Loan Process 2025

[BobH02]

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

[Twpchair · Accepted solution]

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. 

[Kacey_W]

I’m currently at 98% all green metric 

and NO OFFER!! I had a 20% spike in sales this week too! 

[Twpchair]

Wow, hold tight Sunday is not a hot day? Where are you again? I'm in Michigan and I have had offers up to 10 pm on a Saturday. Never a Sunday for myself. 

[Kacey_W]

Indiana here!!! 

[Twpchair]

Did one come in? And others jumped in and received a lot of their offers on Sunday after a busy Friday or Saturday and yours was a big spike. 

[Kacey_W]

Nothing yet still!! I could use it more now than ever too. 

[Twpchair]

I know same here! When I don't that's when I receive them. Lately depending on the % the amount I accept it and put into savings and pull as needed like A LOC. 

[Ashleyw87]

Is anyone having their loan approved after one business day or even three business days? Normally, when I apply for a pre-approval offer, it’s approved within minutes. But the most recent one, it’s pushing almost one business day before an approval. 

[Twpchair]

Yes, it's been taking a little bit longer for some, and unless they ask for more information it's just going slow. A few here and there pop up flew right through in less than an hour type thing but with the holidays if people or businesses have a hold up it tends to slow things down a bit. Good luck and hopefully you have it already 

[marielmt]

Hi @Ashleyw87 !

Great question - I’d be happy to explain.

After you apply for a Square loan, your application goes through underwriting and verification processes to determine whether your business qualifies for the loan you requested. We review every loan application on a case-by-case basis, independently from any previous loan. Please keep in mind that each loan application is subject to credit review, and being eligible to apply for a loan does not guarantee that your application will be approved.

You should receive a status update within 1–3 business days from the date you submitted your application.

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

[ZOKZAC]

I read these threads a lot but rarely reply. I just received a loan offer at 79%. It was $200 more than my last offer, but I accepted it gratefully. It was approved and deposited within 15 minutes. I’m hoping this helps somebody along their way! 

[ianssoph]

Thank you for posting! Happy to hear they are still actively offering!

[Twpchair]

What's going on with you? Did you receive an offer yet? I remember you posting around Christmas time.  

[ianssoph]

I’m currently at 77% and waiting! 

[Twpchair]

I believe im at 78 or 79% myself so we are very close. We are closed on Tues and today has been horrible! I'm in Michigan and in the middle of an ice storm!

[ianssoph]

That was us about a month ago! Thirteen inches of snow! I’ll keep you updated it if I receive an offer!

[Twpchair]

It's going to kill the old metrics ugh! Yes, please do! I will let you know as well if I receive one! Sometimes I don't take them unless it's a good one and I am not rolling over a ton. I certainly will let you know! Good luck!

[ianssoph]

The only reason I am considering taking a new offer is because they usually offer me around 40k and I’m looking to amp up my retail products before spring gets here. If I don’t receive an offer in the next couple weeks I will probably just pay this one off and enjoy keeping my extra 20% of daily sales. Such a double edged sword. But I do love that they offer us small businesses this capital!

[Twpchair]

I understand really I do! My freak out time is Michigan winters as cold and miserable as it has been we’ve had our 2nd best winter. But it’s just February so who knows. I’m picky if not for emergencies I do have a LOC with my credit union that I could use. I am opening a 2nd location which should have been done February 1st due to the weather and family issues. It will be March first. We are about 90% ready but I leave in 5 days for 2 weeks so the finish up will be a late run. If I receive an offer that is acceptable and I don’t have to touch my LOC or savings I might jump on too! I will keep you posted and hopefully we will hear something soon! We are only a percentage point or two apart. 

[Twpchair]

I received an offer yesterday! I did not receive an email notification but I haven't the last few. On Thursday I was 82% and on Friday we were extremely busy and big purchases. I don't know what time it came honestly because I jumped on here and checked my deposit and dashboard around 6:30 pm and there it was. I'm a retail furniture store too. We have been really busy this winter which is strange because it has been a miserable winter! I figured with Friday's sales I would of should have been roughly 84/85%. I did accept the offer with very little to roll over and it was 5k higher than the previous loan. 6:55 pm Eastern Time approved. So mid-80s for an offer. Most of mine are usually a Saturdays. Not sure why I haven't received any email notifications lately and others aren't either that's why I tell people to check their dashboards and their banks for the deposit. Mine has hit a day or 2 before it updates here. Good luck to you and everyone waiting! 

[ianssoph]

Congrats! I’m almost there so I hope I get an offer soon!

[Twpchair]

Good luck with yours! Having that extra inventory or being able to get a great deal is huge! I will be waiting for your offer!!!