Loan Process 2025

Good Evening ALL & Happy New Year! I just have a quick question.

Our Co has been with Square for a few years now. We had our PPP Loan through Square, and we also have had multiple Loans Offered & Approved that were all paid off early. On our latest Loan Offer, it seems like the approval process is taking much longer than usual. We are at 5 business days 2day, and still at pending status? No other info has been requested. And our other Loans usually were approved in 1 or 2 days and then funded the next day. I’m just wondering if this is something new in 2025? And also, if any other of you folks may be having the same issue? Please let me know.

Thanks, 

Bob

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Mine tend to be more Saturday offers than any other day of the week. Our busiest days are Wednesday-Sat and I tend to get a late night Saturday offers than any other day. 

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@kacey_k wrote:

I actually have a question for you so I got my second loan offer two weeks ago and it was less than my first offer but the few weeks leading up to me getting my offer literally no card payments except for a few here and there most people were paying cash so I understand why the offer was low. My question is do you think it would be stupid of me to pay this loan off and then that way the algorithm could see because since I’ve got that loan, I’ve had nothing but card payments. It’s back to how it was before I got the loan. 


Hey @kacey_k 

 

So I personally would advise against doing that for a few different reasons.  First one being the most important one is the fees that you are going to eat for practically nothing in return.  It would be like throwing away all of that money literally.  Second reason I wouldn't go this route is that it can take  10 business days for the funds to clear, and the loan to be paid off.  You then get tossed back into the algorithm and an offer is not guaranteed at any point in time regardless of paying it off. 

 

If I were you, I would just do business as normal, and when it pays off, it pays off. But that is just y .02 though.  I would do/take what you can with that loan that was offered, recoup the fee;s that were spent and then hopefully your next offer when that is paid off if you decide to take it is the amount you are looking for if needed!

Dan
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Oh I’m good I actually was happy to know all was good on my end. Thank you!!! You’ve been so kind! Hubby is the same. Lots of pain. Hoping for surgery soon. I actually received a bonus today from my TikTok affiliate stuff so it makes this loan a little less important right now. Phew…when it’s my time it will happen when I need it the most. It’s always in His timing! 

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You are very welcome! I know you were with Square for 4 years and took a break and then came back to Square. And like you said a lot has changed with your first loan and I tend to lean on the the side of caution or better safe than sorry. So let's let them do their magic and make sure everything matches and works right again for you again. I don't tag a Mod unless it is necessary. They are very busy but customer service is very important to them as well. It takes all information and all cylinders running for it to work and kick in an offer. 100% paid off and metrics off the chart Let them look into it and get everything working and see if that helps. Loans are not guaranteed if or when as you know but you need to be working properly for that to happen hun. She is awesome and can help you. Good luck and let's see if this helps to get you moving. One wrong letter missing or dashboard issues you don't know if anything was sent until it's fixed. Good luck with everything and keep us posted!!! 

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Thank you! I’ll call first thing tomorrow morning!! I have the screenshot with phone number and code you spoke of! All ready to go 

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You're welcome but the code I sent might not work if @marielmt gives you a different code, that code is specific to your account, and they pass you onto the loan department. Did you click on in your dashboard if you can get there and hit call us and the code come from there attached to your account? That's where you need to go. Scroll to the top of the page and at the right you see the 3 lines hit contact us and it says call which gives you the number and specific code attached to your account. Or Marielmet might answer before you can even call ok? Super easy hit the 3 lines to the right call us it gives you the number to call and the current code. Then write that down and call in. 

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I called in however they were not much help other than I haven’t missed any updates and for me “to be patient” per square support 

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Community Team

Hi @kacey_k !

 

Thanks for posting on the Seller Community.

 

Please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.

 

Hope you have a wonderful day!

marielmt
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

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I’ve called twice now and each time I’ve been dismissed and told everything looks good I’ve not missed any updates and basically “to be patient” 

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Does anybody know if you can be offered a loan with a remaining minimum due. Like if you haven’t yet completed your 60 day minimum, I’m in the 80s but my repayment window just restarted so I’m unsure if I won’t be offered one until that’s taken care of. 

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Absolutely! That is normal to be between meeting your minimum payment. If you have any balance it rolls over to the new loan and you start from fresh with your minimum amount due and when is all. 

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The loan I was offered today still had a minimum payment due. My due date resets on the 25th of each month.

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I’m currently at 96% paid off and only owe $76 now and I have a busy day tomorrow which I’ll then be at 100% with no offer in sight. Really could use right now unfortunately! Hopefully soon!!!

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Once mines was completely paid off, I was offered a new loan 4 days later 

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Well I guess that’s positive to hear! Thanks 

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Community Team

Hi @bckstgeboss 

 

Thanks for posting on the Seller Community

 

Your business may become eligible for a new offer when your existing plan is closer to being repaid. If approved for a mid-plan offer for our loan product, we will use a portion of the new loan to repay the remaining balance of your current plan. Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

 

Feel free to reach out to us directly if you have any additional questions!

Abby_M
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.
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Community Team

Hi @bckstgeboss !

 

Appreciate you taking the time to post.

 

The minimum payment amount if not reached should not affect eligibility if you are still within 60 day timeframe.

 

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

marielmt
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

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I always met my minimum BEFORE it was due each time and got my loan ($1400) Nov 21, 2024 and it was paid off (with sales not early pay off) by March 2, 2025. There were so many times I just wanted to pay it off in full during that time too. I’m no longer stressing or hyper fixating on my next loan. It just adds more stress to my life. When it comes thru so be it!

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Oh no I keep seeing people they’re high 90s-100% with no offer. I’m at 82% and have been having a busy week so hopefully something soon. 

I keep getting emails being offered the credit card but I’m not interested at all 

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I didn’t even know there was a credit card 

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Yes, it's been in the Beta group for a while now. If offered one its kinda like a loan you can't apply for one they will notify you that you are eligible for one and how much your limit is. Remember you can't have both at all period. Either the loans or the card. So weigh out your card offer vs your loan offers and then you know what is best for your business. 

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Interesting yeah I’ve not seen anything about a credit card. I’ve only been using Square for a year this time. I used it for about four years before, but all I did was take payments. I didn’t do anything else and now I use it for a lot more so it’s like I am learning Square for the first time But really not if that makes sense.

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It does! Especially, in that 4 years Square has grown from just swiping a card to a full-blown processing company, updated and extremely good tools to help you run your business faster and easily to free up so much time that before it was 2-3 hrs plus doing sales, ordering, stock, etc. Now, about 20 minutes, and while I am doing that im backing it up on Excel for the bookkeeper at the end of the month. 

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