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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No problem. Someone will crack this algorithm 1 day lol

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😂 yep! Keep following the trends that triggering it! Out of everyone I’ve asked it’s been a big spike in sales 1st followed by a big leap in new customers vs returning customers. The biggest killer is disputes and then returns. That involves humans actually following through with the dispute and communicating back and forth with the credit card company and the one who purchased it and the business owner. Those will hold for a while. Here or there not so much but you start getting into 4/5 in quarter and that’s a huge red flag sent out. I try to tell new people to Square please make sure you do everything possible to keep those numbers to zero or as little as possible!

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I am currently at 68% paid back.  All of my 16 plus loans have come between 69-79% paid back.

 

I currently have a credit card offer in addition is this new??  I expect to have my next offer in the next month or so based on my processing volume. 

 

Good luck Everyone

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That’s great.

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It looks like it is hitting the general population. 

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Hope so. Not sure if you saw my message. I was offered a new loan on the 12th. Two days after my loan was paid off. They doubled my previous loan. Hopefully this gets the ball rolling for all of us going forward 

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Yes!!!! I apologize so much for not responding sooner! I'm in Tennessee for a 10 my dad had surgery and all went well and just helping out for a while. I am so happy to hear this! This is about number 5 I've seen posting a higher offer. This is a great thing! The % you know is more of a personal preference and/or emergency. Myself, I like the most of my new offer if I need it. I don't accept 65 or 69% and a 3k increase in the offer. That's eating up or into your new loan. I do understand equipment breaking down, work truck transmission went out, and you take what you can. I was happy with my increase and 85-87% paid off. Completely would have been sweet. Its been a very rough 2 weeks after 4-5 months of crazy busy winter. I don't really want to shop when it is -10 outside either and dumped 2 weeks in a row with 8-10” of snow. But the break was needed. Congratulations again and thank you so much for the update!

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Happy all went well with your dad. I agree. 80% & better if a new loan is offered. Things will turn around sooner than you think ☺️

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I'm optimistic too! Rough winters happen in Michigan but we are heading to March soon! I agree with you I prefer 80 and above!

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They have been in Beta for some time now but like anything new, there is a ton of testing and working out any issues, etc. Just remember regardless of a few who snuck through in the beginning (by chance received an offer for the card and later after updating a loan) believe that has been addressed. You can only have one!! So, keep that in mind when you are choosing each offer or prior loan offers. The card will work pretty similarly to the loan and be adjusted vs sales and what your metrics are like. Good luck. 

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Ok the offer was for $12,500.  I didn't take it because I use chase or amex with a promotional offer of 0% if I want carry a balance.  My last offer was at the end of August for $106k and the one before was 100k.  I was shocked that the credit card offer was so low.  I emailed my account manager about having both but she didnt get back with me yet regarding.   Im at 69% paid back hoping a new offer comes through for spring inventory and some advertising !

 

Good luck and happy processing 

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So far everyone I have heard said the same. The card does start lower kinda like when you started with square loans and adjusted over time. I can tell you 100% that you can NOT have both. Either you choose the card and no more offers or stay with loans. I had it clipped and pinned in the 2024 thread from Square and the rollout to the community vs the Beta testing group that has been working on it for some time. IMO a good choice on your part with the loan for now and who knows maybe by the next offer for the card it will catch up with your sales and closer in offers. Having that personal Rep is nice to have. I have a great guy who really steps up when I reach out. Congratulations again and thank you for sharing it does help others, especially with yours. 

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So this isn’t true. I have Square Credit Card AND Square Loan. I have had a Square loan since the beta program back in like 2015, and am on my 23rd loan. My most recent was in August, and I had and still have the Square Credit Card. 

My sales are up 58% this year, and I’m currently at 62% paid. I imagine my next one will be around the 75% mark, which should be sometime in April. 

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I usually get offers on fridays but I’m not sure if that matters. Just hit 80% on my 4th loan today, hoping something will at least come next week. I am an appointment/service based business and with the bad weather we’ve had less bookings and a few cancelations… just moved into an updated building so could really use the boost of an offer right now. Fingers crossed!

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Good luck and I will be looking forward to seeing you pop in finally got my offer. Congrats on the new building. Growth or upgrading is a great thing. I averaged 81-90 my last 6 offers all right around there minus 1 at 69% im in Michigan and it's cold enough minus the -25-35

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Any news? I am trying to think and off-hand I remember seeing 1 offer come in. The week prior they were rolling out!

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Lets shoot for some offers coming through this week as the weather breaks all over the US!

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Say it louder!!! I was so excited to see people again finally, on Saturday and Sunday! 32 and sunny for the first time in over 2 weeks! Today is not so good, but the rest of the week is getting better here in Michigan! Believe me, I am pushing hard for tech support to implement weather into our metrics somehow. Overall, we are still up 55% versus last year and a few others, but anything daily took a huge dump! -20 to -30 with temperature and wind chill is tough to get people outside and walking around shopping, smh. Add in 3 storms dumping 8-10 inches of snow each time! Brutal on business. Here’s to a much better March and let spring come in strong! 

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I'll 2nd that!

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5 business days is a long time. It states 1-3 business days. I would call customer service and tell them what is going on and let them look into it and if you get a general response “All is fine it's just processing” you have 1 of 2 options ask them I really would appreciate being transferred to the actual loan department please and thank you I will hold. 2nd all that doesn't work above. Tell them thank you and call back. It is a call center and they can see where or why it is moving slowly. Could be a simple bottleneck of weekend offers to a few ahead of you who are having issues and they are sending in information back and forth and don't move on the weekends and holding it up. A lot of people caught up has nothing to do with you but the business or business ahead of you. Big great sign they are not asking you for anything. Hopefully today and tomorrow they can get it pushed through fast. But I would call as well. Good luck! Keep us posted please!

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83% paid off and I received an offer today!

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