Is square currently offering loans?

[Bfuentes]

I was wondering if anyone has any insight or tips on how to potentially trigger a new loan offer from Square. I’ve had several loans with them over the years and have been a loyal user for a long time. My current loan is about 79% paid off, and everything has always been in good standing.

Right now, I’m intentionally taking a little extra time off during the summer, but I could really use a new loan offer to help cushion things during this slower season. I know offers are based on sales patterns and other internal criteria, but I’m just curious if there’s anything I can do to help move the needle.

Honestly, my only frustration with Square is how little transparency there is around the loan process, it kind of feels like a guessing game most of the time.

If anyone has been in a similar situation or has any advice, I’d really appreciate it.

[Minion]

Hey @Bfuentes 

Honestly trying to figure out the criteria and algorithm for Square loans will drive someone insane.  Like you know its the mix of processing volume , customer mix, history etc.  So if you are looking for a higher offer, but taking extra time off then those two things probably won't help each other to reach a higher limit. 

I know at one point you could connect your bank account for potential increases, but I've never seen any significant increase in offers that have been extended to me and I do a large majority in checks.   I think the loans with Square are pretty transparent compared to the hoops you have to jump through with a traditional bank loan or LOC.

I have seen before, in other loan related threads around here that some sellers received a slightly higher offer by not accepting the first offer that comes around to them and letting it expire and waiting for the next one.  Obviously though nothing is guaranteed.

[Twpchair]

Unfortunately, like @Minion stated ugh, I understand slow times (mine is rough winters} What they are looking for is an increase in sales vs last year, swipe, and the volume of swipes. New customers vs regular customers. All of which point to a strong healthy business that is growing. The metrics are good for us to use and see where we are day to day and push it further to great. Like the other famous statement, “There is no guarantee of if or when” all green metrics don't either. Your history, prior loans, and building that relationship do play a factor. But to do the above you would have to turn that slowdown time into your busiest time and start processing like crazy. It is mind-boggling trying to figure it out and we have been so used to 70-75% or 75-78% guarantee almost like clockwork and an offer would hit. 2016ish to 2021 around there and that %. Those days have passed for the majority. I wish I could offer better news but like @Minion stated rough to do if you are down for a few weeks. I wish you the best and maybe you can brainstorm and kickstart it. Good luck!!!!

[Abby_M]

Hi @Bfuentes 

Appreciate you taking the time to post.

We appreciate your loyalty when choosing to partner with Square for your past business loans. Please know that your loan history is reviewed in determining loan eligibility, but there are other factors of your account that are also considered.

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.” I understand this isn’t the best experience, so I’ve shared this feedback with the product team.

There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. We will continue to monitor your account and notify you if your business becomes eligible for a Square Loan offer.

Appreciate you taking the time to post and sharing your experience. Thanks for your patience with us through this process!