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

Please let us know if you have any other questions!