Loan Account Activity “needs work” loan decline

[jessential]

I had a loan offer 3 months ago and was declined for my loan.  My loan activity has been at “needs work” since due to the declined loan. No disputes, etc. Does anybody know how long this takes to go back to “good” ? Or to receive and offer ? 

Everything else on my dashboard has been on green “good” on a consistent basis.  My current loan is 97 percent paid off, way ahead of schedule. 

I tried to contact the loans team but they don’t have an insight on this. They just say watch your dashboard and quickly end the conversation.

Some of my frustration lies that I still have not been given a true valid reason for my loan decline in the first place, and this “needs work” on my dashboard just sits there without option to dispute. I know seems a little unethical but I gave up on that months ago. 

I am not trying to pull anybody into my “rabbit hole” or make this post “moody” just want to get some insight on how long this “needs work” could be on my dashboard. 

[Abby_M · Accepted solution]

Hi @jessential 

Thanks for posting on the Seller Community.

We appreciate your interest in Square Loans. To help ensure you get an offer that’s just right for your business, Square Banking reviews accounts on an ongoing basis. 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. Please note that being declined for a Square loan in the past may impact your eligibility. Keep in mind, 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.We will continue to monitor your account and notify you if your business becomes eligible for a Square Loan offer.

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

[jessential · Accepted solution]

I understand how the system works, what I don’t understand is the lack of communication on the part of the managers and underwriters when questioned. I have sent several emails and put in many hours of phone calls to just plain out be rejected for answers every time. 

I totally gave up on a straightforward answer on my loan decline, because after several weeks, I came to the conclusion SQUARE thinks I just don’t deserve it. 

I do have an issue, with the fact that my account activity on my dashboard has been effected by this more 4 months with no option to dispute it and no recourse. This activity is only because of the decline and still do not have a valid answer on why. 

I do have an issue with being told that they cannot escalate this anymore, when they still have not addressed the reason for my escalation. If my “frustration is understandable” don’t you think that SQUARE should help do something about that?

The customer service is very minimal and loan agents are rude. They have managers  that make major decisions have no phone support. They just send generic cut and paste emails, somewhat like the responses from the moderators. 

Just an example of good customer service…. I had an issue with my Apple phone . Send a chat to an Apple agent . They spent a few minutes trouble shooting. Connected me to have a manager call me back , because …. Get this … their managers do not chat or email only respond by phone . Within 2 minutes a manager called and arranged for a new phone. This all took less than a half hour. Now that is exceptional customer service! 
Square should be efficient . If they spent less time sending worthless emails and more time just addressing the issues they created they might get something accomplished. 

[jessential · Accepted solution]

Well apparently I am a huge risk …. Just paid off my last loan more than 5 months early without a late payment. Dashboard is all “good” except for my payment activity due to the decline m that I have no option to dispute or even inquire about. Four months and this still hangs on my dashboard. 
You’re correct very frustrating! 

 

[Twpchair]

When it comes to loans if you really pay attention to the mods they are telling you what it is that is pushing loans right now. Increase sales all and up is a good chuck. The amount of sales per swipe up so, instead of a 35.00 dollar transaction 55-60 is a good increases. New customers vs returning customers. All of these point towards a healthy business in a growing business not a business that’s just barely keeping the doors open and the lights on. That’s what they’re trying to instill into this right now. Square is a business and shareholders to answers to as well. Stay away from the negatives. Past history is a big factor good and bad it does affect your offers. Hopefully, with all the new one loan seekers this helps! Good luck to you all!